City of London has announced its final results for FY’23. The headline figures were in line with those announced in the July trading statement. Weaker markets weighed on profitability, offset by outperformance across the majority of assets. A stronger US dollar also generally supported fee income. The lower average FUM led to a 6% reduction in net fee income to £54.6m. Costs were adversely affected by exchange rates and some adjustments for staff changes. This led to underlying EPS declining from 44.2p to 36.5p, a 17% reduction. The final dividend, as previously indicated, is 22p, bringing the full-year figure to 33p.
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