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Pakistan's real growth forecast stays unchanged: State Bank

Business Recorder

29-04-2025

Business
Business Recorder

Pakistan's real growth forecast stays unchanged: State Bank

KARACHI: The State Bank of Pakistan (SBP) on Monday said Pakistan's macroeconomic outlook for FY25 has brightened considerably, supported by improving economic indicators, easing financial conditions and stronger external balances. With these developments, the real GDP growth forecast for FY25 remains unchanged at 2.5 to 3.5 percent. According to the 'State of Pakistan's Economy', Half Year Report FY25, released by SBP on Monday, the macroeconomic outlook depends on the evolving global economic and political environment, with three key risks: rising protectionist trade policies affecting exports, remittances, and commodity prices; spillovers from geopolitical conflicts; and a resurgence of global inflation due to tariffs and supply-chain constraints, tightening financial conditions for emerging economies. However, the SBP said that, risks to the growth outlook remain skewed to the downside. While lower international oil prices can provide an upside, additional fiscal consolidation and less than expected wheat harvest may weigh down on growth. SBP likely to cut key policy rate by 50bps to 11.5%, brokerage house says 'The macroeconomic outcomes and developments have significantly improved the overall outlook for FY25 compared to the beginning of the year. While growth slowed in H1-FY25 compared to the same period last year, the latest data on high-frequency indicators suggest that momentum in economic activity is gaining traction', the report said. With stronger-than-expected growth in workers' remittances, declining commodity prices, and sustained export momentum, SBP projected the current account balance range between -0.5 to 0.5 percent of GDP for FY25 that. This is anticipated to provide a buffer against reduced financial inflows and bolster external reserves. Considering the improvement in fiscal accounts in H1-FY25 was majorly enabled by hefty SBP profit transfer and contained subsidy disbursements, the projection for fiscal deficit remains unchanged in the range of 5.5-6.5 percent for FY25. Moreover, any further shortfall in tax revenue remains a major upside risk. The fiscal consolidation, tight monetary policy stance, ample stock of key food staples, and benign trends in global commodity prices are expected to keep overall inflationary pressures subdued for the remainder of FY25, the report mentioned. According to SBP with steep disinflationary trend and recent movements in food and energy prices in domestic as well as in international markets, the projection of average inflation for FY25 has been considerably revised downward to 5.5-7.5 percent, from the earlier projection of 11.5-13.5 percent. These projections incorporate the expected increase in inflation in the last few months of FY25 due to fading high base effect, it added. Similarly, sales of automobiles, cement, and POL products have picked up in recent months, and exports of high value-added textiles is maintaining a rising trend. The ease in financial conditions and lower global energy prices are other favorable factors expected to gradually support industrial and services sectors. The agriculture sector, however, continues to show subdued growth with the latest estimates indicating lower wheat production. However, given that import volumes are rising in line with activity in some large industries, any shock to global commodity prices could pose an upside risk. While inflation is expected to stabilize around the lower bound of the revised projection range in FY25, the report highlighted several risks to medium-term outlook. These include global trade disruptions and related commodity price volatility in light of the reciprocal tariffs, the timing and magnitude of adjustments in administered energy prices, new revenue measures, and pressures on local currency due to movements in international currencies and weak financial inflows, the report said. The report said that the macroeconomic outlook is contingent on how the global economic and political environment shapes up. In this context, there are three prominent risks. First, the recent shift towards a more protectionist trade policies has already begun to take effect. These tariffs are impacting geopolitical contenders and key trading partners. Rising tariffs could disrupt trade and economic activity, having implications for EMDEs' exports and remittances, and international commodity prices. Second, the possible spillovers of ongoing geopolitical conflicts to global economy, in general and commodity prices, in particular. Third is concerning the resurgence of inflation globally due to tariffs and potential supply-chain constraints, and their implications for global financial conditions, which may adversely impact emerging economies. Copyright Business Recorder, 2025

