Business
FINAL RESULTS FOR THE YEAR TO 30TH JUNE 2020
FINAL RESULTS FOR THE YEAR TO 30TH JUNE 2020.
About this update from City Of London Investment Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8685Y\n City of London Investment Group PLC\n 14 September 2020\n \n \n \n \n 14th September 2020\n \n \n \n \n \n CITY OF LONDON INVESTMENT GROUP PLC (LSE: CLIG)\n \n \n (\"City of London\" or \"the Group\")\n \n \n \n \n \n FINAL RESULTS FOR THE YEAR TO 30TH JUNE 2020\n \n \n \n \n \n \n \n \n SUMMARY\n \n \n \n \n \n \n \n \n \n -\n \n \n \n \n Funds under management (FuM) at 30th June 2020 were US$5.5 billion (2019: US$5.4 billion), an increase of 2%. In sterling terms, FuM increased by 5% to £4.4 billion (2019: £4.3 billion).\n \n \n \n \n \n \n -\n \n \n \n \n Revenues, representing the Group's management charges on FuM, were £33.3 million (2019: £31.9 million). Underlying profit before tax and exceptional items was £10.7 million (2019: £11.4 million). Profit before tax was £9.4 million (2019: £11.4 million). Underlying profit before tax, exceptional items and losses/(gains) on seed investments in REIT funds was £11.5 million (2019: £10.6 million).\n \n \n \n \n \n \n -\n \n \n \n \n Underlying basic earnings per share before exceptional items were 35.3p (2019: 34.9p). Basic earnings per share were 30.3p (2019: 34.9p) after an effective tax charge of 22% (2019: 21%) of pre-tax profits.\n \n \n \n \n \n \n -\n \n \n \n \n A final dividend of 20p per share is recommended, payable on 30th October 2020 to shareholders on the register on 9th October 2020, making a total for the year of 30p (2019: 40.5p including special dividend of 13.5p).\n \n \n \n \n \n \n \n \n \n BOARD CHANGE\n \n \n \n \n \n Susannah Nicklin has advised the Board of her intention not to seek re-election as a Director at the forthcoming AGM on October 19th, due to external commitments. As a consequence, the CLIG Nomination Committee has initiated a search process for a replacement with a view to making an appointment in the near future. This will also involve a replacement appointment for the role of Senior Independent Director. Barry Aling will assume the Chair of the Nomination Committee on an interim basis. \n \n \n \n \n \n Susannah has been a valued and active member of the Board over the last three years and we would like to extend our sincere thanks for her tireless efforts throughout that period both as a Director and Chair of the Nomination Committee. We wish her well i...