REG - City of Lon Inv Grp - Half Year Results and Dividend Declaration
24/02/2026 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260224:nRSX0753Ua&default-theme=true
RNS Number : 0753U City of London Investment Group PLC 24 February 2026
24th February 2026
CITY OF LONDON INVESTMENT GROUP PLC
("City of London", "CLIG", "the Group" or "the Company")
HALF YEAR RESULTS TO 31ST DECEMBER 2025 AND DIVIDEND DECLARATION
City of London (LSE: CLIG) announces that it has today made available on its
website, https://www.clig.com/ (https://www.clig.com/) , the Half Year Report
and Financial Statements for the six months ended 31st December 2025.
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
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
FINANCIAL HIGHLIGHTS
· Funds under Management (FuM) of $11.2 billion at 31st December 2025. This
compares with $10.8 billion at the beginning of this financial year on 1st
July 2025 and $9.9 billion at 31st December 2024
· FuM at 18th February 2026 of $11.9 billion
· Net fee income $37.3 million (31st December 2024: $35.3 million)
· Underlying profit before tax* was $16.2 million (31st December 2024: $15.2
million). Profit before tax was $14.0 million (31st December 2024: $12.6
million)
· Maintained interim dividend of 11p per share (31st December 2024: 11p) payable
on 2nd April 2026 to shareholders on the register on 6th March 2026
*This is an Alternative Performance Measure (APM). Please refer to the
Financial 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/0753U_1-2026-2-23.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0753U_1-2026-2-23.pdf)
Dividend
The Board declares an interim dividend of 11 pence per share, which will be
paid on 2nd April 2026 to shareholders registered at the close of business on
6th March 2026 (2025: 11 pence).
Shareholders may choose to reinvest their dividends using the Company's
Dividend Reinvestment Plan, to do this please visit www.signalshares.com
(http://www.signalshares.com) or if you hold your shares through a broker
please contact them. The deadline to lodge your election is 13th March 2026.
The Board confirms the following interim dividend timetable:
· Ex-dividend date: 5 March 2026
· Dividend record date: 6 March 2026
· DRIP election date 13 March 2026
· Dividend payment date: 2 April 2026
For further information, please visit www.clig.co.uk or contact:
Cooper Abbott, CEO
City of London Investment Group PLC
Tel: 001-610-380-2110
Martin Green / Louisa Waddell
Zeus Capital Limited
Financial Adviser & Broker
Tel: +44 (0)20 3829 5000
CHAIR'S STATEMENT
Introduction
It has been a busy and productive period for CLIG. The six months ending 31st
December 2025 saw continued improvements for your Company: funds under
management grew, performance for our clients was strong, and your team
implemented new processes to improve productivity and generate savings. Our
efforts over the past year to instil greater empowerment of our teams, a
broader leadership structure and a sharper focus on efficiency are producing
tangible results. Client engagement is a key focus and there is much greater
outreach. As our team stepped forward to lead these initiatives, your Board
and Nomination Committee conducted an extensive search for our next CEO.
Welcome Cooper Abbott, CLIG's new CEO
As announced in January, we are delighted to welcome Cooper Abbott. Cooper has
an investor's mindset, a proven ability to develop high-quality investment
businesses, and a firm commitment to upholding CLIG's exacting fiduciary
standards. His depth of experience across asset classes, markets, and client
types aligns well with our long-term strategy. He brings sound judgment and a
keen focus on empowering teams to deliver outperformance for our clients.
We were fortunate to meet Cooper early in our search and have gotten to know
him over the past six months. Importantly, he has had the opportunity to study
CLIG and to visit our team across geographies to get to know us. I am happy to
report that early indications are positive - Cooper is digging in with
enthusiasm. Now to the important elements of strategic planning and building
on the strong foundation we have in place.
Cooper's first CEO statement on page 7 of the full interim report begins to
outline our priorities going forward.
Assets
Funds under management (FuM) averaged $11.2 billion in the period from 1st
July 2025 to 31st December 2025, approximately 13% higher than the same period
in 2024. Our investment teams delivered measurable alpha across multiple
strategies, which has offset the effect of outflows during the first half of
the financial year. FuM increased by 4% to $11.2 billion as of 31st December
2025 as compared to $10.8 billion as of 30th June 2025. FuM growth has
continued into 2026 with assets totalling $11.9 billion as of 18th February
2026.
Market overview
Equities built on gains from the first half of the year as the MSCI ACWI TR
Index delivered an 11.4% return for the six months ending 31st December 2025.
Bonds were broadly flat with the Bloomberg Global Aggregate Total Return Index
gaining just 0.8% during the period. Commodities provided divergent
performance with gold surging 30.7% while Brent oil lagged with a fall of
4.6%.
Your Board
Cooper Abbott joined the CLIG Board as an Executive Director with effect from
21st January 2026. Peter Roth continues as Senior Independent Director and
Chair of our Audit and Risk Committee, Sarah Ing is Chair of our Remuneration
Committee and Ben Stocks is Chair of the Nomination Committee. Ben had a
particularly active start to his tenure on the Board and ably guided us in our
CEO selection process - thank you, Ben! Our working relationship among the
Board members and with our employees remains constructive and enjoyable. Our
focus continues to be on ensuring a stable and supportive environment for our
teams and efficient management of the business for all stakeholders. The Board
took a particularly active role engaging with CLIM and KIM this year during
our CEO search. This gave us a deeper feel for the business and reminded us of
the high-quality team we have at CLIG. The Board had an extremely busy year,
and I want to thank my colleagues for their dedication.
