In this note, we review City of London’s annual results for 2022 and its trading update for 22’Q1. The headline full-year figures were announced in July’s trading statement, and allowance needs to be made for the inclusion of Karpus for the full year. The weakness of markets in the second half did affect results, with net fee income up 11%, to £58.2m. City of London’s underlying profit before tax rose 4%, to £27.9m, while underlying EPS (on City of London’s basis) declined 9%, to 44.2p. Cash conversion, as usual, remained excellent, at 108% of underlying profit, while the cash balance remained very strong, at £22.7m, as well as £7.4m of seed investments.
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