Half Year Results and Dividend Declaration
City of London Investment Group PLC reported half-year results to 31st December 2025, showing Funds under Management (FuM) of $11.2 billion, up from $10.8 billion at the start of the financial year and $9.9 billion a year prior, with FuM reaching $11.9 billion by February 2026. Net fee income increased to $37.3 million from $35.3 million, while underlying profit before tax rose to $16.2 million from $15.2 million, and profit before tax grew to $14.0 million from $12.6 million. The company maintained its interim dividend at 11p per share.
| Half year to 31 Dec 2025 | Now | Year before | Change |
|---|---|---|---|
| Revenue | £27.8m | £27.3m | +1.8% |
| Operating profit | £9.6m | £9.1m | +5.6% |
| Profit before tax | £10.4m | £9.8m | +6.9% |
| Net income | £7.9m | £7.2m | +10.1% |
| Cash from operations | £9.1m | £8.8m | +3.7% |
| Cash | £24.4m | £24.1m | +1.4% |
Figures as reported, converted to £ where needed – see all financials.
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City of London (LSE: CLIG) announces that it has today made available on its website, 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:
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:
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 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 |
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 31st Dec 2025 | Six months ended 31st Dec 2024 | Year ended 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 | ||||||||||
| 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 trans-lation reserve $'000 | Capital redem-ption reserve $'000 | Retained earnings $'000 | Total attributable to share- holders $'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 |
| 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 trans-lation reserve $'000 | Capital redem-ption reserve $'000 | Retained earnings $'000 | Total attributable to share- holders $'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 |
| 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 trans-lation reserve $'000 | Capital redem-ption reserve $'000 | Retained earnings $'000 | Total attributable to share- holders $'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.
| USA $'000 | Canada $'000 | UK $'000 | Europe (ex UK) $'000 | Other $'000 | Total $'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 31st Dec 2025 | Six months ended 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 31st Dec 2025 | Six months ended 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 31st Dec 2025 | Six months ended 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 31st Dec 2025 | Six months ended 31st Dec 2024 | Year ended 30th June 2025 | |
|---|---|---|---|
| (unaudited) | (unaudited) | (audited) | |
| $'000 | $'000 | $'000 | |
| Profit attributable to the equity shareholders of the parent for basic earnings | 10,615 | 9,291 | 19,682 |
| 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 31st Dec 2025 | Six months ended 31st Dec 2024 | Year ended 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 share | 12,305 | 11,242 | 23,361 |
| 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:
Transactions with key management personnel
Key management personnel are defined as Directors (both Executive and Non-Executive) of City of London Investment Group PLC.
- 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.
- 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.
- 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).
- 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
| - | 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 $'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 | 6,976 | 67 | - | 7,043 |
| Total | 6,976 | 67 | - | 7,043 |
| 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 |
| 30th June 2025 | 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 | 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 4.2.8R 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
Conclusions relating to 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
Auditor's responsibilities for the review of the financial information
Use of our report
Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
London
23rd February 2026
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