Dividends
Your Board is declaring an unchanged interim dividend of 11p per share. We
continue to believe that the 1.2 times dividend cover policy based on a
rolling five-year period provides a prudent template that serves to protect
shareholders from volatility that can affect profits of asset management
companies. The Board applies this policy using Underlying Profits†. The
interim dividend will be paid on 2nd April 2026 to those shareholders
registered at the close of business on 6th March 2026.
Shareholder engagement
We were highly engaged with shareholders this year to provide clarity during
the transition period between CEOs as well as to project our message of staff
empowerment and heightening accountability. Our Investor Meet Company sessions
have been productive and well-attended. We plan to continue these. Lastly, we
improved the format and content of our Annual General Meeting last October and
were gratified with the attendance and engagement from our shareholders and
prospects. We are in the planning phase for a roadshow and an investor day to
introduce our new CEO to our stakeholders.
Outlook
We have witnessed heightened news flow and volatility throughout the past
year, coinciding with the new US Presidency. At the same time, inflation has
substantially subsided allowing for lower interest rates and a pick-up in
economic growth rates across many economies. With the US dollar exhibiting
weakness, investors have been rewarded for venturing out of the S&P 500
and the Magnificent Seven that had been stealing the show in recent years.
With International and Emerging Markets making up 57% of CLIG's FuM, this has
been very welcome. Our FuM stood at $11.9 billion as at 18th February 2026, an
all-time high for CLIG and a happy contrast with the $8.4 billion in FuM as of
our recent lows in October 2022. Excellent performance by our investment teams
continues supporting client outcomes and profits for your Company. We continue
to note a rising level of interest in the markets in which we invest.
Conclusion
2025 was a good year for our clients as our performance across strategies was
strong. It was also a year of significant transition as we welcome a talented
new CEO to lead CLIG and take us to the next level. Our focus now shifts to
pushing into the current: modernising how we work while also navigating new
rapids; looking for better ways to operate, exposing CLIG to other
best-in-breed players and extending our reach.
Thank you to our teams at CLIM and KIM for their steadfast support and for
stepping up over the period. Change is not easy, but you were patient and
remained highly focused on our core objective: performing for our clients.
Sincerely yours,
Rian Dartnell
Chair
23rd February 2026
†This is an Alternative Performance Measure (APM). Please refer to the
Financial review for more details on APMs
CHIEF EXECUTIVE OFFICER'S REVIEW
Dear shareholders & clients:
It is my pleasure to join City of London Investment Group, and I am honoured
to serve as your Chief Executive Officer and Board Member. I have long admired
CLIG's unique value proposition, with deep investment and allocation
expertise, and commitment to delivering outstanding client service.
Our two affiliates, City of London Investment Management (CLIM) and Karpus
Investment Management (KIM), have long records of helping sophisticated
investors achieve financial outcomes and of putting the needs of clients
foremost. This has provided a basis for partnership and long-term
relationships that have both compounded over time.
A firm becomes truly distinctive when its people and purpose are anchored in
guiding capital through changing cycles with a clarity of mission. CLIG
exemplifies this by maintaining a disciplined, shareholder‑aligned framework
that supports long‑term value creation rather than short‑term noise. That
stability allows our subsidiaries to operate with independence of thought and
unity of principle: clients come first, integrity governs decisions, and
judgment - not fashion - sets the strategic horizon.
My goal is to build on the combined heritage of CLIM and KIM, creating an
environment where talent can flourish in a flexible, entrepreneurial, and
transparent culture.
Deep investment capabilities offer distinct and successful approaches to
active management. These research-based levers include portfolio allocation,
security and fund selection, management of discount volatility, security level
engagement, and trading - active approaches that have delivered results across
a range of market environments and cycles. This important experience in
challenging and volatile markets, is likely to continue to be well rewarded.
Investment management performance
Performance of investment strategies at CLIM and KIM are noted below, along
with observations.
Figure 1. Long-term performance for CLIM strategies
Six months ended December 2025
1 Year 3 Year
Emerging Markets 19.2% 41.9% 18.9%
Benchmark 13.8% 29.8% 16.2%
Difference 5.4% 12.1% 2.7%
International Equity 11.9% 36.4% 18.9%
Benchmark 12.3% 32.4% 17.3%
Difference -0.4% 4.0% 1.6%
Opportunistic Value 5.0% 17.7% 14.8%
Benchmark 5.9% 15.3% 12.2%
Difference -0.9% 2.4% 2.6%
Listed Private Equity 20.1% 24.2% 22.2%
Benchmark 3.9% 8.0% 8.0%
Difference 16.2% 16.2% 14.2%
Global Equity 14.2% 29.6% 23.4%
Benchmark 11.2% 22.3% 20.6%
Difference 3.0% 7.3% 2.8%
The above returns are presented as net of fees performance figures. The CLIM
Global Emerging Markets Strategy is shown against the S&P Emerging
Frontier Super Composite BMI Net TR Index, the CLIM Global Developed CEF
International Equity Strategy is shown against the MSCI ACWI ex-US Net TR
Index, the CLIM Opportunistic Value Strategy is shown against the Blended
50/50 MSCI AWCI/Bloomberg Global Aggregate Bond Index, and the CLIM Listed
Private Equity Strategy is compared to an 8% annual hurdle rate. The CLIM
Global Developed CEF Global Equity Strategy is shown against the MSCI ACWI Net
TR Index. Data is as of 31st December 2025. Past performance is no guarantee
of future results.
CLIM's Emerging Markets strategy outperformed the benchmark by an impressive
540 basis points (bps) for the six-month period, and delivered 41.9% returns
for 2025.
· Performance was aided by strong country allocation, including
overexposure to Vietnam and underweighting the underperforming Indian market.
· The strategy also managed discount volatility and benefited from
corporate initiatives within the investment universe.
· Strong net asset value (NAV) performances over the period from
several of our largest portfolio holdings.
