13th Jul 2021 14:31
City of London Investment Group PLC - specialist asset manager - Trading update says consolidated funds under management hit GBP8.3 billion in the year ended June 30, up sharply from GBP4.4 billion the year before. Notes the previous financial year's total does not include funds from the merger with Karpus Management Inc, which was completed on October 1, 2020.
Expects unaudited profit before amortisation of intangibles, exceptional merger costs and taxation to be around GBP27.2 million for current financial year, up from GBP10.7 million the year prior. Says basic and fully diluted earnings per share expected to be 39.4 pence and 38.8p respectively, compared to 30.3p and 29.5p in financial 2020.
"Strong investment performance across [our] investment strategies resulted from strong [net asset value] performance at the underlying closed end funds and positive discount effects," the company says.
Proposes final dividend of 22p, bringing total dividend to 33p compared to 30p the previous year. Says it will announce final results on September 13.
"With regard to business development, the group continues to develop an active pipeline across all of its major [closed-end fund] offerings," the firm adds.
Current stock price: 515.00 pence, down 2.5% on Tuesday afternoon
Year-to-date change: up 18%
By Scarlett Butler; [email protected]
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