Real growth forecast stays unchanged: SBP

Business Recorder

28-04-2025

Business
Business Recorder

Real growth forecast stays unchanged: SBP

CITY OF LONDON INVESTMENT GROUP PLC HALF YEAR RESULTS TO 31ST DECEMBER 2024 AND DIVIDEND DECLARATION

Yahoo

25-02-2025

Business
Yahoo

CITY OF LONDON INVESTMENT GROUP PLC HALF YEAR RESULTS TO 31ST DECEMBER 2024 AND DIVIDEND DECLARATION

LONDON, Feb. 25, 2025 /PRNewswire/ -- City of London (LSE: CLIG) announces that it has today made available on its website, the Half Year Report and Financial Statements for the six months ended 31st December 2024. 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 HALF YEAR SUMMARY Funds under Management (FuM) of $9.9 billion at 31st December 2024. This compares with $10.2 billion at the beginning of this financial year on 1st July 2024 and $9.6 billion at 31st December 2023 FuM at 31st January 2025 of $10.1 billion Net fee income representing the Group's management fees on FuM was $35.3 million (31st December 2023: $32.2 million) Underlying profit before tax* was $15.2 million (31st December 2023: $13.3 million). Profit before tax was $12.6 million (31st December 2023: $11.1 million) Maintained interim dividend of 11p per share (31st December 2023: 11p) payable on 3rd April 2025 to shareholders on the register on 7th March 2025 *This is an Alternative Performance Measure (APM). Please refer to the CEO review for more details on APMs. For access to the full interim report, please follow the link below: This release includes forward-looking statements, which may differ from actual results. Any forward-looking statements are based on certain factors and assumptions, which may prove incorrect, and are subject to risks, uncertainties and assumptions relating to future events, the Group's operations, results of operations, growth strategy and liquidity. Dividend The Board declares an interim dividend of 11 pence per share, which will be paid on 3rd April 2025 to shareholders registered at the close of business on 7th March 2025 (2024: 11 pence). Shareholders may choose to reinvest their dividends using the Company's Dividend Reinvestment Plan, to do this please visit or if you hold your shares through a broker please contact them. The deadline to lodge your election is 14th March 2025. The Board confirms the following interim dividend timetable: • ex-dividend date: 6 March 2025 • dividend record date: 7 March 2025 • DRIP election date 14 March 2025 • dividend payment date: 3 April 2025 Dividend cover template Please see dividend cover template attached here. The dividend cover template shows the quarterly estimated cost of dividend against actual post-tax profits for last year, the current six months and the assumed post-tax profit for the remainder of the current year and the next financial year based upon specified assumptions. CHAIR'S STATEMENT IntroductionCLIG is an investment-led organisation, focused on providing our teams with the resources they need to continue to provide strong long-term performance for our clients. Our investment teams produced good absolute and relative performance across most strategies in the period from 1st July 2024 to 31st December 2024 and for the full calendar year 2024, augmenting our long-term track records. Our business development team was active in increasing outreach to clients and prospects and launched an effort to enhance communications. Group management continue to look for ways to run the business more efficiently and are on track for reducing annualised costs. AssetsFunds under management (FuM) averaged $10.3 billion in the period from 1st July 2024 to 31st December 2024, approximately 12% higher than the same period in 2023. This higher FuM level during the period improved cashflows and allowed CLIG to accumulate reserves and increase our dividend cover. Investment performance was good across almost all strategies, but net flows from 1st July 2024 through 31st December 2024 were negative. FuM were $9.9 billion at 31st December 2024, a decrease of c.3% as compared to $10.2 billion at 30th June 2024. We were happy with asset growth progression over the past year, but witnessed several outflows as we approached year end. These coincided with talk of tariffs and trade wars as the prospect of a second Trump presidency was absorbed by markets. In the short term, this underpinned the US and sparked a sell-off in international and emerging markets. Contrast these fourth quarter performances: S&P 500 +2.4%, NASDAQ Composite +6.4%, MSCI World -0.27%, MSCI Emerging Markets -8.0% (source: Bloomberg). For added perspective, consider the Group's FuM growth over the past five and ten years from $3.9 billion as at 30th June 2014 to $5.4 billion at 30th June 2019 and $10.2 billion as at 30th June 2024. We are pleased with this healthy growth in assets. While this upward stair step pattern appears very orderly in hindsight, FuM volatility was a constant feature throughout the period – such is the nature of markets. It is important to note that not only have FuM grown at CLIG, but the composition of funds managed has also changed meaningfully. Four factors have largely driven this change. First, the merger with Karpus Investment Management (KIM) in 2020 means that about 40% of Group assets are now being managed by KIM (out of that 65.5% in fixed income products and 34.5% in equities). Second, assets managed by our excellent International team have grown to 21% of Group FuM. Third, Emerging Markets, which have been out of favour for a protracted period, decreased to 35% from c.90% back in 2014. Lastly, our diversification assets, made up of a variety of strategies including Opportunistic Value (OV), Listed Private Equity (LPE), High Yield and Global are taking root and have grown to nearly 5% of Group FuM. For many years, your team at CLIG has worked diligently to manage the migration from a sole focus in EM to now having about two thirds of FuM outside EM. This dynamic transformation, organic and inorganic, improves the risk profile of the Group and opens up new avenues for growth and further diversification. PerformanceSeveral of our shareholders have asked for more information on performance, so I am taking this opportunity to go into some detail. Our OV team at CLIM delivered strong absolute returns and outperformed their indices by between 6% and 16%. Exceptional KIM performance deserves to be highlighted as well, particularly the team's Taxable Fixed Income and Tax-Sensitive strategies, comprising c.26% of Group FuM. These products