CLIM's International Equity and Opportunistic Value strategies posted modest
underperformance of 40 bps and 90 bps for the six-month period, and generated
solid annual results of 36.4% and 17.7% respectively.
· International Equity's market-cap exposure to UK and European
smaller companies detracted from returns, but benefitted from country
allocation decisions, and management of discount volatility.
· Opportunistic Value captured significant upside from discount
volatility, but this was offset by weakness in several alternative funds' NAV
performance and an underweight to equities relative to its benchmark.
CLIM's Listed Private Equity strategy performed strongly, with 1620 bps of
outperformance for the six-month period, and total returns of 24.2% for 2025.
· Performance was meaningfully boosted by a corporate action from a
key holding which resulted in a significant uplift.
· Investee funds continue to deliver from a NAV perspective and are
beginning to benefit from an increased level of realisations among the private
equity universe generally.
CLIM's Global Equity strategy continued to build on its track record since its
launch at the end of 2021. It outperformed its benchmark by 300 bps over the
six-month period and returned 29.6% in 2025.
· Discount volatility capture was the primary source of
outperformance aided by some additional returns from its positioning with a
modest underweight to the US market and overweights to the UK, Japan and
Emerging Markets.
Figure 2. Long-term performance for KIM strategies
Six months ended December 2025
1 Year 3 Year
Growth Balanced 8.0% 15.6% 14.5%
Benchmark 7.9% 16.1% 4.0%
Difference 0.1% -0.5% 0.5%
Conservative Balanced 6.3% 11.6% 10.9%
Benchmark 6.2% 13.0% 10.8%
Difference 0.1% -1.4% 0.1%
Tax-Sensitive Fixed Income 4.3% 5.9% 5.8%
Benchmark 4.6% 4.2% 3.9%
Difference -0.3% 1.7% 1.9%
Taxable Fixed Income 3.1% 6.9% 7.3%
Benchmark 2.9% 6.9% 4.6%
Difference 0.2% 0.0% 2.7%
Equities 10.1% 20.4% 18.9%
Benchmark 11.3% 22.4% 20.6%
Difference -1.2% -2.0% -1.7%
Cash Management 2.0% 5.2% 5.8%
Benchmark 2.3% 5.1% 4.5%
Difference -0.3% 0.1% 1.3%
The KIM Fixed Income Strategy is shown against the Bloomberg Government/Credit
Bond Index, the KIM Tax-Sensitive Fixed Income Strategy is shown against the
Bloomberg Municipal Bond Index, the KIM Growth Balanced Strategy is shown
against the Blended 40% Bloomberg Government/Credit Bond Index/39% Russell
3000 Index/21% MSCI ACWI ex USA Net TR Index. The KIM Conservative Balanced
Strategy is shown against the Blended 60% Bloomberg Government/Credit Bond
Index/26% Russell 3000 Index/14% MSCI ACWI ex USA Net TR Index. The KIM
Equities Strategy is shown against the Blended 65% Russell 3000 Index/35% MSCI
ACWI ex USA Net TR Index. The KIM Cash Management Strategy is shown against
the ICE BofA 1-3 Year US Treasury Index. Data is as of 31st December 2025.
Past performance is no guarantee of future results.
Fixed Income Commentary
· During the six-month period, the 10-year US Treasury yield
declined by 6 bps, while the yield on 10-year AAA municipal bonds fell by 48
bps.
· Within fixed income, key performance drivers included municipal
bond CEFs, which benefited from strong NAV appreciation and narrowing
discounts, as well as preferred securities and senior notes issued by CEFs and
business development companies (BDCs).
· Conversely, while performing in line with our expectations,
pre-acquisition SPACs detracted from performance due to their shorter duration
relative to the benchmark.
· Additional performance tailwinds came from significant tender
offers executed near NAV and liquidations of CEFs.
· While short-term results are important, KIM's long-term
performance remains standout and over the past five years, the Taxable Fixed
Income and Tax-Sensitive Fixed Income strategies have outperformed their
respective benchmarks by 4.9% and 2.8% annually.
Equity Commentary
· International equities returned 12.3% over the second half of
2025, outpacing US equities which returned 10.8%.
· Equity CEFs modestly underperformed primarily due to poor NAV
performance. A modest overweight to US stocks also detracted from performance
relative to the benchmark.
Funds under Management & flows
Figure 3. Current year movement in FuM by strategy ($m)
Jun-25 Inflows Outflows Net Flows Market & investment performance Dec-25
CLIM
Emerging Markets 3,674 64 (575) (511) 661 3,824
International Equity 2,486 31 (216) (185) 275 2,576
Opportunistic Value 309 5 (10) (5) 12 316
Listed Private Equity 218 - (38) (38) 41 221
Other* 150 - - - 47 197
CLIM total 6,837 100 (839) (739) 1,036 7,134
KIM
Growth Balanced 1,419 35 (106) (71) 100 1,448
Conservative Balanced 1,143 27 (47) (20) 76 1,199
Tax-Sensitive Fixed Income 528 35 (41) (6) 179 701
Taxable Fixed Income 707 42 (48) (6) (129) 572
Cash Management 101 7 (17) (10) 3 94
Equities 79 1 (2) (1) 10 88
KIM total 3,977 147 (261) (114) 239 4,102
CLIG total 10,814 247 (1,100) (853) 1,275 11,236
* Includes Frontier and alternatives
Funds under Management figures are rounded
Client rebalancing, asset allocation changes, and capital needs led to net
outflows of $853 million for the Group over the period, led by CLIM Emerging
Markets (EM), International Equity and KIM Growth Balanced strategies.
Most client outflows were driven by two primary factors:
· Portfolio rebalancing, where strong performance and asset
allocation reviews prompted shifts back to target weights.
