The full year results from City of London showed no surprises following the trading statement in July. Weaker markets were the dominant feature, with lower funds under management compared to FY2015 leading to a fall in revenues and profits in FY2016. Revenues declined 4% over the previous financial year to £24.4m and operational gearing led to a larger 11% fall in pre-tax profits to £8.0m. As usual, cash conversion was excellent with net operating cashflow at 96% of profits.
14 Sep 2016
Exchange rate moves give big boost
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Exchange rate moves give big boost
City of London Investment Group PLC (CLIG:LON) | 328 0 0.0% | Mkt Cap: 166.2m
- Published:
14 Sep 2016 -
Author:
Brian Moretta -
Pages:
8
The full year results from City of London showed no surprises following the trading statement in July. Weaker markets were the dominant feature, with lower funds under management compared to FY2015 leading to a fall in revenues and profits in FY2016. Revenues declined 4% over the previous financial year to £24.4m and operational gearing led to a larger 11% fall in pre-tax profits to £8.0m. As usual, cash conversion was excellent with net operating cashflow at 96% of profits.