CLIG City Of London Investment Group

Hardman & Co Research on City of London Investment Group (CLIG): First-half results going in the right direction

Hardman & Co Research
Hardman & Co Research on City of London Investment Group (CLIG): First-half results going in the right direction

06-March-2024 / 10:50 GMT/BST
The issuer is solely responsible for the content of this announcement.

Hardman & Co Research on City of London Investment Group (CLIG):

First-half results going in the right direction

 

City of London has announced its interim results for 1H’24. With the main headline figures having being announced in January’s trading statement, the principal interest was in some of the details. FUM of $9.58bn is 2% ahead of the level at 30 June 2023 and 5% ahead of the end of 2022. Gross revenues increased YoY by 2%, whereas, expenses grew 6%, resulting in a slightly lower operating profit of $10.0m. On an underlying basis, profit before tax of $13.3m was a 2% decline over the 1H’23 figure. Underlying EPS showed a similar decline, to 20.4¢, or 16.2p. The interim dividend, as previously announced, is unchanged at 11p.

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