City of London has announced its interim results for 1H’22. Having announced a special dividend of 13.5p in its January trading statement, the main interest was in the details. Breaking down net inflows into gross inflow and outflows showed that 2Q was a distinct improvement over 1Q. City of London believes that, once the pandemic restrictions relax, a return to in-person meetings will improve its ability to market its products. Financially, we note that the cash conversion of profits remains excellent, at 87% of underlying earnings, underpinning its strong dividend- paying capability.
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