outperformed their indices by 6.2% and 7.7% in 2024, a staggering feat in fixed income. The vast majority of our CLIM and KIM-managed International mandates nicely outperformed their various indices by between 1% and 3%. Similarly, most of our EM mandates outperformed their indices in a range of 0.2% and 1.7%. And our LPE strategies performed strongly, with the composite delivering 20.9% on an absolute basis net of fees, outperforming their hurdle rate by 12.9% points. ESGHistorically, we have secured renewable energy for our London and Rochester NY offices. It is heartening to know that this past year, the energy consumed by CLIM's West Chester, Pennsylvania office came from renewable sources. This improvement began in February 2024 and is ongoing. You will find more detail in the CEO Review. Business travel increased during the period with growth in our marketing efforts as the team met clients and prospects. To offset the impact of increased business travel, the Group will continue with its carbon offset programme. All employees regularly receive a training programme directed towards diversity, equity and inclusion. To reinforce awareness of their role in protecting our network infrastructure, all employees receive monthly training on the critical issue of cybersecurity. Alongside adherence to CLIG's governance obligations at Board level, the Group is strongly committed to regular workforce engagement sessions to develop a closer relationship between employees and the Non-Executive Directors (NEDs). We encourage good relations between the NEDs and employees. Your BoardTom Griffith (CEO), Peter Roth (Senior Independent Director and Chairman of Audit and Risk Committee), Sarah Ing (Chair of Remuneration Committee) and I are the members of your Board of Directors. Our working relationship remains constructive and our focus continues to be on ensuring a stable and supportive environment for our teams and efficient management of the business for all stakeholders. We are in the late stages of recruiting another NED and look forward to providing you a timely update as we have it. DividendsYour 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 3rd April 2025 to those shareholders registered at the close of business on 7th March 2025. Shareholder engagementDuring 2024, our executive team took a number of constructive steps to facilitate engagement with our existing and potential shareholders. Most recently in November 2024, our CEO, CFO and Head of Business Development hosted an effective meeting for hundreds of existing and prospective shareholders in CLIG. The session was on the Investor Meet Company platform and can be viewed by going to the Resources/Video Content section on our website Please take the time to watch as the team successfully conveys a number of important elements about CLIG. Outlook2024 was CLIG's 33rd year in operation and its 18th year as a public company. We merged with KIM in October 2020, it having started in 1986. 2024 therefore marked its 38th year. Over this long span, the Group encountered all manner of markets, learning and adapting along the way. Predicting markets is like predicting the weather, but what we can look at and extrapolate from with some confidence is closed-end fund (CEF) discounts and these continue to be quite wide, providing attractive entry points. Please refer to Figure 4 on page 9 of the interim report within the CEO Review for a graph detailing investment trust discount levels since 1990. Many markets outside the US have been under a cloud while the US has attracted huge interest and capital flows. It is not surprising, therefore, that we are hearing about attractive valuations and opportunities from our international and EM teams. In addition, our investment teams at CLIM and KIM continue to successfully engage in corporate governance initiatives, working with CEF Boards to narrow discounts. Our teams are active, highly focused and we remain constructive on the outlook for performance at CLIG. ConclusionCLIG continues to strive for excellence for all its stakeholders while exercising care and patience in managing the business. Management and your Board continue to look for ways to improve processes and efficiency at your Company. Investment performance for the rolling six months and the calendar year was strong in the large majority of the Group's investment strategies. It is our performance record that will assist with client retention and in converting prospects into long-term supporters. I would like to thank our teams for their continued fine work and all our stakeholders for their support. Thank you for your interest in City of London Investment Group. Sincerely yours,Rian Dartnell Chair 24th February 2025†This is an Alternative Performance Measure (APM). Please refer to CEO review for more details on APMs. CHIEF EXECUTIVE OFFICER'S REVIEW Monetary easingIn September 2024, the US Federal Reserve began to lower US interest rates by a larger than expected 50 basis points, followed in both November and December by 25 basis point cuts, reducing the Federal Funds rate to 4.25%-4.50% by year end. The theme of monetary easing is one that global capital markets have embraced, after eleven US rate hikes since March 2022, while the US dollar continues to trade strongly against most global currencies. The Trump administration has threatened tariffs and other protectionist trade measures. Trading partners are eyeing the trade measures nervously, while international and emerging markets are hoping for a weaker US dollar which should increase demand for commodities, including oil, and boost foreign financial asset returns when converted to US dollars. After more than a decade of US exceptionalism in bond and equity markets, there might be a valuation opportunity for international and emerging markets to attract capital from US investors. While threats of a full-blown trade war are being raised, the most likely scenario is for significant negotiation to take place among global trading partners and for "managed trade" to become the norm. If progress can also be made on ending the wars in Ukraine and the Middle East, expect financial markets to trade higher in 2025. The mid-January ceasefire in the Middle East can be viewed as a tentative start in terms of reducing tensions in the region. FuM & flowsAs shareholders will have seen from our interim trading update (announced on 20th January 2025) and the monthly release of data on our website Funds under Management (FuM) have decreased over the six months