REG - City of London IT - Half-year Financial Report
27/02/2026 07:00
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RNS Number : 5947U City of London Investment Trust PLC 27 February 2026
LEGAL ENTITY IDENTIFIER: 213800F3NOTF47H6AO55
THE CITY OF LONDON INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 31 December 2025
This announcement contains regulated information
CHAIRMAN'S COMMENT
"City of London achieved an 11.9% net asset value total return during the six
months, which was behind the FTSE All-Share Index (13.7%) but ahead of the AIC
and the IA UK Equity Income sector averages (respectively 7.8% and 8.6%).
Earnings per share increased by 5.5% compared with the same period in 2024."
INVESTMENT OBJECTIVE
The Company's objective is to provide long-term growth in income and capital,
principally by investment in equities listed on the London Stock Exchange. The
Board fully recognises the importance of dividend income to shareholders.
PERFORMANCE
As at As at
31 December 2025
30 June 2025
Net asset value ("NAV") per ordinary share 518.3p 472.5p
Premium 1.9% 3.2%
NAV per ordinary share (debt at fair value) 523.7p 478.1p
Premium (debt at fair value)(1) 0.8% 2.0%
Ordinary share price 528.0p 487.5p
Gearing (debt at par value) 5.9% 5.3%
Six months to Six months to
31 December 2025
31 December 2024
Dividends per share 10.8p 10.5p
As at As at
31 December 2025
30 June 2025
Dividend yields
The City of London Investment Trust plc 4.1% 4.4%
FTSE All-Share Index (Benchmark) 3.2% 3.5%
AIC UK Equity Income sector 4.3% 4.1%
IA UK Equity Income OEIC sector 4.0% 4.1%
Total return performance to 31 December 2025 6 months % 1 year % 3 years 5 years 10 years
%
%
%
NAV(2) 11.9 27.2 51.0 90.6 121.0
Share price(3) 10.6 28.1 48.6 81.6 117.6
FTSE All-Share Index (Benchmark) 13.7 24.0 46.5 73.9 123.4
AIC UK Equity Income sector(4) 7.8 18.3 39.2 62.7 111.8
IA UK Equity Income OEIC sector(5) 8.6 18.4 37.7 59.4 85.3
Sources: Morningstar Direct, Janus Henderson, LSEG Datastream
1 Calculated using the NAV and mid-market share price at the period end
2 Net asset value ("NAV") per ordinary share total return with debt at fair
value (including dividends reinvested)
3 Share price total return using mid-market closing price
4 AIC UK Equity Income sector size-weighted average NAV total return
(shareholders' funds)
5 The Investment Association ("IA") peer group average is based on mid-day NAV
whereas the returns of the investment trust are calculated using close of
business NAV
INTERIM MANAGEMENT REPORT
CHAIRMAN'S STATEMENT
City of London achieved an 11.9% net asset value total return during the six
months, which was behind the FTSE All-Share Index (13.7%), but ahead of the
AIC and IA UK Equity Income sector averages (respectively 7.8% and 8.6%).
Earnings per share increased by 5.5% compared with the same period in 2024.
The Markets
UK GDP growth slowed, with consumer and business confidence adversely
affected by leaks and speculation ahead of the November Budget. The tax rises
announced alleviated some of the concerns about the UK's fiscal position. The
Bank of England lowered the base rate to 3.75%, through two cuts each of 25
basis points, with consumer price inflation declining but still above the
Bank's 2% target. In the US, GDP growth remained robust, helped by the loose
fiscal policy and productivity gains attributed to the substantial investment
in artificial intelligence. The Federal Reserve made three cuts in interest
rates to 3.75%, reflecting concerns about the softening labour market. In
Europe, GDP growth was sluggish, with Germany only narrowly avoiding a
technical recession. The European Central Bank maintained its key deposit rate
at 2.0%.
The UK equity market returned 13.7%, as measured by the FTSE All-Share Index,
with large companies outperforming. The mining sector was a notable
outperformer reflecting the large gains in metals such as gold and copper. On
the other hand, some companies that were expected to suffer from the adoption
of artificial intelligence were notable underperformers.
Net Asset Value Total Return
City of London's net asset value total return was 11.9%, which was behind the
FTSE All-Share Index (13.7%) but ahead of the sector averages of the AIC UK
Equity Income (7.8%) and the IA UK Equity Income OEIC (8.6%). The biggest
sector detractor relative to performance against the FTSE All-Share Index was
being underweight mining. The biggest relative stock positive contributors
arose from not holding London Stock Exchange and Experian, whose profits were
considered to be vulnerable to artificial intelligence. The holding in
NatWest was the next biggest stock contributor. The biggest stock detractor
was the underweight position in AstraZeneca, followed by the holding in BAE
Systems.