· Strategic or structural changes, such as pension funds reaching
funded status and moving to liability matching strategies; consultant changes,
particularly for Outsourced Chief Investment Officer (OCIO) clients, which
often catalyse pre-determined manager changes; and withdrawals to meet funding
or cash flow needs for capital projects.
The majority of strategies are currently reporting higher FuM levels than at
the year end, reflecting the impact of favourable market conditions and
investment team performance. These results highlight the stability of the
portfolios during a period of mixed flow activity.
Investment teams have delivered measurable alpha across multiple strategies.
CLIM recorded $100 million in gross inflows, driven primarily by continued
demand for EM and International Equity strategies. KIM recorded $147 million
in gross inflows predominantly across the Taxable Fixed Income, Tax Sensitive
Fixed Income and Growth Balanced strategies.
Persistent volatility and strong longer-term outperformance of the Group's
strategies continue to shape our marketing efforts, supported by what appears
to be an increased level of interest in the asset class strategies we offer.
Figure 4. FuM by strategy
CLIM 30 Jun 2022 30 Jun 2023 30 Jun 2024 30 Jun 2025 31 Dec 2025
$m % of CLIM total % of CLIM total* $m % of CLIM total % of CLIG total $m % of CLIM total % of CLIG total $m % of CLIM total % of CLIG total $m % of CLIM total % of CLIG total
Emerging Markets 3,703 64% 40% 3,580 61% 38% 3,394 53% 33% 3,674 54% 34% 3,824 54% 34%
International Equity 1,812 32% 20% 1,983 34% 21% 2,394 38% 23% 2,486 36% 23% 2,576 36% 23%
Opportunistic Value 193 3% 2% 244 4% 3% 251 4% 3% 309 5% 3% 316 4% 3%
Listed Private Equity - 0% 0% - 0% 0% 174 3% 2% 218 3% 2% 221 3% 2%
Other* 83 1% 1% 97 1% 1% 104 2% 1% 150 2% 1% 197 3% 1%
CLIM total 5,791 100% 63% 5,904 100% 63% 6,317 100% 62% 6,837 100% 63% 7,134 100% 63%
KIM 30 Jun 2022 30 Jun 2023 30 Jun 2024 30 Jun 2025 31 Dec 2025
$m % of KIM total % of KIM total* $m % of KIM total % of CLIG total $m % of KIM total % of CLIG total $m % of KIM total % of CLIG total $m % of KIM total % of CLIG total
Growth Balanced 1,260 37% 14% 1,266 36% 13% 1,426 36% 14% 1,419 36% 13% 1,448 36% 13%
Conservative Balanced 1,080 32% 12% 1,085 31% 12% 1,103 28% 11% 1,143 29% 10% 1,199 29% 11%
Tax-Sensitive Fixed Income 389 11% 4% 405 11% 4% 693 18% 6% 528 13% 5% 701 17% 6%
Taxable Fixed Income 578 17% 6% 586 17% 6% 501 13% 5% 707 18% 7% 572 14% 5%
Cash Management 43 1% 0% 96 3% 1% 108 3% 1% 101 2% 1% 94 2% 1%
Equities 83 2% 1% 82 2% 1% 93 2% 1% 79 2% 1% 88 2% 1%
KIM total 3,433 100% 37% 3,520 100% 37% 3,924 100% 38% 3,977 100% 37% 4,102 100% 37%
CLIG total 9,224 100% 9,424 100% 10,241 100% 10,814 100% 11,236 100%
* Includes Frontier and alternatives
FuM figures are rounded
Share price KPI
CLIG targets a total return (share price plus dividends) to compound annually
in a range of 7.5% to 12.5% over a five-year period. For the five years ended
31st December 2025, the total return was 31.4%, or 5.6% annualised (source,
Bloomberg).
CLIG's total return since listing in April 2006 is an annualised return of
11.8%.
Figure 5. CLIG's total return since listing in April 2006 v/s UK Small Cap
indices (annualised)
Total return since 2006
CLIG LN 11.8%
SMX = FTSE Small Cap Index 7.3%
SMXX = FTSE Small Cap ex Inv Trusts 6.0%
ASX= FTSE ALL Share Index 6.6%
Source: Bloomberg
Sustainability / ESG
We secure renewable energy for our London, West Chester, PA and Rochester, NY
offices in an effort to minimise negative environmental impact. Business
travel increased during the period with growth in our marketing efforts as the
team met clients and prospects. The Group will continue to offset the carbon
emitted by business travel in the 2025/2026 financial year. Our Annual Report
& Accounts in 2026 will provide additional reporting on environmental
initiatives and data.
All employees regularly receive training to promote an inclusive work
environment. To reinforce vigilance in protecting our network infrastructure,
all employees receive monthly training on the critical issue of cybersecurity.
The Group is strongly committed to regular workforce engagement sessions to
develop a closer relationship between employees and the Non-Executive
Directors (NEDs). We had a series of meetings and Town Halls with employees
over the past six months to provide continuity and transparency.
Outlook
We can expect the second half of our financial year to present challenges and
volatility, creating opportunities for our active management strategies. I
know that our talented investment teams will work diligently to help achieve
results.
In a world where complexity grows but trust remains scarce, our firm's role is
simple but profound: serve with transparency, invest with prudence for
results, and earn confidence one relationship at a time.
I welcome the opportunity to serve you, the Board, and to work with the
talented group of professionals at the Group. Together, we will strive to
deliver great outcomes and meaningful value for our clients, shareholders, and
colleagues.
Cooper Abbott, CFA, CAIA
Chief Executive Officer
23rd February 2026
FINANCIAL REVIEW
Financial results
Net fee income rose by 6% in the first six months of FY2026 to $37.3 million
compared to the same period in FY2025 ($35.3 million) due to higher average
FuM of $11.2 billion over the current period compared to $10.3 billion in the
first six months of FY2025.
