City of London Investment Group (CLIG) H1 2025 TU earnings summary

Executive summary

• Funds under Management (FuM) reached $9.9b at 31 December 2024, with new Emerging Markets and Listed Private Equity accounts added, though this represented a 2.9% decline from $10.2b at 30 June 2024.

• Long-term investment performance ranked in the first or second quartile for all strategies, and performance for 2024 was ahead of benchmarks for most core strategies.

• Underlying profit before tax for the year ended 30 June 2024 was $27.2m.

• Cash balances stood at $33.7m as of 30 June 2024.

• Final dividend of 22 pence paid in November 2024.

Financial highlights

• Net fee income for FY2024 was $66.2m, with underlying profit before tax at $27.2m.

• Underlying earnings per share for FY2024 was 33.5p, with total dividends paid and proposed at 33.0p per share.

• Dividend cover for 2023/24 was 1.01x, with a rolling 5-year average of 1.19x.

• Cost reductions of $2.5m announced for the current financial year.

• Net investment outflows totaled $564 million for the period, primarily from EM, International Equity, and KIM strategies, while OV and alternatives saw net inflows of $63 million.

Outlook and guidance

• Significant capacity for new AuM growth with low incremental costs.

• Group marketing focused on HNW individuals, family offices, and the RIA channel in the US.

• Global Strategy achieved a 3-year record in December 2024; Listed Private Equity and Infrastructure strategies are attracting renewed client interest.

• Client rebalancing and asset allocation changes, including a large client drawing down cash management capital for acquisitions, contributed to net outflows.