Source - RNS
RNS Number : 8078J
City of London Investment Group PLC
14 September 2016


Hardman Research: Exchange rate moves give big boost



Exchange rate moves give big boost: The full year results from City of London showed no surprises following the trading statement in July. Weaker markets were the dominant feature, with lower funds under management compared to FY2015 leading to a fall in revenues and profits in FY2016. Revenues declined 4% over the previous financial year to £24.4m and operational gearing led to a larger 11% fall in pre-tax profits to £8.0m. As usual, cash conversion was excellent with net operating cashflow at 96% of profits.


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