| CATEGORY: AIM BULLETIN SECTOR: FINANCIAL SERVICES |
Emerging market setbacks hit City of London Group |
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Mon 15 Sep 2008
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LONDON (SHARECAST) - Emerging market and natural resource asset management group City of London Investment Group boosted funds under management and pre-tax profits during a period of “significant market uncertainty.”
Funds under management (FUM) increased by 24% to $4.71bn in the year to 31 May, from $3.79bn a year earlier, having hit a peak of $4.9bn in October 2007.
Since the end of the reporting period FUM have slipped back to $3.9bn, as at 21 August, reflecting the declines seen in the emerging markets in which the company principally invests.
The group has succeeded in its aim of expanding its reach beyond the US, with non-US business now accounting for 28% of its total FUM, versus 17% in March 2006.
Fee income improved to £24.9m from £18.3m, while profit before tax grew 46% to £10.7m from £7.3m, after profit related staff payments of £4.7m, up from £3.1m the year before.
The company said the significant fall in the value of sterling recently should be beneficial to earnings.
A final dividend of 13.5p has been proposed, making total dividends for the year 19.5p, up from 10p in the year to end-May 2007.
The AIM-listed company announced its intention to seek a ful listing on the London Stock Exchange.
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