City Of London Investment falls on weak annual profit outlook

City Of London Investment Trust

25/07/2023 08:40

** Shares of City Of London Investment Group  CTY.L  down
8.3% at 392.4p, among top pct losers across London shares 
    ** The asset manager sees annual profit before amortisation
of intangibles and taxation to be about 23.4 mln pounds ($30.1
mln), down from 27.2 mln pounds year ago 
    ** Sees FY overheads of 22.5 mln pounds, up from 19.7 mln
pounds, on weaker sterling against dollar, higher employee
retention and retirement costs
    ** Funds under management (FuM) of $9.4 bln at June 30, up
from $9.2 bln from year ago 
    ** Up to last close, stock had fallen nearly 1% so far this
year
    
($1 = 0.7779 pounds)

 (Reporting by Prerna Bedi in Bengaluru)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))