Hardman & Co Reports Solid Performance for City of London Investment Group

City of London Investment Group (CLIG) has published its full-year results for 2024, indicating strong fund performance and steady financials. As detailed in the company's trading statement, Funds Under Management (FUM) reached $10.24 billion, showing a 9% increase year-over-year. Improved market performance helped offset net outflows, with notable gains seen in the second half of the year.

The underlying profit before tax saw a slight rise to $27.2 million, a 0.5% uptick compared to $27.0 million in 2023. However, a higher effective tax rate resulted in a 3% decline in underlying Earnings Per Share (EPS), from 43.4¢ to 42.2¢. The final dividend remained constant at 22p, summing up to 33p for the whole year.

Cash balances saw a notable increase, growing to $33.7 million from $25.9 million as of December 31, 2023. This financial stability bodes well for the company's future prospects.