24th Sep 2024 12:31
(Alliance News) - City of London Investment Group PLC on Tuesday said that several factors were improving as it reported profit growth, saying "positive momentum appears to be building."
The asset manager focused on investing in closed-end funds said pretax profit edged up 2.2% to USD22.6 million in the financial year that ended June 30 from USD22.1 million the year prior.
Net fee income rose 1.0% to USD66.2 million from USD65.5 million.
Funds under management totalled USD10.24 billion as at June 30, up 8.7% from USD9.42 billion at July 1, 2023.
"Performance at CLIG has been strong, and our teams have done well on an absolute basis and in their peer group rankings with all strategies in first or second quartiles over five and ten-year timeframes. This strong relative performance provides opportunity for our sales and marketing teams which have been actively engaging with clients and a growing number of prospects," said Chair Rian Dartnell.
Employee costs increased 5.4% to USD18.8 million from USD17.8 million.
The company maintained its final dividend at 22 pence per share, meaning the total annual payout also was flat at 33p.
Looking ahead, Chair Dartnell said: "Positive momentum appears to be building at a time when a number of factors are improving" and that "it gives me confidence to be a part of a group with conservative business practices, dedicated and talented teams and a recurring cash flow business model".
City of London Investment Group shares rose 2.8% to 370.00 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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