City of London Investment Group (CLIG) Q1 2025 TU earnings summary

Executive summary

• Funds under Management (FuM) reached $10.7b at 30 September 2024, up 4.8% from $10.2b at 30 June 2024, with new Emerging Markets and Listed Private Equity accounts added.

• Long-term investment performance ranked in the first or second quartile for all strategies, with most core strategies outperforming benchmarks year-to-date.

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

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

• Final dividend of 22p per share payable on 7 November 2024, bringing total FY24 dividend to 33p, unchanged from FY23 and subject to AGM approval.

Financial highlights

• Net fee income for FY2024 was $66.2m, with profit before tax at $22.6m.

• Underlying profit before tax was $27.2m, and cash balances stood at $33.7m as of 30 June 2024.

• Basic earnings per share for FY2024 was 35.1¢ (27.8p), with underlying EPS at 33.5p.

• Dividend maintained at 33p per share, with a rolling 5-year average coverage ratio of 1.19.

• Operating profit for FY2024 was $39.3m, with total overheads of $27.9m.

Outlook and guidance

• Group maintains $6b in product capacity across equity, fixed income, and alternative assets.

• Global strategy will have a 3-year record by December 2024, supporting further growth.

• Focus on expanding into HNW, family office, and RIA channels in the US.

• Continued emphasis on cost control and maintaining a lean cost base.

• New account wins, including a $70m account and a $20m Listed Private Equity account, contributed to Emerging Market inflows.