City of London Investment Group PLC on Friday said it saw a slight uptick in profit over its half-year, as funds under management grew.
The specialist asset manager offering institutional and retail products investing in closed-end funds reported that funds under management rose 2.1% to $9.6 billion at the end of December from $9.4 billion at the end of June.
Net fee income over the six-month period grew 2.2% to $32.6 million from $31.9 million a year before, while pretax profit edged up to $11.1 million from $11.0 million.
However, underlying pretax profit for the six month period fell by 2.2% to $13.3 million from $13.6 million at December 2022 due to the adjustment of higher gains on investments of $600,000, compared to $200,000 of gains a year ago.
The firm also declared an unchanged interim dividend of 11 pence per share.
Shares in City of London Investment Group rose 4.4% to 358.00 pence each in London on Friday morning.
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