The Group's profit before tax increased c.11% for the six months ended 31st
December 2025 to $13.9 million as compared to $12.6 million for the six months
ended 31st December 2024. Underlying profit before tax† for the six months
ended 31st December 2025 was also higher by c.7% at $16.2 million as compared
to $15.2 million for the six months ended 31st December 2024.
EPS for the six months ended 31st December 2025 increased by c.14% to 21.6¢
(16.1p†) per share from 19.0¢ (14.7p†) per share for the six months ended
31st December 2024. Underlying EPS† for the six months ended 31st December
2025 increased by c.10% to 25.1¢ (19.5p) per share from 22.9¢ (17.8p) per
share for the six months ended 31st December 2024.
The Group's fee income and the bulk of expenses are incurred in US dollars;
however, c.33% of Group overheads are incurred in sterling that are subject to
USD/GBP currency rate fluctuations. On average, the dollar weakened by c.4%
against sterling to 1.339 for the six months ended 31st December 2025 from
1.287 for the six months ended 31st December 2024. The weaker dollar meant
that our sterling-denominated expenses cost more in US dollar terms.
Alternative Performance Measures
The Directors use the following Alternative Performance Measures (APMs) to
evaluate the performance of the Group as a whole:
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 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 is used to calculate underlying profit after
tax. This figure is then 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.
Six months ended Six months ended Year ended
31st Dec 2025 31st Dec 2024 30th Jun 2025
$'000 $'000 $'000
Profit before tax 13,968 12,592 25,989
Add back/(deduct):
Gain on investments (582) (234) (766)
Amortisation on acquired intangibles 2,799 2,799 5,599
Underlying profit before tax 16,185 15,157 30,822
Tax (3,353) (3,301) (6,307)
Tax effect on adjustments (527) (614) (1,154)
Underlying profit after tax 12,305 11,242 23,361
†This is an Alternative Performance Measure (APM).
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31ST DECEMBER 2025
Six months ended Six months ended Year ended
31st Dec 2025 31st Dec 2024 30th June 2025
(unaudited) (unaudited) (audited)
Note $'000 $'000 $'000
Revenue
Gross fee income 2 39,072 36,973 73,044
Commissions payable (1,034) (978) (1,978)
Custody fees payable (755) (699) (1,296)
Net fee income 37,283 35,296 69,770
Administrative expenses
Employee costs 16,605 15,408 30,423
Other administrative expenses 4,545 4,871 8,659
Depreciation and amortisation 3,266 3,275 6,560
(24,416) (23,554) (45,642)
Operating profit 12,867 11,742 24,128
Finance income 3 689 815 1,490
Finance expense 4 (170) (199) (395)
Gain on investments 5 582 234 766
Profit before taxation 13,968 12,592 25,989
Income tax expense (3,353) (3,301) (6,307)
Profit for the period 10,615 9,291 19,682
Profit attributable to:
Equity shareholders of the parent 10,615 9,291 19,682
Basic earnings per share (cents) 6 21.6 19.0 40.1
Diluted earnings per share (cents) 6 21.4 18.7 39.4
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31ST DECEMBER 2025
Six months ended Six months ended Year ended
31st Dec 2025 31st Dec 2024 30th June 2025
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Profit for the period 10,615 9,291 19,682
Other comprehensive income:
Items that may be subsequently reclassified to income statement
Foreign currency translation difference - - -
Total comprehensive income for the period 10,615 9,291 19,682
Attributable to:
Equity shareholders of the parent 10,615 9,291 19,682
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2025
31st Dec 2025 31st Dec 2024 30th June 2025
(unaudited) (unaudited) (audited)
Note $'000 $'000 $'000
Non‐current assets
Property and equipment 2 925 1,028 917
Right-of-use assets 2 4,089 4,747 4,418
Intangible assets 2,7 114,484 120,086 117,296
Other financial assets 12 7,043 5,949 6,506
Deferred tax asset 1,766 1,681 1,737
128,307 133,491 130,874
Current assets
Trade and other receivables 9,151 7,888 8,855
Current tax receivable 518 - 662
Cash and cash equivalents 32,846 30,198 35,492
42,515 38,086 45,009
Current liabilities
Trade and other payables (8,044) (7,239) (10,308)
Lease liabilities (568) (483) (585)
Current tax payable - (7) -
Creditors, amounts falling due within one year (8,612) (7,729) (10,893)
Net current assets 33,903 30,357 34,116
Total assets less current liabilities 162,210 163,848 164,990
Non‐current liabilities
Lease liabilities (4,409) (4,975) (4,705)
Deferred tax liability (7,187) (8,451) (7,821)
Net assets 150,614 150,422 152,464
Capital and reserves
Share capital 644 644 644
Share premium account 2,866 2,866 2,866
Merger relief reserve 128,984 128,984 128,984
Investment in own shares 8 (6,748) (7,165) (8,795)
Share option reserve 131 198 128
EIP share reserve 1,215 1,325 1,683
Foreign currency translation reserve (1,011) (1,011) (1,011)
Capital redemption reserve 33 33 33
Retained earnings 24,500 24,548 27,932
Attributable to:
Equity shareholders of the parent 150,614 150,422 152,464
Total equity 150,614 150,422 152,464
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31ST DECEMBER 2025
Foreign currency trans-lation Total
reserve Capital redem-ption attributable
Share premium account Merger relief reserve Investment Share option reserve EIP $'000 reserve to
Share capital $'000 $'000 in own $'000 share $'000 Retained share-
$'000 shares reserve earnings holders
$'000 $'000 $'000 $'000
