City of London Group Plc. (CIN.L) announced its audited final results for the year ended 31 March 2013. Loss before tax narrowed to 1.56 million pounds from 2.13 million pounds in the previous year.
Loss for the year attributable to Equity holders widened to 1.55 million pounds from the previous year's 1.43 million pounds. But, loss per share for the year narrowed to 8.23 pence from 8.24 pence in the prior year.
Revenue increased by 104% to 5.1 million pounds from last year's 2.5 million pounds in the prior year.
"Due to the constraint on our current funding and the lack of distributable reserves in the Company, the Board has reluctantly decided not to recommend payment of final dividend. We intend to apply to the court for permission to reduce the share premium account to remove this restriction going forward. This should allow us to pay an interim dividend for 2013/14," the company said.
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