(Alliance News) - City of London Investment Group PLC on Monday reported a lower profit for the financial year to June 30, as net fee income fell and expenses rose.

The investor in London-listed equities said pretax profit in the financial year to June 30 fell 20% to GBP18.6 million from GBP23.2 million a year prior. Net fee income contracted by 6.2% to GBP54.6 million from GBP58.2 million.

Meanwhile, administrative costs increased 7.3% to GBP32.4 million from GBP30.2 million.

The company proposes a final unchanged dividend of 22 pence per share, bringing the total to 33p, down from 46.5p a year prior which had included a special dividend of 13.5p.

Noting high inflation, subdued equities and a hawkish Bank of England, the firm said looking ahead: "In the absence of geopolitical surprises, 2024 should offer equity investors more opportunities for capital appreciation."

Further, the company reiterated that Rian Dartnell will become chair next month.

City of London Investment Group shares rises 0.3% to 399.00 pence each on Monday afternoon in London.

By Tom Budszus, Alliance News reporter

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