City of London Investment Group (CLIG): Dividend increase boosts yield
City of London published a trading statement this morning, covering FY2018. Profits are expected to be almost in line with Hardman & Co forecasts, with PBT of approximately £12.8m slightly lower and earnings of £10.1m slightly ahead. The latter represents an increase of over 10% relative to the previous year. The company also announced an increase of 1p in the final dividend, raising it to 18p, and taking the total for the year to 27p, an 8% increase over the total for FY2017. Dividend cover will be almost 1.5x for the second year in a row, well above the rolling five-year target of 1.2x.City of London Investment Group is the holding company for a number of subsidiaries. The principal operating subsidiary is City of London Investment Management Company Limited, which acts as an investment manager on 38 accounts with a total of £3.58 billion under management as at June 30 2017. Co. is an asset management group with an institutional client focus specializing in Emerging Market closed-end fund investments. Co.'s range also include Developed, Frontier and Global Tactical Asset Allocation closed-end fund strategies.
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