11th Feb 2015 10:20
LONDON (Alliance News) - City of London Investment Group PLC on Wednesday posted a rise in half-year pretax profits on the back of a slight uptick in revenue, as the group said its funds under management rose marginally over the year.
The investment manager said its pretax profit for the first half to the end of December was GBP4.3 million, up from GBP3.3 million last year, as revenue from management charges rose to GBP12.2 million from GBP11.8 million in 2013.
The group kept its interim dividend flat at 8 pence per share.
The company said its funds under management at December 31 rose to USD4.0 billion, up from USD3.9 billion at the start of the financial year in July. It said FUM remained at USD4.0 billion as at January 31.
"I anticipate good progress in the further development of your company over the rest of the current year and beyond," said City of London Chairman David Cardale.
Shares in City of London Investment Group were up 3.3% at 337.88 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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