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LONDON (Alliance News) - City of London Investment Group PLC on Monday reported lower first-half pretax profit, amid a tough time for emerging markets investors.
Pretax profit fell to GBP3.6 million in the six months ended December 31, from GBP4.3 million in the corresponding half the prior year. Funds under management ended the half at USD3.8 billion, down from the USD4.2 billion seen six months earlier, before sinking to USD3.5 billion at the end of January. The company maintained an interim dividend of 8.0 pence per share.
"In a falling market, these results were exacerbated by losses incurred on our seed investments. No let up could be afforded in our ongoing programme of cost controls," Chairman David Cardale said.
Acknowledging pressures from weak investor sentiment toward emerging markets, Chief Executive Barry Olliff said that only fund managers which outperform will survive and prosper.
Recent weakness in the pound against the dollar stands to benefit the group, the company said.
Shares in the group were up 4.7% at 300.50 pence on Monday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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