to the end of the calendar year (see Figure 1 below) due to net outflows, as shown in Figure 2 below. The marketing team is focused on raising assets based on the good long-term performance of the Group's investment management subsidiaries. Ten-year quartile charts of strategies managed by both operating subsidiaries are reflected in Figure 3 on page 8 of the interim report. Client interest for our Listed Private Equity (LPE) strategy, managed by City of London Investment Management (CLIM) where an investment trust structure provides liquid access to private equity exposure with the transparency of regularly published net asset values, remains strong. We will split out the LPE strategy in our Q3 Trading Update and the FY 2025 Annual Report & Accounts, as LPE is a further avenue for diversification for the Group. Additionally, within CLIM, we had positive inflows in our Opportunistic Value strategy, as institutional clients are looking for specific tradeable opportunities that the team provides. Net outflows were seen in our two flagship strategies, Emerging Markets (EM) and International Equity (INTL), which is not surprising considering the increasing demand for US assets based on the outperformance of the US equity market and the strong dollar. At CLIM, the focus continues to be on ensuring that current clients are looked after from a performance perspective, so that when the overall environment turns towards non-US equity assets, our strategies retain their compelling long-term performance metrics. As shown in Figure 3 on page 8 of the interim report, the Karpus Investment Management (KIM) team continues to outperform their peers over the ten-year period. KIM's overall FuM increased over the six months due to outperformance of the underlying asset classes although net flows were negative as shown in Figure 2 below. Over the six months, we have continued to bolster the marketing and relationship management teams at KIM, in order to find new avenues for growth and clients. Currently, for US retail investors, interest rates in fixed rate bank deposits or money market vehicles offered by financial institutions remain higher than in recent memory and are in competition to an active fixed income manager. KIM's outflows during the six months fall into one of three primary categories: 1) the retail client base who are required to withdraw retirement assets by calendar year end due to US regulations, 2) high-net-worth clients with considerable wealth who withdrew assets to deploy capital for life events and/or business opportunities, and 3) institutional pension plan clients that were impacted by regulation changes which drove the outflows. Figure 1. CLIG – FuM by line of business ($m) CLIM 30 Jun 2021 30 Jun 2022 30 Jun 2023 30 Jun 2024 31 Dec 2024 $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 totalEmerging Markets 5,393 72 % 47 % 3,703 64 % 40 % 3,580 61 % 38 % 3,568 56 % 35 % 3,471 58 % 35 %International 1,880 25 % 17 % 1,812 32 % 20 % 1,983 34 % 21 % 2,394 38 % 23 % 2,091 35 % 21 %Opportunistic Value 231 3 % 2 % 193 3 % 2 % 244 4 % 3 % 251 4 % 3 % 286 5 % 3 %Frontier 13 0 % 0 % 9 0 % 0 % 9 0 % 0 % 10 0 % 0 % 11 0 % 0 %Other/REIT 13 0 % 0 % 74 1 % 1 % 88 1 % 1 % 94 2 % 1 % 140 2 % 1 %CLIM total 7,530 100 % 66 % 5,791 100 % 63 % 5,904 100 % 63 % 6,317 100 % 62 % 5,999 100 % 60 % KIM 30 Jun 2021 30 Jun 2022 30 Jun 2023 30 Jun 2024 31 Dec 2024 $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 $m % of KIM total % of CLIG totalRetail 2,804 72 % 24 % 2,419 70 % 26 % 2,441 69 % 26 % 2,655 68 % 26 % 2,760 70 % 28 %Institutional 1,115 28 % 10 % 1,014 30 % 11 % 1,079 31 % 11 % 1,269 32 % 12 % 1,187 33 % 12 %KIM total 3,919 100 % 34 % 3,433 100 % 37 % 3,520 100 % 37 % 3,924 100 % 38 % 3,947 100 % 40 % CLIG total 11,449100 % 9,224100 % 9,424100 % 10,241100 % 9,946100 % Figure 2. Net investment flows ($'000)CLIM FYE Jun 2021 FYE Jun 2022 FYE Jun 2023 FYE Jun 2024 HYE Dec 2024 Emerging Markets (275,493) (315,770) (205,924) (424,101) (157,416) International (14,145) 452,554 (50,824) 153,371 (332,208) Opportunistic Value (102,663) 617 34942 (33,237) 23,300 Frontier (168,843) (4,748) - - - Other/REIT - 79,133 (5,709) (12,290) 40,000 CLIM total (561,144) 211,786 (227,515) (316,257) (426,324) KIM FYE Jun 2021* FYE Jun 2022 FYE Jun 2023 FYE Jun 2024 HYE Dec 2024 Retail (104,222) (106,444) (141,952) (39,587) (19,193) Institutional (130,911) (3,302) 12,530 35,749 (118,257) KIM total (235,133) (109,746) (129,422) (3,838) (137,450) CLIG total (796,277) 102,040 (356,937) (320,095) (563,774) * Includes net investment flows for Retail (24,407) and Institutional (20,264) pertaining to period before 1st October (pre-merger). Value in closed-end fundsOur two operating subsidiaries continue to see value and opportunities in their various closed-end funds (CEFs) investment universes. Discounts in US-listed CEFs that invest in non-US equities remain wide due to the ongoing outperformance of assets offering US exposure, despite a strong year of relative and absolute performance. Discounts in UK-listed investment trusts also remain wide as the expansion of passive options in the UK marketplace provide competition to the c.150-year-old investment trust industry. Figure 4 on page 9 of the interim report provides a long-term view of the investment trust discount with the universe of investment trusts excluding 3i (blue line) remaining historically wide. There are two positive outcomes we have seen over the past year: 1) an increase in corporate governance activity driven by CLIM and KIM as well as other investors, and 2) an increase in non-traditional offerings via investment trusts. The Association of Investment Companies (AIC) released findings that 25 years ago (1999), 88% of investment trusts were invested in equities. In 2024, that figure has fallen to 55%, as investment trusts are now deploying their capital in under-invested avenues, such as private credit, infrastructure, and property. These asset classes that need a longer-term time horizon are tailor-made for the investment trust structure, where the manager does not have to be concerned with managing daily cash flows or raising money for redemptions. Financial resultsNet fee income rose by 10% in the first six months of FY2025 to $35.3 million compared to the same period in FY2024 ($32.2 million) due to higher average FuM of $10.3 billion over the current period compared to $9.2 billion in the first six months of FY2024. The Group's profit before tax increased c.14% for the six months ended 31st December 