25th Feb 2025 13:47
(Alliance News) - City of London Investment Group PLC on Tuesday reported an increase in profit for the first-half of its financial year, supported by higher funds under management and increased fee income.
For the six months ended December 31, the trust, whose products invest primarily in closed-end funds, said pretax profit rose 14% to USD12.6 million from USD11.1 million a year earlier.
Net fee income increased by 9.6% to USD35.3 million from USD32.2 million, as funds under management averaged USD10.3 billion in the period, up 12% from a year earlier. However, total FuM at December 31 stood at USD9.9 billion, down from USD10.2 billion on at the start of the financial year on July 1. It is still higher that USD9.6 billion in December 31, 2023
The company declared an interim dividend of 11 pence per share, unchanged from a year prior. It will be paid on April 3 to shareholders registered by March 7.
Chair Rian Dartnell noted that the company's investment teams had delivered "good absolute and relative performance" across most strategies, although net flows were negative in the first half. He cited macroeconomic concerns, including discussions of trade tariffs and global uncertainties, as weighing on international and emerging markets.
Shares in City of London Investment Group were up 2.5% at 368.91 pence in London on Tuesday afternoon.
By Eva Castanedo, Alliance News reporter
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