City of London Investment Group PLC on Tuesday reported that its annual funds under management were up, but its overheads increased and profit had fallen.

The investor in London-listed equities said its consolidated funds under management at June 30 had increased by 2.2% to $9.4 million, from $9.2 million at the same period the year before.

Overheads at June 30 increased 14% to $22.5 million, from $19.7 million year-on-year. This was principally a consequence of a weaker sterling against the dollar, as well as higher employee retention and retirement costs.

Pretax profit fell to £23.4 million, from £27.2 million, before amortisation of intangibles, in the same period the year before.

City of London Investment Group proposed a final dividend of 22 pence per share, unchanged from the year before. This brings the total dividend payment for the year to 33 pence per share.

Shares in City of London Investment Trust was flat at 409.50 pence in London on Tuesday morning.

Copyright 2023 Alliance News Ltd. All Rights Reserved