CITY OF LONDON INVESTMENT GROUP PLC HALF YEAR RESULTS TO 31ST DECEMBER 2024 AND DIVIDEND DECLARATION
CITY OF LONDON INVESTMENT GROUP PLC HALF YEAR RESULTS TO 31ST DECEMBER 2024 AND DIVIDEND DECLARATION |
| [25-February-2025] |
LONDON, Feb. 25, 2025 /PRNewswire/ -- City of London (LSE: CLIG) announces that it has today made available on its website, https://www.clig.com/, the Half Year Report and Financial Statements for the six months ended 31st December 2024. The above document will be uploaded to the National Storage Mechanism, in accordance with UKLR 6.4.1R, and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. HALF YEAR SUMMARY
*This is an Alternative Performance Measure (APM). Please refer to the CEO review for more details on APMs. For access to the full interim report, please follow the link below: http://www.rns-pdf.londonstockexchange.com/rns/2739Y_2-2025-2-24.pdf This release includes forward-looking statements, which may differ from actual results. Any forward-looking statements are based on certain factors and assumptions, which may prove incorrect, and are subject to risks, uncertainties and assumptions relating to future events, the Group's operations, results of operations, growth strategy and liquidity. Dividend The Board declares an interim dividend of 11 pence per share, which will be paid on 3rd April 2025 to shareholders registered at the close of business on 7th March 2025 (2024: 11 pence). Shareholders may choose to reinvest their dividends using the Company's Dividend Reinvestment Plan, to do this please visit www.signalshares.com or if you hold your shares through a broker please contact them. The deadline to lodge your election is 14th March 2025. The Board confirms the following interim dividend timetable:
Dividend cover template Please see dividend cover template attached here. http://www.rns-pdf.londonstockexchange.com/rns/2739Y_1-2025-2-24.pdf The dividend cover template shows the quarterly estimated cost of dividend against actual post-tax profits for last year, the current six months and the assumed post-tax profit for the remainder of the current year and the next financial year based upon specified assumptions. CHAIR'S STATEMENT Introduction Assets We were happy with asset growth progression over the past year, but witnessed several outflows as we approached year end. These coincided with talk of tariffs and trade wars as the prospect of a second Trump presidency was absorbed by markets. In the short term, this underpinned the US and sparked a sell-off in international and emerging markets. Contrast these fourth quarter performances: S&P 500 +2.4%, NASDAQ Composite +6.4%, MSCI World -0.27%, MSCI Emerging Markets -8.0% (source: Bloomberg). For added perspective, consider the Group's FuM growth over the past five and ten years from $3.9 billion as at 30th June 2014 to $5.4 billion at 30th June 2019 and $10.2 billion as at 30th June 2024. We are pleased with this healthy growth in assets. While this upward stair step pattern appears very orderly in hindsight, FuM volatility was a constant feature throughout the period – such is the nature of markets. It is important to note that not only have FuM grown at CLIG, but the composition of funds managed has also changed meaningfully. Four factors have largely driven this change. First, the merger with Karpus Investment Management (KIM) in 2020 means that about 40% of Group assets are now being managed by KIM (out of that 65.5% in fixed income products and 34.5% in equities). Second, assets managed by our excellent International team have grown to 21% of Group FuM. Third, Emerging Markets, which have been out of favour for a protracted period, decreased to 35% from c.90% back in 2014. Lastly, our diversification assets, made up of a variety of strategies including Opportunistic Value (OV), Listed Private Equity (LPE), High Yield and Global are taking root and have grown to nearly 5% of Group FuM. For many years, your team at CLIG has worked diligently to manage the migration from a sole focus in EM to now having about two thirds of FuM outside EM. This dynamic transformation, organic and inorganic, improves the risk profile of the Group and opens up new avenues for growth and further diversification. Performance ESG Business travel increased during the period with growth in our marketing efforts as the team met clients and prospects. To offset the impact of increased business travel, the Group will continue with its carbon offset programme. All employees regularly receive a training programme directed towards diversity, equity and inclusion. To reinforce awareness of their role in protecting our network infrastructure, all employees receive monthly training on the