2024 to $12.6 million as compared to $11.1 million for the six months ended 31st December 2023. Underlying profit before tax† for the six months ended 31st December 2024 was also higher by c.14% at $15.2 million as compared to $13.3 million for the six months ended 31st December 2023. EPS for the six months ended 31st December 2024 increased by c.12% to 19.0¢ (14.7p†) per share from 16.9¢ (13.4p†) per share for the six months ended 31st December 2023. Underlying EPS† for the six months ended 31st December 2024 increased by c.12% to 22.9¢ (17.8p) per share from 20.4¢ (16.2p) per share for the six months ended 31st December 2023. The Group's fee income and the bulk of expenses are incurred in US dollars; however, c.32% of Group overheads are incurred in sterling that are subject to USD/GBP currency rate fluctuations. On average, US dollars weakened by c.2% against sterling to 1.287 for the six months ended 31st December 2024 from 1.256 for the six months ended 31st December 2023. The weaker US dollar meant that our sterling-denominated expenses cost more in dollar terms. We continue to review expenses across the Group. Total administrative expenses for the six months ended 31st December 2024 were c.6% higher at $23.6 million as compared to $22.2 million for the six months ended 31st December 2023. The increase primarily relates to higher legal & professional fees, additional marketing resources, an increase in travel costs to meet clients and prospects, and the impact of US dollar weakening over costs denominated in sterling. From a cost reduction perspective, we are on track to reduce our costs by c.$3 million on an annualised basis. Dividend cover chartWe have provided an illustrative framework on our website at to enable interested parties to calculate our post-tax profits based upon some key assumptions. The dividend cover chart shows the quarterly estimated cost of a maintained dividend against actual post-tax profits for last year, the current year and the assumed post-tax profit for next financial year based upon assumptions included in the chart. Alternative Performance MeasuresThe 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 interim 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, are 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 months ended 31st Dec 2024 Six months ended 31st Dec 2023 Year ended 30th Jun 2024 $'000 $'000 $'000 Profit before tax 12,592 11,069 22,621 Add back/(deduct):Gain on investments (234) (560) (1,051) Amortisation on acquired intangibles 2,799 2,799 5,599 Underlying profit before tax 15,157 13,308 27,169 CLIG KPIWe retain the share price KPI to show the total return of CLIG over a market cycle. The goal of this KPI is for the total return (share price plus dividends) to compound annually in a range of 7.5% to 12.5% over a five-year period. As seen in Figure 5 on page 11 of the interim report, for the five years ended 31st December 2024, CLIG's cumulative total return was 35.1%, or 6.2% annualised. For the full 2024 calendar year, CLIG's cumulative total return, inclusive of dividends, was 36.6% in the currency of listing (sterling). The share price, excluding dividends, ended the calendar year at 395 pence, which was an increase of 24.6% from the starting price of 317 pence. Since listing in April 2006 through 31st December 2024, CLIG's cumulative total return was 765%, or 12.2% annualised. Please note that all figures are sourced from Bloomberg. Corporate Governance and stakeholdersIn last year's interim statement, we reiterated comments from our previous Chair, Barry Aling, that "CLIG is committed to meeting the standards of our UK listing although it has created a meaningful burden in terms of human and financial resources." CLIG remains committed to the UK market and our UK listing, but we would be remiss if we did not again reiterate the reality of the situation around UK public markets. Bluntly stated, the regulatory burden of remaining listed in London is real. We are monitoring the other UK companies that are announcing plans to move their primary listing to non-UK exchanges, and we continue to monitor the lack of growth in new listings in London. We have made changes from a corporate perspective over the past two years to be more transparent of our unique situation. Last year, we converted our reporting currency to US dollars, reflecting that c.99% of our revenues were in dollars, and on 2nd December 2024, we announced that CLIG is qualified to trade on the OTCQX ® Best Market under the symbol "CLIUF". Our goal is to enhance our visibility and improve access for our US investors, which include four of our nine largest shareholders (excluding current employees). Additionally, we have increased our efforts to communicate directly with our UK-based individual shareholders via Investor Meet, to ensure that they have opportunities to receive updates on the CLIG story directly from management. Regarding Board composition, we announced alongside our FY2024 annual results that Tazim Essani would not seek re-election at the October AGM. We appreciated Tazim's advice, counsel, and oversight during her tenure as a CLIG Director. The Nomination Committee will provide an update to all shareholders on the future composition of the Board when appropriate. Environmental reporting updateEmployees and management of the Group are committed to protecting the environment in which we operate. We provide investment management services to our clients which have a relatively modest direct environmental impact. As noted within our FY2024 Annual Report and Accounts, we plan to reduce emissions where we can, and we implemented a program to offset emissions where we cannot reduce. Below are descriptions of actions taken at the Group level to 1) reduce carbon emissions and 2) offset carbon emissions. In terms of reducing carbon emissions, the electricity supplied to our three largest offices in London (UK), Rochester (US) and West Chester (US) is either powered primarily by renewable sources or is supplied via contracts backed by renewable energy sources. In terms of offsetting carbon emissions, we provided a review of our carbon offset programme within our Task Force on Climate-Related Financial Disclosures (TCFD) section (pages 37-45) in the FY2024 Annual Report & Accounts. We will continue to use the TCFD section in our Annual Reports & Accounts to provide detail on our environmental initiatives. Unlike FY2024, where we completed two rounds of carbon offsets, in FY2025, we are going to complete one purchase