City of London Investment Group makes good first-half progress

City of London Investment Group released its half-year results for the six months to 31 December on Monday, with funds under management reaching $5.3bn (£3.9bn) at period end, rising from $4.7bn at the beginning of the financial year.

The London-listed firm said funds under management as at 31 January were $5.8bn.

Revenues representing the group's management fees on funds under management were £17.1m, up from £15.4m a year earlier.

Profit before tax was £6.6m, rising from £5.8m, with the board confirming an increased interim dividend of 9p per share, up from 8p.

That would be payable on 16 March to shareholders on the register on 2 March.

Cash and cash equivalents at period end totalled £15.6m - a sizeable year-on-year increase from £10.5m.

“Notwithstanding the major gains witnessed in 2017 across global equity markets, the exceptional value we find in emerging market closed-end funds and holding companies gives us confidence that we continue to be well placed to deliver strong relative returns,” commented chairman David Cardale on the firm’s outlook.

“This, combined with the traction now achieved with our diversification products, justifies my confidence in anticipating a successful outcome for the full year.”