critical issue of cybersecurity. Alongside adherence to CLIG's governance obligations at Board level, the Group is strongly committed to regular workforce engagement sessions to develop a closer relationship between employees and the Non-Executive Directors (NEDs). We encourage good relations between the NEDs and employees. Your Board Dividends Shareholder engagement Outlook Many markets outside the US have been under a cloud while the US has attracted huge interest and capital flows. It is not surprising, therefore, that we are hearing about attractive valuations and opportunities from our international and EM teams. In addition, our investment teams at CLIM and KIM continue to successfully engage in corporate governance initiatives, working with CEF Boards to narrow discounts. Our teams are active, highly focused and we remain constructive on the outlook for performance at CLIG. Conclusion I would like to thank our teams for their continued fine work and all our stakeholders for their support. Thank you for your interest in City of London Investment Group. Sincerely yours, CHIEF EXECUTIVE OFFICER'S REVIEW Monetary easing The Trump administration has threatened tariffs and other protectionist trade measures. Trading partners are eyeing the trade measures nervously, while international and emerging markets are hoping for a weaker US dollar which should increase demand for commodities, including oil, and boost foreign financial asset returns when converted to US dollars. After more than a decade of US exceptionalism in bond and equity markets, there might be a valuation opportunity for international and emerging markets to attract capital from US investors. While threats of a full-blown trade war are being raised, the most likely scenario is for significant negotiation to take place among global trading partners and for "managed trade" to become the norm. If progress can also be made on ending the wars in Ukraine and the Middle East, expect financial markets to trade higher in 2025. The mid-January ceasefire in the Middle East can be viewed as a tentative start in terms of reducing tensions in the region. FuM & flows The marketing team is focused on raising assets based on the good long-term performance of the Group's investment management subsidiaries. Ten-year quartile charts of strategies managed by both operating subsidiaries are reflected in Figure 3 on page 8 of the interim report. Client interest for our Listed Private Equity (LPE) strategy, managed by City of London Investment Management (CLIM) where an investment trust structure provides liquid access to private equity exposure with the transparency of regularly published net asset values, remains strong. We will split out the LPE strategy in our Q3 Trading Update and the FY 2025 Annual Report & Accounts, as LPE is a further avenue for diversification for the Group. Additionally, within CLIM, we had positive inflows in our Opportunistic Value strategy, as institutional clients are looking for specific tradeable opportunities that the team provides. Net outflows were seen in our two flagship strategies, Emerging Markets (EM) and International Equity (INTL), which is not surprising considering the increasing demand for US assets based on the outperformance of the US equity market and the strong dollar. At CLIM, the focus continues to be on ensuring that current clients are looked after from a performance perspective, so that when the overall environment turns towards non-US equity assets, our strategies retain their compelling long-term performance metrics. As shown in Figure 3 on page 8 of the interim report, the Karpus Investment Management (KIM) team continues to outperform their peers over the ten-year period. KIM's overall FuM increased over the six months due to outperformance of the underlying asset classes although net flows were negative as shown in Figure 2 below. Over the six months, we have continued to bolster the marketing and relationship management teams at KIM, in order to find new avenues for growth and clients. Currently, for US retail investors, interest rates in fixed rate bank deposits or money market vehicles offered by financial institutions remain higher than in recent memory and are in competition to an active fixed income manager. KIM's outflows during the six months fall into one of three primary categories: 1) the retail client base who are required to withdraw retirement assets by calendar year end due to US regulations, 2) high-net-worth clients with considerable wealth who withdrew assets to deploy capital for life events and/or business opportunities, and 3) institutional pension plan clients that were impacted by regulation changes which drove the outflows.