At 30th June 2025 644 2,866 128,984 (8,795) 128 1,683 (1,011) 33 27,932 152,464
Profit for the period - - - - - - - - 10,615 10,615
Other comprehensive income - - - - - - - - - -
Total comprehensive income - - - - - - - - 10,615 10,615
Transactions with owners
Share-based payment - - - - 3 564 - - - 567
EIP vesting/forfeiture - - - 2,047 - (1,032) - - - 1,015
Dividends paid - - - - - - - - (14,047) (14,047)
Total transactions with owners
- - - 2,047 3 (468) - - (14,047) (12,465)
As at
31st December 2025 644 2,866 128,984 (6,748) 131 1,215 (1,011) 33 24,500 150,614
Foreign currency trans-lation Total
reserve Capital redem-ption attributable
Share premium account Merger relief reserve Investment Share option reserve EIP $'000 reserve to
Share capital $'000 $'000 in own $'000 share $'000 Retained share-
$'000 shares reserve earnings holders
$'000 $'000 $'000 $'000
At 1st July 2024 644 2,866 128,984 (9,227) 187 2,046 (1,011) 33 29,122 153,644
Profit for the period - - - - - - - - 9,291 9,291
Other comprehensive income - - - - - - - - - -
Total comprehensive income - - - - - - - - 9,291 9,291
Transactions with owners
Share option exercise - - - 81 3 - - - (3) 81
Purchase of own shares - - - (266) - - - - - (266)
Share-based payment - - - - 8 498 - - - 506
EIP vesting/forfeiture - - - 2,247 - (1,219) - - - 1,028
Deferred tax on share options - - - - - - - - 4 4
Dividends paid - - - - - - - - (13,866) (13,866)
Total transactions with owners
- - - 2,062 11 (721) - - (13,865) (12,513)
As at
31st December 2024 644 2,866 128,984 (7,165) 198 1,325 (1,011) 33 24,548 150,422
Foreign currency trans-lation Total
reserve Capital redem-ption attributable
Share premium account Merger relief reserve Investment Share option reserve EIP $'000 reserve to
Share capital $'000 $'000 in own $'000 share $'000 Retained share-
$'000 shares reserve earnings holders
$'000 $'000 $'000 $'000
At 1st July 2024 644 2,866 128,984 (9,227) 187 2,046 (1,011) 33 29,122 153,644
Profit for the period - - - - - - - - 19,682 19,682
Other comprehensive income - - - - - - - - - -
Total comprehensive income - - - - - - - - 19,682 19,682
Transactions with owners
Share option exercise - - - 278 (42) - - - 42 278
Purchase of own shares - - - (2,110) - - - - - (2,110)
Share-based payment - - - - (17) 888 - - - 871
EIP vesting/forfeiture - - - 2,264 - (1,251) - - - 1,013
Deferred tax on share options - - - - - - - - (4) (4)
Current tax on share options - - - - - - - - 8 8
Dividends paid - - - - - - - - (20,918) (20,918)
Total transactions with owners - - - 432 (59) (363) - - (20,872) (20,862)
As at 30th June 2025 644 2,866 128,984 (8,795) 128 1,683 (1,011) 33 27,932 152,464
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31ST DECEMBER 2025
Six months ended Six months ended
Year ended
31st Dec 2025 31st Dec 2024 30th June 2025
(unaudited) (unaudited) (audited)
Note $'000 $'000 $'000
Cash flow from operating activities
Profit before taxation 13,968 12,592 25,989
Adjustments for:
Depreciation of property and equipment 125 140 285
Depreciation of right-of-use assets 329 330 658
Amortisation of intangible assets 7 2,812 2,805 5,617
Share-based payment charge (3) 9 (17)
EIP-related charge 815 741 1,298
Gain on investments 5 (582) (234) (766)
Interest receivable 3 (689) (815) (1,490)
Interest payable 4 (11) 6 8
Interest payable on lease liabilities 4 181 193 387
Translation adjustments 328 533 73
Cash generated from operations before changes in working capital
17,273 16,300 32,042
(Increase)/decrease in trade and other receivables (892) (7) (1,010)
(Decrease)/increase in trade and other payables (836) (1,882) 807
Cash generated from operations 15,545 14,411 31,839
Interest received 3 689 815 1,490
Interest paid 4 11 (6) (8)
Interest paid on leased assets 4 (181) (193) (387)
Taxation paid (3,865) (3,694) (7,781)
Net cash generated from operating activities 12,199 11,333 25,153
Cash flow from investing activities
Purchase of property and equipment and intangibles (134) (79) (134)
Purchase of non-current financial assets (3,978) (1,096) (2,789)
Proceeds from sale of non-current financial assets 3,980 1,097 2,791
Net cash used in investing activities (132) (78) (132)
Cash flow from financing activities
Ordinary dividends paid 9 (14,047) (13,866) (20,918)
Purchase of own shares by employee benefit trust - (266) (2,110)
Proceeds from sale of own shares by employee benefit trust - 81 295
Payment of lease liabilities (291) (268) (539)
Net cash used in financing activities (14,338) (14,319) (23,272)
Net (decrease)/increase in cash and cash equivalents (2,271) (3,064) 1,749
Cash and cash equivalents at start of period 35,492 33,738 33,738
Effect of exchange rate changes (375) (476) 5
Cash and cash equivalents at end of period 32,846 30,198 35,492
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 2025 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 2025, 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 2025.
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
2025.
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
The Group has adopted all the new or amended accounting standards and
interpretations issued by the International Accounting Standards Board (IASB)
that are mandatory for the current reporting period. Any new or amended
accounting standards that are not mandatory have not been early adopted. None
of the standards not yet effective are expected to have a material impact on
the Group's financial statements.