Earnings and Dividends
Earnings per share increased by 5.5%, from 8.39p to 8.85p, compared with the
same period last year. The banking sector was the biggest contributor to
dividend growth in the portfolio.
The Board continues to control expenses tightly. City of London's ongoing
charge, which includes the investment management fee and other administrative
non-interest expenses as a percentage of shareholder funds, is expected to
remain around 0.36% during this financial year. This is low compared with
almost all other investment trusts and (non-tracker) managed equity investment
products.
City of London has declared two interim dividends to date, each of 5.40p, in
respect of this financial year. The Company's diverse portfolio, strong cash
flow and revenue reserve give the Board confidence that, in line with its
objective to provide long-term income and capital growth, it will be able to
increase the total annual dividend for the 60(th) consecutive year. The level
of quarterly dividend will be reviewed by the Board before the third interim
dividend is declared in April 2026.
Share Capital
The Board's stated policy is to issue and buy back shares within a narrow band
relative to net asset value. During the six-month period, the Company issued
the remaining 9,147,762 shares that had been held in Treasury at the year end,
at a small premium, for proceeds of £46.4 million and a further 1,542,238
new shares were issued for proceeds of £8.1 million.
Portfolio Changes
New holdings were bought in Big Yellow, the self-storage Real Estate
Investment Trust; ICG, the alternative asset manager that operates in private
markets; and Rightmove, the UK's dominant online property portal. Complete
sales were made of Anglo American, the miner; Dowlais, the automotive
components manufacturer in the process of being taken over by American Axle;
Hays, the recruitment company; and XP Power, which makes electrical power
components. Significant additions were made to Unilever, the global consumer
products company, while the holding in SSE, the UK energy utility, was
reduced.
Outlook
Dramatic policy announcements from the US President have continued to
challenge the post-Second World War political and economic order. Although
some of the President's unsettling proposals have been moderated after
negotiation with other countries, the erosion of confidence in US fiscal,
trade and security policies has been reflected by a fall in the value of the
US dollar and the rise in the price of gold. In addition, other stock markets
have benefited as investors have moved to diversify portfolios away from a
heavy concentration on US equities.
The outlook for US economic growth, despite the uncertainties generated from
the White House, remains positive as a result of expected productivity gains
from artificial intelligence. It should be noted, however, that the scale of
its fiscal stimulus would not be sustainable at an equivalent level in most
other countries and the prospect of Presidential interference with the
independence of the Federal Reserve represents a serious concern.
UK growth is likely to be more pedestrian, despite healthy corporate balance
sheets and a high personal savings ratio. The Bank of England has scope to
make further cuts in interest rates, although the continuing upward pressure
on wages is likely to be a restraining factor.
UK equities performed well in 2025, with their relatively cheap values
attracting global investors, including takeover bids from overseas companies
and private equity firms. 2026 has started with takeover approaches for two
FTSE 100 companies held in the portfolio: Beazley, the specialist insurer,
from Zurich Insurance; and Schroders, the asset manager, from Nuveen of the
US. The Board considers that UK equities continue to offer good value, with
attractive dividend yields compared to opportunities in other stock markets.
Sir Laurie Magnus CBE
Chairman
26 February 2026
FORTY LARGEST INVESTMENTS
Company Market value Company Market value
31 December 31 December
2025 2025
£'000 £'000
HSBC 157,155 Legal & General 52,360
Shell 117,799 British Land 51,734
NatWest 115,695 Land Securities 51,585
British American Tobacco 111,565 Reckitt Benckiser 39,313
Unilever 101,499 Diageo 36,881
BAE Systems 94,270 Munich Re 35,445
Lloyds Banking 92,346 Severn Trent 33,468
AstraZeneca 91,001 St. James's Place 31,151
Imperial Brands 89,643 Schroders 30,118
Tesco 87,476 Glencore 26,423
RELX 77,129 TotalEnergies 25,479
Barclays 76,850 SSE 24,514
M&G 74,464 Novartis 23,656
Rio Tinto 71,317 BT 22,741
Aviva 63,991 Beazley 20,800
Phoenix 63,707 Segro 20,742
GSK 63,128 Swire Pacific 20,346
National Grid 57,075 Deutsche Telekom 20,012
BP 54,527 Big Yellow 19,575
IG 52,600 Persimmon 19,419
These investments total £2,318,999,000 or 83.8% of the portfolio.
Convertibles and all classes of equity in any one company are treated as one
investment.