Value in closed-end funds There are two positive outcomes we have seen over the past year: 1) an increase in corporate governance activity driven by CLIM and KIM as well as other investors, and 2) an increase in non-traditional offerings via investment trusts. The Association of Investment Companies (AIC) released findings that 25 years ago (1999), 88% of investment trusts were invested in equities. In 2024, that figure has fallen to 55%, as investment trusts are now deploying their capital in under-invested avenues, such as private credit, infrastructure, and property. These asset classes that need a longer-term time horizon are tailor-made for the investment trust structure, where the manager does not have to be concerned with managing daily cash flows or raising money for redemptions. Financial results The Group's profit before tax increased c.14% for the six months ended 31st December 2024 to $12.6 million as compared to $11.1 million for the six months ended 31st December 2023. Underlying profit before tax† for the six months ended 31st December 2024 was also higher by c.14% at $15.2 million as compared to $13.3 million for the six months ended 31st December 2023. EPS for the six months ended 31st December 2024 increased by c.12% to 19.0¢ (14.7p†) per share from 16.9¢ (13.4p†) per share for the six months ended 31st December 2023. Underlying EPS† for the six months ended 31st December 2024 increased by c.12% to 22.9¢ (17.8p) per share from 20.4¢ (16.2p) per share for the six months ended 31st December 2023. The Group's fee income and the bulk of expenses are incurred in US dollars; however, c.32% of Group overheads are incurred in sterling that are subject to USD/GBP currency rate fluctuations. On average, US dollars weakened by c.2% against sterling to 1.287 for the six months ended 31st December 2024 from 1.256 for the six months ended 31st December 2023. The weaker US dollar meant that our sterling-denominated expenses cost more in dollar terms. We continue to review expenses across the Group. Total administrative expenses for the six months ended 31st December 2024 were c.6% higher at $23.6 million as compared to $22.2 million for the six months ended 31st December 2023. The increase primarily relates to higher legal & professional fees, additional marketing resources, an increase in travel costs to meet clients and prospects, and the impact of US dollar weakening over costs denominated in sterling. From a cost reduction perspective, we are on track to reduce our costs by c.$3 million on an annualised basis. Dividend cover chart Alternative Performance Measures Earnings per share in pence – Earnings per share in US dollars as per the income statement is converted to sterling using the average exchange rate for the period. Refer to note 6 in the interim financial statements. Underlying profit before tax – Profit before tax, adjusted for gain/loss on investments and amortisation of intangibles. This provides a measure of the profitability of the Group for management's decision-making. Underlying earnings per share in pence – CLIG's shares are quoted on the London Stock Exchange therefore the dividend is declared in sterling. Underlying profit before tax, adjusted for tax as per the income statement and the tax effect of adjustments, are divided by the weighted average number of shares in issue as at the period end. Underlying earnings per share is converted to sterling using the average exchange rate for the period. Refer to the reconciliation on note 6 in the financial statements.
