Hardman & Co Research: Karpus benefit coming through strongly

City of London has announced its interim results for FY'21. The merger with Karpus took place in the middle of the reporting period, which, together with strong market performance, has had a strong beneficial effect. Gross revenue grew to £23.7m, an increase of 37% over the figure from the same period a year ago. Statutory profit also showed a strong increase, even after the exceptional transaction costs and introduction of amortisation. On an underlying basis, earnings grew 81% to £8.82m, while underlying EPS was up 23%, from 19.4p to 23.8p. An interim dividend increase to 11p had been announced previously.

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