Business
HALF YEAR RESULTS TO 31ST DECEMBER 2016
HALF YEAR RESULTS TO 31ST DECEMBER 2016.
About this update from City Of London Investment Group Plc
[{"type":"text","content":"\n \nRNS Number : 2761X City of London Investment Group PLC 20 February 2017 \n\n20th February 2017\n \nCITY OF LONDON INVESTMENT GROUP PLC\n(\"City of London\", \"the Group\" or \"the Company\")\n \nHALF YEAR RESULTS TO 31ST DECEMBER 2016\n \nCity of London (LSE:CLIG) announces half year results for the six months to 31st December 2016. \n \nSUMMARY\n \n• Funds under Management (\"FuM\") of US$4.1 billion (£3.3 billion) at 31st December 2016. This compares with US$4.0 billion (£3.0 billion) at the beginning of this financial year on 1st July 2016 and US$3.8 billion (£2.6 billion) at 31st December 2015\n \n• FuM at 31st January 2017 of US$4.2 billion (£3.3 billion)\n \n• Revenues representing the Group's management charges on FuM were £15.4 million (2015: £11.8 million)\n \n• Profit before tax of £5.8 million (2015: £3.6 million) \n \n• Maintained interim dividend of 8p per share payable on 17th March 2017 to shareholders on the register on 3rd March 2017\n \n• Cash and cash equivalents at the period end of £10.5 million (2015: £8.4 million)\n \nThis release includes forward-looking statements, which may differ from actual results. Any forward-looking statements are based on certain factors and assumptions, which may prove incorrect, and are subject to risks, uncertainties and assumptions relating to future events, the Group's operations, results of operations, growth strategy and liquidity.\n \nFor further information, please visit www.citlon.co.uk or contact:\n \nBarry Olliff (CEO)\nCity of London Investment Group PLC\nTel: +1 215 313 3774\n \nMartin Green\nZeus Capital Limited\nFinancial Adviser & Broker\nTel: +44 (0)20 3829 5000\n \n \nCHAIRMAN'S STATEMENT\n \nThe six months to December 2016 have, arguably, been politically the most eventful period for decades. Waking to the consequences of Brexit and then absorbing and analysing the implications of the Trump victory have guaranteed employment for legions of political and economic commentators. These have been challenging times for fund managers focused on the emerging markets which in themselves have diverged on an almost unprecedented scale. If, for example, equivalent investments had been made on 1st January 2016 in both a Brazilian ETF and in China through a representativ...