CLIG KPI As seen in Figure 5 on page 11 of the interim report, for the five years ended 31st December 2024, CLIG's cumulative total return was 35.1%, or 6.2% annualised. For the full 2024 calendar year, CLIG's cumulative total return, inclusive of dividends, was 36.6% in the currency of listing (sterling). The share price, excluding dividends, ended the calendar year at 395 pence, which was an increase of 24.6% from the starting price of 317 pence. Since listing in April 2006 through 31st December 2024, CLIG's cumulative total return was 765%, or 12.2% annualised. Please note that all figures are sourced from Bloomberg. Corporate Governance and stakeholders We have made changes from a corporate perspective over the past two years to be more transparent of our unique situation. Last year, we converted our reporting currency to US dollars, reflecting that c.99% of our revenues were in dollars, and on 2nd December 2024, we announced that CLIG is qualified to trade on the OTCQX ® Best Market under the symbol "CLIUF". Our goal is to enhance our visibility and improve access for our US investors, which include four of our nine largest shareholders (excluding current employees). Additionally, we have increased our efforts to communicate directly with our UK-based individual shareholders via Investor Meet, to ensure that they have opportunities to receive updates on the CLIG story directly from management. Regarding Board composition, we announced alongside our FY2024 annual results that Tazim Essani would not seek re-election at the October AGM. We appreciated Tazim's advice, counsel, and oversight during her tenure as a CLIG Director. The Nomination Committee will provide an update to all shareholders on the future composition of the Board when appropriate. Environmental reporting update In terms of reducing carbon emissions, the electricity supplied to our three largest offices in London (UK), Rochester (US) and West Chester (US) is either powered primarily by renewable sources or is supplied via contracts backed by renewable energy sources. In terms of offsetting carbon emissions, we provided a review of our carbon offset programme within our Task Force on Climate-Related Financial Disclosures (TCFD) section (pages 37-45) in the FY2024 Annual Report & Accounts. We will continue to use the TCFD section in our Annual Reports & Accounts to provide detail on our environmental initiatives. Unlike FY2024, where we completed two rounds of carbon offsets, in FY2025, we are going to complete one purchase at the end of the financial year, to simplify reporting. Cybersecurity update CLIG outlook CLIG continues to position our investment teams in a manner to take advantage of client demand in various asset classes, including listed private equity investment trusts in the UK, listed international CEFs, and municipal CEFs in the US. We have been patiently waiting for the US-centric investment focus to wane, which may be driven by further monetary easing and/or the shift that may come from the second Trump administration. Success rarely happens/occurs in a straight line, particularly in the volatile asset management business. While client flows during the previous quarter did not meet our expectations, management and our colleagues are committed to growth in FuM through the continued performance of our underlying strategies. As a Group, we will continue to go further together, working on behalf our clients, colleagues, and shareholders. Tom Griffith
NOTES 1 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES The financial information contained herein is unaudited and does not comprise statutory financial information within the meaning of section 434 of the Companies Act 2006. The information for the year ended 30th June 2024 has been extracted from the latest published audited accounts which have been delivered to the Registrar of Companies. The report of the independent auditor on those financial statements contained no qualification or statement under s498(2) or (3) of the Companies Act 2006. These interim financial statements have been prepared in accordance with the International Accounting Standard 34, "Interim Financial Reporting" as contained in UK-adopted International Accounting Standards and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. The accounting policies adopted and the estimates and judgements used in the preparation of the unaudited consolidated financial statements are consistent with those set out and applied in the statutory accounts of the Group for the year ended 30th June 2024, which were prepared in accordance with UK-adopted International Accounting Standards. The consolidated financial information contained within this report incorporates the results, cash flows and financial position of the Company and its subsidiaries for the period to 31st December 2024. Group companies are regulated and perform annual capital adequacy and liquidity assessments, which incorporates stress testing based on loss of revenue on the Group's financial position over a three-year period. The Group has performed additional stress tests using several different scenario levels, over a three-year period on the Group's financial position from 31st December 2024. The Group's financial projections, capital adequacy and liquidity assessments provide comfort that the Group has adequate financial and regulatory resources to continue in operational existence for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing the interim financial statements. New or amended accounting standards and interpretations adopted 2 SEGMENTAL ANALYSIS The Directors consider that the Group has only one reportable segment, namely asset management, and hence only analysis by geographical location is given.