SECTOR EXPOSURE
As a percentage of the investment portfolio excluding cash
%
Financials 35.1
Consumer Staples 18.6
Industrials 8.2
Health Care 8.1
Energy 7.3
Real Estate 5.5
Utilities 4.8
Basic Materials 4.2
Technology 3.5
Telecommunications 2.5
Consumer Discretionary 2.2
Total 100.0
Source: Janus Henderson
SECTOR BREAKDOWN OF INVESTMENTS
Valuation Valuation
31 December 31 December
2025 2025
£'000 £'000
ENERGY Industrial Support Services
Oil and Gas Inchcape 11,912
Shell 117,799 PayPoint 11,115
BP 54,527 23,027
TotalEnergies(1) 25,479 Total Industrials 227,488
Harbour Energy 3,539
201,344 CONSUMER STAPLES
Total Energy 201,344 Beverages
Diageo 36,881
BASIC MATERIALS Coca-Cola(1) 11,436
Chemicals 48,317
Johnson Matthey 13,206
Victrex 4,912 Food Producers
18,118 Nestlé(1) 18,843
Tate & Lyle 9,927
Industrial Metals and Mining Hilton Food 8,048
Rio Tinto 71,317 36,818
Glencore 26,423
97,740 Personal Care, Drug and
Grocery Stores
Total Basic Materials 115,858
Unilever 101,499
INDUSTRIALS Tesco 87,476
Aerospace and Defence Reckitt Benckiser 39,313
BAE Systems 94,270 228,288
94,270
Tobacco
Construction and Materials British American Tobacco 111,565
Ibstock 11,447 Imperial Brands 89,643
Marshalls 6,140 201,208
17,587 Total Consumer Staples 514,631
Electronic and Electrical HEALTH CARE
Equipment
Medical Equipment and
Services
IMI 18,038
Morgan Advanced Materials 9,047 Smith & Nephew 15,723
Rotork 6,504 15,723
33,589
Pharmaceuticals and
Biotechnology
General Industrials
Swire Pacific(1) 20,346 AstraZeneca 91,001
Smiths 18,800 GSK 63,128
Mondi 9,354 Novartis(1) 23,656
48,500 Johnson & Johnson(1) 16,001
Merck(1) 14,088
Industrial Engineering 207,874
Vesuvius 10,515 Total Health Care 223,597
10,515
Valuation Valuation
31 December 2025 31 December 2025
£'000 £'000
CONSUMER DISCRETIONARY Investment Banking and
Retailers Brokerage Services
Kingfisher 16,875 M&G 74,464
Halfords 4,569 IG 52,600
21,444 St. James's Place 31,151
Schroders 30,118
Household Goods and Home Construction Rathbones 17,352
TP ICAP 15,022
Persimmon 19,419 3i 12,396
Taylor Wimpey 13,814 ICG 8,216
33,233 241,319
Travel and Leisure Life Insurance
Young & Co's Brewery 5,166 Aviva 63,991
5,166 Phoenix 63,707
Total Consumer Discretionary 59,843 Legal & General 52,360
Prudential 13,734
TELECOMMUNICATIONS 193,792
Telecommunications Service
Providers Non-life Insurance
BT 22,741 Munich Re(1) 35,445
Deutsche Telekom(1) 20,012 Beazley 20,800
Vodafone 15,821 Hiscox 12,095
Verizon Communications(1) 12,119 Admiral 11,592
70,693 Sabre Insurance 6,175
Total Telecommunications 70,693 86,107
Total Financials 971,771
UTILITIES
Electricity REAL ESTATE
SSE 24,514 Real Estate Investment
Trusts
24,514
British Land 5
1
,
7
3
4
Gas, Water and Multi-utilities Land Securities 51,585
National Grid 57,075 Segro 2
0
,
7
4
2
Severn Trent 33,468 Big Yellow 19,575
United Utilities 17,611 143,636
108,154
Total Utilities 132,668 Real Estate Investment and
Services
FINANCIALS Rightmove 9,089
Banks 9,089
HSBC 157,155 Total Real Estate 152,725
NatWest 115,695
Lloyds Banking 92,346 TECHNOLOGY
Barclays 76,850 Software and Computer
Nationwide Building Society Services
10.25% Var Perp CCDS 8,507 RELX 7
7
,
1
2
9
450,553 Sage 1
8
,
5
0
2
95,631
Total Technology 95,631
TOTAL INVESTMENTS 2,766,249
UK investments 2,568,824
Overseas investments 197,425
TOTAL INVESTMENTS 2,766,249
(1) Overseas listed
All classes of equity in any one company are treated as one investment.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties associated with the Company's business
can be divided into the following main areas:
· Portfolio and market price
· Dividend income
· Investment activity, gearing and performance
· Tax and regulatory
· Operational
Information on these risks and how they are managed is given in the Annual
Report for the year ended 30 June 2025. In the view of the Board, these
principal risks and uncertainties at the year end remain and are as applicable
to the remaining six months of the financial year as they were to the six
months under review.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirm that, to the best of their knowledge:
• the unaudited condensed set of financial statements has been prepared in
accordance with FRS 104 "Interim Financial Reporting".
