(Alliance News) - City of London Investment Group PLC on Monday said its profit increased in the first half of its current financial year.
The London-based investment firm said funds under management for the six months to the end of 2020 totalled USD10.9 billion. This compares with USD5.5 billion at the beginning of its financial year on July 1 and USD6.0 billion at the end of 2019.
Funds under management as at January 31 further grew to USD11.1 billion, the company noted.
Net fee income representing the firm's management fees on funds under management was GBP22.6 million at the end of December, up 38% compared to USD16.4 million a year before.
Underlying pretax profit was GBP11.2 million, up 81% from GBP6.2 million a year ago. Pretax profit was GBP8.8 million, up 40% from GBP6.3 million.
The company increased its interim dividend by 10% to 11 pence per share from 10p paid the year prior.
"Our results through the very testing conditions of the last six months and the increasingly diverse business mix that will flow from the Karpus Investment Management merger, provide a sound basis for cautious optimism," said Chair Barry Aling.
The company completed the US-based investment management business Karpus Investment Management merger in October, after it was approved by shareholders in July.
City of London Investment Group shares were trading 5.4% lower in London on Monday at 526.00p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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City Lon Inv (CLIG)