20th Sep 2022 12:00
(Alliance News) - City of London Investment Group PLC on Tuesday reported a higher annual profit and hiked its total dividend as it gained more via fees.
The company is an investor that aims for long-term growth in income and capital by investing in London-listed equities.
Pretax profit in the year that ended June 30 grew 4.2% to GBP23.2 million from GBP22.2 million a year prior. Net fee income climbed 11% to GBP58.2 million from GBP52.5 million. Administrative expenses however widened to GBP23.5 million from GBP20.0 million.
City of London Investment recommends a final dividend of 22 pence, unchanged. It takes the total dividend to 46.5p, up 41% from 33p.
Noting macroeconomic challenges such as "extreme volatility" and a threat of long-term conflict in Europe, the company said its business model is stronger than during past times with difficult markets. It added that it viewed the future "with cautious optimism".
Chief Executive Officer Tom Griffith stated: "Our conservative management style will not change, nor will our investment-led approach with a view to ensuring strong investment performance for our clients."
City of London Investment Group shares were 5.4% higher at 408.00 pence each in London on Tuesday morning.
By Tom Budszus; [email protected]
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