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City Of London Investment Trust FY Net Return Before Tax Declines On Revenue Basis

City of London Investment Trust Plc (CTY.L) recorded a loss before tax of 235.8 million pounds for the year ended 30 June 2020 compared to profit of 43.7 million pounds, previous year. Return per ordinary share was a loss of 59.69 pence compared to profit of 11.66 pence. On a revenue basis, net return before tax declined to 63.6 million pounds from 73.2 million pounds, while return per ordinary share was 15.73 pence compared to 19.76 pence.

City of London's net asset value total return was a negative 14.6%, which was behind its benchmark, the FTSE All-Share Index. The Board decided to raise the dividend to shareholders by 2.2%, partly funded from revenue reserves.

The Group said, in respect of the current year ending 30 June 2021, it would expect to pay ordinary dividends in excess of those paid last year.

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