at the end of the financial year, to simplify reporting. Cybersecurity updateEmployee education on cybersecurity risks, combined with a project to reduce the complexity of our IT infrastructure, remained our priorities during the prior six months. From an employee education perspective, our colleagues continue to receive monthly training on a rotating list of cybersecurity topics and risks. Additionally, we have worked with our external education vendor to fine-tune and improve the impact of our internal email phishing tests that are sent to employees monthly. From an IT infrastructure perspective, our IT department continued making progress on their goal to reduce network complexity by removing unnecessary servers and streamlining internal processes. CLIG outlookAs an active investment manager, our priority of delivering investment outperformance against a relevant benchmark for our clients is paramount. Throughout the calendar year 2024, our investment teams delivered outperformance for our clients, which sets the stage for our marketing and client servicing efforts in calendar year 2025. CEF discounts remain wide, which allow for existing and potential clients to understand and evaluate the value in the investment universe. Additionally, the potential for corporate governance activity provides a compelling opportunity. CLIG continues to position our investment teams in a manner to take advantage of client demand in various asset classes, including listed private equity investment trusts in the UK, listed international CEFs, and municipal CEFs in the US. We have been patiently waiting for the US-centric investment focus to wane, which may be driven by further monetary easing and/or the shift that may come from the second Trump administration. Success rarely happens/occurs in a straight line, particularly in the volatile asset management business. While client flows during the previous quarter did not meet our expectations, management and our colleagues are committed to growth in FuM through the continued performance of our underlying strategies. As a Group, we will continue to go further together, working on behalf our clients, colleagues, and shareholders. Tom Griffith Chief Executive Officer 24th February 2025 CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 31ST DECEMBER 2024 Six months ended Six months ended Year ended 31st Dec 2024 31st Dec 2023 (restated) 30th June 2024 (unaudited) (unaudited) (audited)Note $'000 $'000 $'000 Revenue Gross fee income 2 36,973 33,788 69,453 Commissions payable(978) (876) (1,811) Custody fees payable(699) (725) (1,475) Net fee income35,296 32,187 66,167 Administrative expenses Employee costs 15,408 14,991 30,925 Other administrative expenses4,871 3,898 8,177 Depreciation and amortisation3,275 3,284 6,574 (23,554) (22,173) (45,676) Operating profit11,742 10,014 20,491 Finance income 3 815 697 1,460 Finance expense 4 (199) (202) (381) Gain on investments 5 234 560 1,051 Profit before taxation12,592 11,069 22,621 Income tax expense(3,301) (2,854) (5,506) Profit for the period9,291 8,215 17,115 Profit attributable to: Equity shareholders of the parent9,291 8,215 17,115 Basic earnings per share (cents) 6 19.0 16.9 35.1 Diluted earnings per share (cents) 6 18.7 16.5 34.4 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31ST DECEMBER 2024 Six months ended Six months ended Year ended 31st Dec 2024 31st Dec 2023 (restated) 30th June 2024 (unaudited) (unaudited) (audited) $'000 $'000 $'000 Profit for the period 9,291 8,215 17,115 Other comprehensive income:Items that may be subsequently reclassified to income statementForeign currency translation difference - (1) (1) Total comprehensive income for the period 9,291 8,214 17,114 Attributable to: Equity shareholders of the parent 9,291 8,214 17,114 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31ST DECEMBER 202431st Dec 2024 31st Dec 2023 (restated) 30th June 2024(unaudited) (unaudited) (audited) Note $'000 $'000 $'000 Non–current assets Property and equipment 2 1,028 1,241 1,128 Right-of-use assets 2 4,747 5,196 5,076 Intangible assets 2,7 120,086 125,657 122,853 Other financial assets 12 5,949 5,396 5,750 Deferred tax asset1,681 1,096 1,879 133,491 138,586 136,686 Current assets Trade and other receivables7,888 10,356 8,380 Current tax receivable- 396 167 Cash and cash equivalents30,198 25,912 33,738 38,086 36,664 42,285 Current liabilities Trade and other payables(7,239) (9,014) (10,432) Lease liabilities (483) (421) (526) Current tax payable(7) - - Creditors, amounts falling due within one year(7,729) (9,435) (10,958) Net current assets30,357 27,229 31,327 Total assets less current liabilities163,848 165,815 168,013 Non–current liabilities Lease liabilities(4,975) (5,263) (5,207) Deferred tax liability(8,451) (9,210) (9,162) Net assets150,422 151,342 153,644 Capital and reserves Share capital644 644 644 Share premium account2,866 2,866 2,866 Merger relief reserve128,984 128,984 128,984 Investment in own shares 8 (7,165) (9,073) (9,227) Share option reserve198 165 187 EIP share reserve1,325 1,664 2,046 Foreign currency translation reserve(1,011) (1,011) (1,011) Capital redemption reserve33 33 33 Retained earnings24,548 27,070 29,122 Attributable to: Equity shareholders of the parent150,422 151,342 153,644 Total equity150,422 151,342 153,644 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31ST DECEMBER 2024 Share capital $'000 Share premium account $'000 Merger relief reserve $'000 Investment in own shares $'000 Share option reserve $'000 EIP share reserve $'000 Foreign currency translation reserve $'000 Capital redemption reserve $'000 Retained earnings $'000 Total attributable to share- holders $'000 At 30th June 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 24,548 150,422Share capital $'000 Share premium account $'000 Merger relief reserve $'000 Investment in own shares $'000 Share option reserve $'000 EIP share reserve $'000 Foreign currency translation reserve $'000 Capital redemption reserve $'000 Retained earnings $'000 Total attributable to share- holders $'000 At 1st July 2023 644 2,866 128,984 (10,301) 170 2,200 (1,010) 33 31,882 155,468 Profit for the period – – – – – – – – 8,215 8,215 Other comprehensive income – – – – – – (1) – – (1) Total comprehensive income – – – – – – (1) – 8,215 8,214 Transactions with owners Share option exercise – – – 154 (18) – – – 18 154 Purchase of own shares – – – (1,112) – – – – – (1,112) Share-based payment – – – – 22 567 – – – 589 EIP vesting/forfeiture – – – 2,186 – (1,103) – – – 1,083 