Business
Pre Close Trading Update
Pre Close Trading Update.
About this update from City Of London Investment Group Plc
[{"type":"text","content":"\n City of London Investment Group PLC\n12 June 2006\n\n\n\n\n\nFor release at 0700h, 12 June 2006\n\n\n CITY OF LONDON INVESTMENT GROUP PLC\n\n ('City of London', 'the Group', or 'the Company')\n\n\n PRE-CLOSE TRADING UPDATE\n\n\nCity of London Investment Group PLC (AIM: CLIG), a leading emerging market asset\nmanagement group, was admitted to AIM on 12 April 2006 after placing 24.51% of\nits issued share capital in order to provide existing institutional shareholders\nwith liquidity and the ability to realise part of their investment. The Company\nraised no new money. In the admission document, the audited accounts for the\nnine months ended 28 February 2006 showed operating profit of £3.4 million and\nprofit after tax of £1.9 million, with funds under management of approximately\nUS$2.7 billion.\n\n\nThe Company's year end was 31 May and for the year to that date, City of London\nreports that operating profit will be approximately £5.2 million (2005: £2.1\nmillion) and that profits after interest receivable of £0.1 million, AIM\nadmission costs of £0.5 million and tax of £1.7 million will be approximately\n£3.1 million (2005: £1.9 million). At the year end, funds under management\ntotalled US$2.8 billion.\n\n\nStock markets across the world declined throughout May, and the Group's funds\nunder management fell from US$3.1billion at the end of April to the year end\nlevel of $2.8bn, a decrease of 9.7%. This compares to a fall in the MSCI\nEmerging Markets Composite Total Return Index of approximately 11% in the same\nperiod. Since the year end markets have fallen further, but the company has\ncontinued to outperform its benchmarks.\n\nCity of London expects to announce preliminary results for the year to 31 May\n2006 on 5 September 2006.\n\n\n\nFor further information, please visit www.citlon.com or contact:\n\nDoug Allison (CFO) / Barry Olliff (CEO) Simon Hudson / Clemmie Carr\nCity of London Investment Group PLC Tavistock Communications\nTel: 020 7711 0771 Tel: 020 7920 3150\n\n\n\n\n\nNOTES TO EDITORS\n\n\nCity of London is an asset management group whose principal activity is\nproviding emerging market asset management products and services predominantly\nto institutional investors via its principal operating company City of London\nInvestment Management Company Limited. The Group is based in the UK and also has\no...