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

Solid results in volatile markets

City of London has announced its interim results for 1H’23. The headline figures were in line with those from the January trading statement. As previously indicated, weak markets meant that results were down on the year before. Gross revenue of £28.7m was 9% down, from £31.4m in 1H’22. Underlying earnings after tax were £8.99m, a decline of 25% from the previous year (note that these no longer need to be adjusted for part-years of Karpus). Underlying EPS of 18.4p represented a decline by the same percentage from 1H’22. FUM saw net inflows from a range of areas, including the KIM Institutional strategy showing a return to growth.

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