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.
Europe (ex UK)
USA Canada UK $'000 Other Total
$'000 $'000 $'000 $'000 $'000
Six months to 31st Dec 2025
Gross fee income 37,728 866 - 478 - 39,072
Non-current assets:
Property and equipment 741 - 166 - 18 925
Right-of-use assets 3,470 - 585 - 34 4,089
Intangible assets 114,435 - 49 - - 114,484
Six months to 31st Dec 2024
Gross fee income 35,728 761 - 415 69 36,973
Non-current assets:
Property and equipment 830 - 181 - 17 1,028
Right-of-use assets 3,843 - 812 - 92 4,747
Intangible assets 120,034 - 52 - - 120,086
Year to 30th June 2025
Gross fee income 70,567 1,529 - 818 130 73,044
Non-current assets:
Property and equipment 759 - 147 - 11 917
Right-of-use assets 3,656 - 699 - 63 4,418
Intangible assets 117,234 - 62 - - 117,296
3 FINANCE INCOME
Six months ended Six months ended
31st Dec 2025 31st Dec 2024 Year ended
30th June 2025
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Interest on cash and cash equivalents 689 815 1,490
4 FINANCE EXPENSE
Six months ended Six months ended
31st Dec 2025 31st Dec 2024 Year ended
30th June 2025
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Interest payable on lease liabilities 181 193 387
Interest payable other (11) 6 8
170 199 395
5 GAIN ON INVESTMENTS
Six months ended Six months ended
31st Dec 2025 31st Dec 2024 Year ended
30th June 2025
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Unrealised gain on investments 390 174 614
Realised gain on investments 192 60 152
582 234 766
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 2025.
As set out in note 8 the Employee Benefit Trust held 1,306,367 ordinary shares
in the Company as at 31st December 2025. 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 2025.
Reported earnings per share
Six months ended Six months ended Year ended
31st Dec 2025 31st Dec 2024 30th June 2025
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Profit attributable to the equity shareholders of the parent for basic 10,615 9,291 19,682
earnings
Number of shares Number of shares Number of shares
Issued ordinary shares as at 1st July 50,679,095 50,679,095 50,679,095
Effect of own shares held by EBT (1,587,401) (1,653,585) (1,539,816)
Weighted average shares in issue 49,091,694 49,025,510 49,139,279
Effect of movements in share options and EIP awards 554,934 735,272 759,201
Diluted weighted average shares in issue 49,646,628 49,760,782 49,898,480
Basic earnings per share (cents) 21.6 19.0 40.1
Diluted earnings per share (cents) 21.4 18.7 39.4
Basic earnings per share (pence)^ 16.1 14.7 30.9
Diluted earnings per share (pence)^ 16.0 14.5 30.4
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
Six months ended Six months ended Year ended
31st Dec 2025 31st Dec 2024 30th June 2025
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Profit before tax 13,968 12,592 25,989
Add back/(deduct):
- Gain on investments (582) (234) (766)
- Amortisation on acquired intangibles 2,799 2,799 5,599
Underlying profit before tax 16,185 15,157 30,822
Tax expense as per the consolidated income statement (3,353) (3,301) (6,307)
Tax effect on fair value adjustment 145 58 190
Unwinding of deferred tax liability (672) (672) (1,344)
Underlying profit after tax for the calculation of underlying earnings per 12,305 11,242 23,361
share
Underlying earnings per share (cents) 25.1 22.9 47.5
Underlying diluted earnings per share (cents) 24.8 22.6 46.8
Underlying earnings per share (pence)^ 19.5 17.8 36.7
Underlying diluted earnings per share (pence)^ 19.3 17.6 36.1
^ Converted to sterling using the average exchange rate for the relevant
period.
* This is an Alternative Performance Measure (APM). Please refer to the
Financial review for more details on APMs.
7 INTANGIBLE ASSETS
31st December 2025 31st Dec 2024 30th Jun 2025
Goodwill Direct customer relationships Distribution channels Trade name Long term software Total Total Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Cost
At start of period 90,072 46,052 6,301 1,405 974 144,804 144,744 144,744
Additions - - - - - - 38 60
At close of period 90,072 46,052 6,301 1,405 974 144,804 144,782 144,804
Amortisation charge
At start of period - 21,875 4,276 445 912 27,508 21,891 21,891
Charge for the period - 2,302 450 47 13 2,812 2,805 5,617
At close of period - 24,177 4,726 492 925 30,320 24,696 27,508
Net book value 90,072 21,875 1,575 913 49 114,484 120,086 117,296
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 2025 in relation to direct customer relationships,
distribution channels and trade name, was $2,799k (year ended 30th June 2025:
$5,599k; six months ended 31st December 2024: $2,799k).
Impairment
Goodwill acquired through business combination is in relation to the merger
with KIM and relates to the acquired workforce and future expected growth of
the Cash Generating Unit (CGU).
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 2025 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 2025 the Trust held 622,881 ordinary 1p shares (30th June
2025: 895,505; 31st December 2024: 517,035), of which 163,500 ordinary 1p
shares (30th June 2025 - 163,500; 31st December 2024: 221,000) were subject to
options in issue.
The Trust also held in custody 683,486 ordinary 1p shares (30th June 2025:
854,550; 31st December 2024: 879,112) 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 2025: 1,306,367; 30th June 2025: 1,750,055;
31st December 2024: 1,396,147).
9 DIVIDENDS
A final dividend of 22p per share (2024: 22p) (gross amount payable £11,149k;
net amount paid £10,764k ($14,047k)*) in respect of the year ended 30th June
2025 was paid on 6th November 2025.
