First half results
With most of the main figures having been announced in last month’s trading statement, the first half results from City of London contained no surprises. With weak markets having adversely affected funds under management, revenues fell from £12.2m to £11.8m. Earnings for the period were also reduced by a loss on seed investments of £135,000 and came in at £2.6m. As usual, the cash conversion was excellent at 93% and City of London finished the half with a cash balance of £8.4m. In its outlook the company notes some contrarian behaviour from investors, suggesting the new business prospects remain good.
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