15th Jul 2019 11:31
(Alliance News) - City Of London Group PLC on Monday reported an improvement in its net asset value per share in its most recently ended financial year, but said its loss widened due to increased costs.
The investment company said its pretax loss widened to GBP3.5 million for the year to the end of March from GBPGBP1.1 million reported a year ago, due to increased costs associated with applying for a UK banking licence and the acquisition of Acorn to Oaks Financial Services Ltd in January.
Acorn to Oaks, a financial services intermediary, provides whole of market broking advice services.
Revenue, meanwhile, increased to GBP7.5 million from GBP5.8 million year-on-year.
City Of London Group's net asset value stood at 83 pence as at March 31, up 2.5% from 81p recorded a year prior.
The stock was untraded in London on Monday morning, last closing at 149.99p a share.
The company said its loan and asset leasing business had a successful year with Credit Asset Management Ltd making a first-time profit and Professions Funding Ltd, City Of London Group's property bridging finance company, being launched successfully.
In contrast, Milton Homes business was "adversely affected" by the general slow-down in the UK housing market and a reduction in the number of property reversions, City Of London Group said.
"Overall, looking forward, through the evolution of our business, we are well placed to deliver on our strategic objectives and to deliver value for our shareholders," said Chief Executive Michael Goldstein.
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