DJ Hardman & Co Research: City of London Investment Group (CLIG): Solid results, with surprise dividend increase
Hardman & Co Research
Hardman & Co Research: City of London Investment Group (CLIG): Solid results,
with surprise dividend increase
17-Sep-2020 / 14:40 GMT/BST
Hardman & Co Research: Solid results, with surprise dividend increase
City of London has announced its full-year results for FY'20. As previously
indicated, over a volatile year, FUM grew to $5.51bn. This led to a 4%
increase in fee income to GBP33.3m. With cost control excellent, as usual, this
led to a 9% increase in operating profits to GBP11.6m. Earnings were impacted by
exceptional costs for the Karpus transaction and losses on the seed
investments in the new REIT strategies, and fell 19% to GBP7.37m. The final
dividend was increased from 18p to 20p, giving 30p for the full year. This
leaves cover ahead of the target cover over a rolling five-year period of
1.2x.
Please click on the link below for the full report:
https://www.hardmanandco.com/research/corporate-research/solid-results-with-su
rprise-dividend-increase/ [1]
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1133171 17-Sep-2020
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(END) Dow Jones Newswires
September 17, 2020 09:40 ET (13:40 GMT)
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