City of London published a trading statement this morning, covering FY2018. Profits are expected to be almost in line with Hardman & Co forecasts, with PBT of approximately £12.8m slightly lower and earnings of £10.1m slightly ahead. The latter represents an increase of over 10% relative to the previous year. The company also announced an increase of 1p in the final dividend, raising it to 18p, and taking the total for the year to 27p, an 8% increase over the total for FY2017. Dividend cover will be almost 1.5x for the second year in a row, well above the rolling five-year target of 1.2x.
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