3 FINANCE INCOME
4 FINANCE EXPENSE
5 GAIN ON INVESTMENTS
6 EARNINGS PER SHARE The calculation of earnings per share is based on the profit for the period attributable to the equity shareholders of the parent divided by the weighted average number of ordinary shares in issue for the six months ended 31st December 2024. As set out in note 8 the Employee Benefit Trust held 1,396,147 ordinary shares in the Company as at 31st December 2024. The Trustees of the Trust have waived all rights to dividends associated with these shares. In accordance with IAS 33 "Earnings per share", the ordinary shares held by the Employee Benefit Trust have been excluded from the calculation of the weighted average number of ordinary shares in issue. The calculation of diluted earnings per share is based on the profit for the period attributable to the equity shareholders of the parent divided by the diluted weighted average number of ordinary shares in issue for the six months ended 31st December 2024. Reported earnings per share
Underlying earnings per share* Underlying earnings per share is based on the underlying profit after tax*, where profit after tax is adjusted for gain/loss on investments, amortisation of acquired intangibles and their related tax impact. Underlying profit for calculating underlying earnings per share
7 INTANGIBLE ASSETS
Goodwill, direct customer relationships, distribution channels and trade name acquired through a business combination relate to the merger with KIM on 1st October 2020. The fair values of KIM's direct customer relationships and the distribution channels have been measured using a multi-period excess earnings method. The model uses estimates of annual attrition driving revenue from existing customers to derive a forecast series of cash flows, which are discounted to a present value to determine the fair values of KIM's direct customer relationships and the distribution channels. The fair value of KIM's trade name has been measured using a relief from royalty method. The model uses estimates of royalty rate and percentage of revenue attributable to the trade name to derive a forecast series of cash flows, which are discounted to a present value to determine the fair value of KIM's trade name. The total amortisation charged to the income statement for the six months ended 31st December 2024 in relation to direct customer relationships, distribution channels and trade name, was $2,799k (year ended 30th June 2024: $5,599k; six months ended 31st December 2023: $2,799k). Impairment The Group's policy is to test goodwill arising on acquisition for impairment annually, or more frequently if changes in circumstances indicate a possible impairment. The Group has considered whether there have been any indicators of impairment during the six months ended 31st December 2024 which would require an impairment review to be performed. The Group has considered indicators of impairment with regard to a number of factors, including those outlined in IAS 36 'Impairment of assets'. No indications of impairment of individual intangible assets have been identified. 8 INVESTMENT IN OWN SHARES Investment in own shares relates to City of London Investment Group PLC shares held by an Employee Benefit Trust on behalf of City of London Investment Group PLC. At 31st December 2024 the Trust held 517,035 ordinary 1p shares (30th June 2024: 695,988; 31st December 2023: 593,236), of which 221,000 ordinary 1p shares (30th June 2024 – 238,500; 31st December 2023: 241,000) were subject to options in issue. The Trust also held in custody 879,112 ordinary 1p shares (30th June 2024: 1,133,649; 31st December 2023: 1,196,133) for employees in relation to restricted share awards granted under the Group's Employee Incentive Plan (EIP). The Trust has waived its entitlement to receive dividends in respect of the total shares held (31st December 2024: 1,396,147; 30th June 2024: 1,829,637; 31st December 2023: 1,789,369). 9 DIVIDENDS A final dividend of 22p per share (2023: 22p) (gross amount payable £11,149k; net amount paid £10,757k ($13,866k)*) in respect of the year ended 30th June 2024 was paid on 7th November 2024. An interim dividend of 11p per share (2024: 11p) (gross amount payable £5,575k; net amount payable £5,421k*) in respect of the year ending 30th June 2025 will be paid on 3rd April 2025 to members registered at the close of business on 7th March 2025. * Difference between gross and net amounts is due to shares held at EBT that do not receive dividend. 10 PRINCIPAL RISKS AND UNCERTAINTIES In the course of conducting its business operations, the Group is exposed to a variety of risks including market, liquidity, operational and other risks that may be material and require appropriate controls and on-going oversight. The principal risks to which the Group will be exposed in the second half of the financial year are substantially the same as those described in the last annual report (see page 28 and 29 of the Annual Report and Accounts for the year ended 30th June 2024), being the potential for loss of FuM as a result of poor investment performance, client redemptions, breach of mandate guidelines or material error, loss of key personnel, technology/IT, cybersecurity and business continuity and legal and regulatory risks. Changes in market prices, such as foreign exchange rates and equity prices will affect the Group's income and the value of its investments. Most of the Group's revenues, and a significant part of its expenses, are denominated in US dollars. However, exchange rate movements will impact the portion of Group expenses that are incurred in non-US dollars. 