The City of London Investment Group Board is proposing to recommend a final dividend of 22p per share (2023: 22p), subject to approval by shareholders at the Company's Annual General Meeting (AGM) to be held on 28th October 2024. This would bring the total dividend payment for the year to 33p (2023: 33p). Rolling five-year dividend cover based on underlying profits equates to 1.19 times (2023: 1.24 times).
The Board confirms the final dividend timetable for the year to 30th June 2024:
Ex-dividend date: 3rd October 2024
Dividend record date: 4th October 2024
DRIP election date: 18th October 2024
Dividend payment date: 7th November 2024
Other financial highlights include:
-Funds under Management (FuM) of US$10.2 billion at 30th June 2024. This compares with US$9.4 billion at the beginning of this financial year on 1st July 2023
-Net fee income was $66.2 million (2023: $65.5 million)
-Underlying profit before tax was $27.2 million (2023: $27.0 million). Profit before tax was $22.6 million (2023: $22.1 million)
-Underlying basic earnings per share were 33.5p (2023: 36.5p). Basic earnings per share were 27.8p (2023: 30.2p) after an effective tax charge of 24% (2023: 21%) of profit before taxation