Deferred tax on share options – – – – (9) – – – (24) (33) Current tax on share options – – – – - – – – 27 27 Foreign exchange translation – – – – – – - – 1 1 Dividends paid – – – – – – – – (13,049) (13,049) Total transactions with owners – – – 1,228 (5) (536) - – (13,027) (12,340) As at 31st December 2023 (restated) 644 2,866 128,984 (9,073) 165 1,664 (1,011) 33 27,070 151,342Share capital $'000 Share premium account $'000 Merger relief reserve $'000 Investment in own shares $'000 Share option reserve $'000 EIP share reserve $'000 Foreign currency translation reserve $'000 Capital redemption reserve $'000 Retained earnings $'000 Total attributable to share- holders $'000 At 1st July 2023 644 2,866 128,984 (10,301) 170 2,200 (1,010) 33 31,882 155,468 Profit for the period – – – – – – – – 17,115 17,115 Other comprehensive income – – – – – – (1) – – (1) Total comprehensive income – – – – – – (1) – 17,115 17,114 Transactions with owners Share option exercise – – – 154 (9) – – – 9 154 Purchase of own shares – – – (1,315) – – – – – (1,315) Share-based payment – – – – 35 1,039 – – – 1,074 EIP vesting/forfeiture – – – 2,235 – (1,193) – – – 1,042 Deferred tax on share options – – – – (9) – – – (22) (31) Current tax on share options – – – – – – – – 27 27 Dividends paid – – – – –– – (19,889) (19,889) Total transactions with owners – – – 1,074 17 (154) - – (19,875) (18,938) As at 30th June 2024 644 2,866 128,984 (9,227) 187 2,046 (1,011) 33 29,122 153,644 CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31ST DECEMBER 2024Six months ended Six months ended Year ended31st Dec 2024 31st Dec 2023 (restated) 30th June 2024(unaudited) (unaudited) (audited) Note $'000 $'000 $'000 Cash flow from operating activities Profit before taxation12,592 11,069 22,621 Adjustments for: Depreciation of property and equipment140 140 293 Depreciation of right-of-use assets330 339 672 Amortisation of intangible assets 7 2,805 2,805 5,609 Sharebased payment charge9 22 35 EIP-related charge741 1,044 1,438 Gain on investments 5 (234) (560) (1,051) Interest receivable 3 (815) (697) (1,460) Interest payable 4 6 17 24 Interest payable on lease liabilities 4 193 185 357 Translation adjustments533 (142) 29 Cash generated from operations before changes in working capital16,300 14,222 28,567 (Increase)/decrease in trade and other receivables(7) 498 (302) (Decrease)/increase in trade and other payables(1,882) (1,131) 365 Cash generated from operations14,411 13,589 28,630 Interest received 3 815 697 1,460 Interest paid 4 (6) (17) (24) Interest paid on leased assets 4 (193) (185) (357) Taxation paid(3,694) (4,773) (8,122) Net cash generated from operating activities11,333 9,311 21,587 Cash flow from investing activities Purchase of property and equipment and intangibles(79) (460) (500) Purchase of noncurrent financial assets(1,096) (722) (4,594) Proceeds from sale of non-current financial assets1,097 3,258 9,997 Net cash (used in)/generated from investing activities(78) 2,076 4,903 Cash flow from financing activities Ordinary dividends paid 9 (13,866) (13,049) (19,889) Purchase of own shares by employee benefit trust(266) (1,112) (1,315) Proceeds from sale of own shares by employee benefit trust81 154 154 Payment of lease liabilities(268) (80) (231) Net cash used in financing activities(14,319) (14,087) (21,281) Net (decrease)/increase in cash and cash equivalents(3,064) (2,700) 5,209 Cash and cash equivalents at start of period33,738 28,569 28,569 Effect of exchange rate changes(476) 43 (40) Cash and cash equivalents at end of period30,198 25,912 33,738 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 2024 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 2024, 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 2024. 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 2024. 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 adoptedThe 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 $'000 Canada $'000 UK $'000 Europe (ex UK) $'000 Other $'000 Total $'000 Six months to 31st Dec 2024 Gross fee income 35,728 761 – 415 69 36,973 Noncurrent assets: Property and equipment 830 – 181 – 17 1,028 Right-of-use assets 3,843 – 812 – 92 4,747 Intangible assets 120,034 – 52 – – 120,086 Six months to 31st Dec 2023 (restated) Gross fee income 32,473 722 – 549 44 33,788 Noncurrent assets: Property and equipment 975 – 247 – 19 1,241 Right-of-use assets 4,131 – 1,040 – 25 5,196 Intangible assets 125,633 – 24 – – 125,657 Year to 30th June 2024 Gross fee income 66,885 1,465 – 1,001 102 69,453 Noncurrent assets: Property and equipment 901 – 205 – 22 1,128 Right-of-use assets 4,030 – 925 – 121 5,076 Intangible assets 122,833 – 20 – – 122,853 3 FINANCE INCOME Six months ended 31st Dec 2024 Six months ended 31st Dec 2023 Year ended 30th June 2024(unaudited) (unaudited) (audited)$'000 $'000 $'000Interest on cash and cash equivalents 815 697 1,460 4 FINANCE EXPENSE Six months ended 31st Dec 2024 Six months ended 31st Dec 2023 Year ended 30th June 2024(unaudited) (unaudited) (audited)$'000 $'000 $'000Interest payable on lease liabilities 193 185 357 Interest payable other 6 17 24199 202 381 5 GAIN ON INVESTMENTS Six months ended 31st Dec 2024 Six months ended 31st Dec 2023 Year ended 30th June 2024(unaudited) (unaudited) (audited)$'000 $'000 $'000Unrealised gain on investments 174 44 180 Realised gain on investments 60 516 871234 560 1,051 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 2024. As set out in note 8 the Employee Benefit Trust held 1,396,147 ordinary shares in the Company as at 31st December 2024. 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 2024. Reported earnings per shareSix months ended 31st Dec 2024 Six months ended 31st Dec 2023 Year ended 30th June 2024 (unaudited) (unaudited) (audited) $'000 $'000 $'000 Profit attributable to the equity shareholders of the parent for basic earnings 9,291 8,215 17,115Number ofshares 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 (1,653,585) (1,939,759) (1,875,340) Weighted average shares in issue 49,025,510 48,739,336 48,803,755 Effect of movements in share options and EIP awards 735,272 953,028 978,997 Diluted weighted average shares in issue 49,760,782 49,692,364 49,782,752 Basic earnings per share (cents) 19.0 16.9 35.1 Diluted earnings per share (cents) 18.7 16.5 34.4 Basic earnings per share (pence)^ 14.7 13.4 27.8 Diluted earnings per share (pence)^ 14.5 13.2 27.3 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 shareSix monthsended 31st Dec 2024 Six monthsended 31st Dec 2023 Year ended 30th June 2024 (unaudited) (unaudited) (audited) $'000 $'000 $'000 Profit before tax 12,592 11,069 22,621 Add back/(deduct):- Gain on investments (234) (560) (1,051) - Amortisation on acquired intangibles 2,799 2,799 5,599 Underlying profit before tax 15,157 13,308 27,169 Tax expense as per the consolidated income statement (3,301) (2,854) (5,506) Tax effect on fair value adjustment 58 141 261 Unwinding of deferred tax liability (672) (672) (1,344) Underlying profit after tax for the calculation of underlying earnings per share 11,242 9,923 20,580 Underlying earnings per share (cents) 22.9 20.4 42.2 Underlying diluted earnings per share (cents) 22.6 20.0 41.3 Underlying earnings per share (pence)^ 17.8 16.2 33.5 Underlying diluted earnings per share (pence)^ 17.6 15.9 32.8^ Converted to sterling using the average exchange rate for the relevant period. * This is an Alternative Performance Measure (APM). Please refer to the CEO review for more details on APMs. 7 INTANGIBLE ASSETS 31st December 2024 31st Dec 2023 30th Jun 2024Goodwill Direct customer relationships Distribution channels Trade name Long term software Total Total Total$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Cost At start of period 90,072 46,052 6,301 1,405 914 144,744 144,744 144,744 Additions - - - - 38 38 - - At close of period 90,072 46,052 6,301 1,405 952 144,782 144,744 144,744 Amortisation charge At start of period – 17,270 3,376 351 894 21,891 16,282 16,282 Charge for the period – 2,302 450 47 6 2,805 2,805 5,609 At close of period – 19,572 3,826 398 900 24,696 19,087 21,891 Net book value 90,072 26,480 2,475 1,007 52 120,086 125,657 122,853 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 2024 in relation to direct customer relationships, distribution channels and trade name, was $2,799k (year ended 30th June 2024: $5,599k; six months ended 31st December 2023: $2,799k). ImpairmentGoodwill 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 2024 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 2024 the Trust held 517,035 ordinary 1p shares (30th June 2024: 695,988; 31st December 2023: 593,236), of which 221,000 ordinary 1p shares (30th June 2024 – 238,500; 31st December 2023: 241,000) were subject to options in issue. The Trust also held in custody 879,112 ordinary 1p shares (30th June 2024: 1,133,649; 31st December 2023: 1,196,133) 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 2024: 1,396,147; 30th June 2024: 1,829,637; 31st December 2023: 1,789,369). 9 DIVIDENDS A final dividend of 22p per share (2023: 22p) (gross amount payable £11,149k; net amount paid £10,757k ($13,866k)*) in respect of the year ended 30th June 2024 was paid on 7th November 2024. An interim dividend of 11p per share (2024: 11p) (gross amount payable £5,575k; net amount payable £5,421k*) in respect of the year ending 30th June 2025 will be paid on 3rd April 2025 to members registered at the close of business on 7th March 2025. * Difference between gross and net amounts is due to shares held at EBT that do not receive 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 28 and 29 of the Annual Report and Accounts for the year ended 30th June 2024), 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 personnelKey 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 FY2024 Annual Report and Accounts. (b) One of the Group's subsidiaries manages funds for one of its key management personnel, for which it receives a fee. All transactions between key management and their close family members and the Group's subsidiary are on terms that are available to all employees of that Company. The amount received in fees during the period was $7k (2023: $3k). There were no fees outstanding as at the period end. (c) A close member of a key management's personnel provides professional services to the Group. The amount paid during the period for these services was $11k. The amount outstanding at the period end was $0.4k.(ii) Person with significant influenceOne 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 $49k (2023: $39k). 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 positionThe 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 2024 Level 1 $'000 Level 2 $'000 Level 3 $'000 Total $'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 31st December 2023 Level 1 $'000 Level 2 $'000 Level 3 $'000 Total $'000 Financial assets at fair value through profit or loss Investment in other non-current financial assets 5,348 48 - 5,396 Total 5,348 48 - 5,396 30th June 2024 Level 1 $'000 Level 2 $'000 Level 3 $'000 Total $'000 Financial assets at fair value through profit or loss Investment in other non-current financial assets 5,700 50 – 5,750 Total 5,700 50 – 5,750 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 2024 were approved by the Board on 24th February 2025. 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 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 2023/2024. A list of current Directors is maintained at By order of the Board Tom Griffith Chief Executive Officer24th February 2025 INDEPENDENT REVIEW REPORT TO CITY OF LONDON INVESTMENT GROUP PLC ConclusionWe 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 31 December 2024 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 31 December 2024 is not prepared, in all material respects, in accordance with UK-adopted International Accounting Standard (IAS) 34, 'Interim Financial Reporting'. Basis for conclusionWe 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 concernBased 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 effects arising from macro-economic uncertainties such as such as the impact of the Russian invasion of Ukraine, rising inflation and geopolitical instability in the Middle East, we assessed and challenged the reasonableness of estimates made by the Directors and the related disclosures and analysed how those risks might affect the group's financial resources or ability to continue operations over the going concern period. Directors' responsibilitiesThe 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'. 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 informationIn 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 reportThis 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 London24th February 2025 View original content: SOURCE City of London Investment Group PLC

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CITY OF LONDON INVESTMENT GROUP PLC HALF YEAR RESULTS TO 31ST DECEMBER 2024 AND DIVIDEND DECLARATION

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