11 RELATED PARTY TRANSACTIONS In the ordinary course of business, the Company and its subsidiary undertakings carry out transactions with related parties as defined under IAS 24 Related Party Disclosures. Material transactions are set out below: (i) Transactions with key management personnel (a) The compensation paid to the Directors as well as their shareholdings in the Group and dividends paid, did not affect the financial position or the performance of the Group for the current reporting period. There were no changes to the type and nature of the related party transactions from those that were reported in the FY2024 Annual Report and Accounts. (b) One of the Group's subsidiaries manages funds for one of its key management personnel, for which it receives a fee. All transactions between key management and their close family members and the Group's subsidiary are on terms that are available to all employees of that Company. The amount received in fees during the period was $7k (2023: $3k). There were no fees outstanding as at the period end. (c) A close member of a key management's personnel provides professional services to the Group. The amount paid during the period for these services was $11k. The amount outstanding at the period end was $0.4k. 12 FINANCIAL INSTRUMENTS The Group's financial assets include cash and cash equivalents, investments and other receivables. Its financial liabilities include accruals and other payables. The fair value of the Group's financial assets and liabilities is materially the same as the book value. Fair value measurements recognised in the statement of financial position
The fair values of the financial instruments are determined as follows:
The level within which the financial asset or liability is classified is determined based on the lowest level of significant input to the fair value measurement.
There were no financial liabilities at fair value at any of the reporting periods. Where there is an impairment in the investment in own funds, the loss is reported in the income statement. No impairment was recognised during the period or the preceding year. 13 GENERAL The interim financial statements for the six months ended 31st December 2024 were approved by the Board on 24th February 2025. These financial statements are unaudited, but they have been reviewed by the auditors, having regard to International Standard on Review Engagements (UK) 2410 (ISRE (UK) 2410) "Review of Interim Financial Information performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. Copies of this statement are available on our website www.clig.co.uk. STATEMENT OF DIRECTOR'S RESPONSIBILITIES The Directors confirm that to the best of our knowledge:
DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Group during that period; and any changes in the related party transactions described in the last annual report that could do so. The Directors of City of London Investment Group PLC are as listed in the Annual Report and Accounts 2023/2024. A list of current Directors is maintained at www.clig.co.uk. By order of the Board Tom Griffith INDEPENDENT REVIEW REPORT TO CITY OF LONDON INVESTMENT GROUP PLC Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 December 2024 is not prepared, in all material respects, in accordance with UK-adopted International Accounting Standard (IAS) 34, 'Interim Financial Reporting'. Basis for conclusion As disclosed in note 1, the annual financial statements of the group are prepared in accordance with UK-adopted international accounting standards. The condensed set of financial statements included in this half yearly financial report has been prepared in accordance with UK-adopted International Accounting Standard 34, 'Interim Financial Reporting'. Conclusions relating to going concern This conclusion is based on the review procedures performed in accordance with this ISRE (UK), however future events or conditions may cause the entity to cease to continue as a going concern. In our evaluation of the Directors' conclusions, we considered the inherent risks associated with the group's business model including effects arising from macro-economic uncertainties such as such as the impact of the Russian invasion of Ukraine, rising inflation and geopolitical instability in the Middle East, we assessed and challenged the reasonableness of estimates made by the Directors and the related disclosures and analysed how those risks might affect the group's financial resources or ability to continue operations over the going concern period. Directors' responsibilities In preparing the half-yearly financial report, the Directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the review of the financial information Our conclusion, including our Conclusions relating to going concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. Use of our report Grant Thornton UK LLP
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