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

Solid profits in tough markets
 

In this note, we review City of London’s annual results for 2022 and its trading update for 22’Q1. The headline full-year figures were announced in July’s trading statement, and allowance needs to be made for the inclusion of Karpus for the full year. The weakness of markets in the second half did affect results, with net fee income up 11%, to £58.2m. City of London’s underlying profit before tax rose 4%, to £27.9m, while underlying EPS (on City of London’s basis) declined 9%, to 44.2p. Cash conversion, as usual, remained excellent, at 108% of underlying profit, while the cash balance remained very strong, at £22.7m, as well as £7.4m of seed investments.

Please to download the full report:

If you are interested in meeting the company, you can register your interest by clicking on the above link

Hardman & Co Research can still be accessed for free after MiFID II. Please to read the statement.

About Hardman & Co: Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.