An interim dividend of 11p per share (2025: 11p) (gross amount payable
£5,575k; net amount payable £5,431k*) in respect of the year ending 30th
June 2026 will be paid on 2nd April 2026 to members registered at the close of
business on 6th March 2026.
* Difference between gross and net amounts is due to shares held at the EBT
that do not receive a 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 41 and 42 of the Annual Report and Accounts for the
year ended 30th June 2025), 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
Key management personnel are defined as Directors (both Executive and
Non-Executive) of City of London Investment Group PLC.
(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 FY2025 Annual Report and Accounts.
(b) There were no transactions with key management personnel in the current
six-month period. In the previous financial year, one of the Group's
subsidiaries managed funds for one of its key management personnel, for which
it received a fee. Those transactions between key management personnel and
their close family members and the Group's subsidiary were on terms that were
available to all employees of that Company. The amount received in fees during
the current period was nil (2024: $7k). There were no fees outstanding as at
the period end.
(c) During the previous financial year, a close family member of key
management personnel provided professional services to the Group. There were
no services provided in the current six-month period and the amount paid
during the current period for these services was nil (2024: $11k). The amount
outstanding at the period end was nil (2024: $0.4k).
(ii) Person with significant influence
One of the Group's subsidiaries manages funds for a person with significant
influence based on his shareholding in the Group. The amount received in fees
during the period was $48k (2024: $49k).
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 following table provides an analysis of financial instruments that are
measured subsequent to initial recognition at fair value, grouped into levels
1 to 3 based on the degree to which the fair value is observable.
- Level 1: fair value derived from quoted prices (unadjusted) in active markets
for identical assets and liabilities.
- Level 2: fair value derived from inputs other than quoted prices included
within level 1 that are observable for the assets or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices).
- Level 3: fair value derived from valuation techniques that include inputs for
the asset or liability that are not based on observable market data.
The fair values of the financial instruments are determined as follows:
- Investments for hedging purposes are valued using the quoted bid price and
shown under level 1.
- Investments in own funds are determined with reference to the net asset value
(NAV) of the fund. Where the NAV is a quoted price the fair value is shown
under level 1, where the NAV is not a quoted price the fair value is shown
under level 2.
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.
31st December 2025 Level 1 Level 2 Level 3 Total
$'000 $'000 $'000 $'000
Financial assets at fair value through profit or loss
Investment in other non-current financial assets 6,976 67 - 7,043
Total 6,976 67 - 7,043
31st December 2024 Level 1 Level 2 Level 3 Total
$'000 $'000 $'000 $'000
Financial assets at fair value through profit or loss
Investment in other non-current financial assets 5,897 52 - 5,949
Total 5,897 52 - 5,949
30th June 2025 Level 1 Level 2 Level 3 Total
$'000 $'000 $'000 $'000
Financial assets at fair value through profit or loss
Investment in other non-current financial assets 6,318 188 - 6,506
Total 6,318 188 - 6,506
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 2025
were approved by the Board on 23rd February 2026. 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:
- The condensed set of financial statements has been
prepared in accordance with IAS34 Interim Financial Reporting as adopted by
the UK; and
- The Half-Year Report includes a fair review of the
information required by:
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 2024/2025. A list of current Directors is
maintained at www.clig.co.uk.
By order of the Board
Cooper Abbott
Chief Executive Officer
23rd February 2026
INDEPENDENT REVIEW REPORT TO CITY OF LONDON INVESTMENT GROUP PLC
Conclusion
We have been engaged by City of London Investment Group plc (the 'company') to
review the condensed set of financial statements in the half-yearly financial
report for the six months ended 31st December 2025 which comprises the
Consolidated Income Statement, Consolidated Statement of Comprehensive income,
the Consolidated Balance sheet, Consolidated Cash Flow Statement and the
Consolidated Statement of Changes in Equity. We have read the other
information contained in the half-yearly financial report which compromises of
the Half Year Summary, Chair's statement, Chief Executive Officer's review and
notes to the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the
condensed set of financial statements.
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 31st December 2025 is not prepared,
in all material respects, in accordance with UK-adopted International
Accounting Standard (IAS) 34, 'Interim Financial Reporting' and the Disclosure
Guidance and Transparency Rules of the United Kingdom's Financial Conduct
Authority.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" issued by Financial Reporting Council
for use in the United Kingdom (ISRE (UK) 2410). A review of interim financial
information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK) and consequently does
not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
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
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis of conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
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 the effects of
ongoing macro-economic and geopolitical uncertainties. We assessed and
challenged the reasonableness of the estimates made by the directors and the
related disclosures, and analysed how these risks might affect the group's
financial resources, liquidity position and ability to continue operations
over the going concern period.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been
approved by, the directors. The Directors are responsible for preparing the
half-yearly financial report in accordance with UK-adopted International
Accounting Standard (IAS) 34, 'Interim Financial Reporting' and the Disclosure
Guidance and Transparency Rules of the United Kingdom's Financial Conduct
Authority.
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
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statements in the
half-yearly financial report.
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
This report is made solely to the company in accordance with ISRE (UK) 2410.
Our review work has been undertaken so that we might state to the company
those matters we are required to state to it in an independent review report
and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company, for our
review work, for this report, or for the conclusion we have formed.
Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
London
23rd February 2026
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR UOSBRNSUUUAR
Copyright 2019 Regulatory News Service, all rights reservedRecent news on City of London Investment
See all newsREG - City of Lon Inv Grp - PDMR Shareholding
AnnouncementREG - City of Lon Inv Grp - EBT Share Purchase
AnnouncementREG - City of Lon Inv Grp - PDMR Shareholding
AnnouncementREG - City of Lon Inv Grp - Grant of LTIP Award
AnnouncementREG - City of Lon Inv Grp - Half Year Results and Dividend Declaration
Announcement