• the Interim Management Report includes a fair review of the information
required by Disclosure Guidance and Transparency Rule 4.2.7R (indication of
important events during the first six months and description of the principal
risks and uncertainties for the remaining six months of the year); and
• the Interim Management Report includes a fair review of the information
required by Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of
related party transactions and changes therein).
On behalf of the Board
Sir Laurie Magnus CBE
Chairman
26 February 2026
INCOME STATEMENT
(Unaudited) (Unaudited) (Audited)
Half-year ended Half-year ended Year ended
31 December 2025 31 December 2024 30 June 2025
Revenue Capital Revenue Capital Revenue Capital
return return Total return return Total return return Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments held at fair value through profit or loss - 240,685 240,685 - 18,690 18,690 - 244,522 244,522
Income from investments held at fair value through profit or loss 46,999 - 46,999 44,017 - 44,017 112,223 - 112,223
Other interest receivable and similar income 75 - 75 111 - 111 242 - 242
Gross revenue and capital gains 47,074 240,685 287,759 44,128 18,690 62,818 112,465 244,522 356,987
Management fee (1,152) (2,687) (3,839) (969) (2,261) (3,230) (2,006) (4,680) (6,686)
Other administrative expenses (630) - (630) (591) - (591) (1,228) - (1,228)
Net return before finance costs and taxation 45,292 237,998 283,290 42,568 16,429 58,997 109,231 239,842 349,073
Finance costs (810) (1,706) (2,516) (925) (1,976) (2,901) (1,954) (4,191) (6,145)
Net return before taxation 44,482 236,292 280,774 41,643 14,453 56,096 107,277 235,651 342,928
Taxation (145) - (145) (161) - (161) (812) - (812)
Net return after taxation 44,337 236,292 280,629 41,482 14,453 55,935 106,465 235,651 342,116
Return per ordinary share (note 2) 8.85p 47.15p 56.00p 8.39p 2.93p 11.32p 21.57p 47.74p 69.31p
The total columns of this statement represent the Company's Income Statement,
prepared in accordance with FRS 104. The revenue and capital columns are
supplementary to this and are published under guidance from The Association of
Investment Companies.
The Company has no recognised gains or losses other than those disclosed in
the Income Statement and Statement of Changes in Equity. All items in the
above statement derive from continuing operations. No operations were acquired
or discontinued during the period.
The accompanying notes are an integral part of these financial statements.
STATEMENT OF CHANGES IN EQUITY
Called-up share capital Share premium account Capital redemption reserve Other
£'000 £'000 £'000 capital Revenue
Half-year ended 31 December 2025 (unaudited) reserves reserve Total
£'000 £'000 £'000
At 1 July 2025 125,666 1,073,479 2,707 1,081,493 48,694 2,332,039
Net return on ordinary activities after taxation - - - 236,292 44,337 280,629
Sale of 9,147,762 ordinary shares from treasury - 8,079 - 38,277 - 46,356
Issue of 1,542,238 new ordinary shares 386 7,713 - - - 8,099
Dividends paid - - - - (53,668) (53,668)
At 31 December 2025 126,052 1,089,271 2,707 1,356,062 39,363 2,613,455
Called-up share capital Share premium account Capital redemption reserve Other
£'000 £'000 £'000 capital Revenue
Half-year ended 31 December 2024 (unaudited) reserves reserve Total
£'000 £'000 £'000
At 1 July 2024 125,666 1,072,624 2,707 849,910 46,621 2,097,528
Net return on ordinary activities after taxation - - - 14,453 41,482 55,935
Buyback of 28,278 ordinary shares for treasury - - - (119) - (119)
Dividends paid - - - - (51,905) (51,905)
At 31 December 2024 125,666 1,072,624 2,707 864,244 36,198 2,101,439
Called-up share capital Share premium account Capital redemption reserve Other
£'000 £'000 £'000 capital Revenue
Year ended 30 June 2025 reserves reserve Total
(audited) £'000 £'000 £'000
At 1 July 2024 125,666 1,072,624 2,707 849,910 46,621 2,097,528
Net return after taxation - - - 235,651 106,465 342,116
Buyback of 2,530,895 ordinary shares for treasury - - - (11,154) - (11,154)
Sale of 1,685,000 ordinary shares from treasury - 855 - 7,086 - 7,941
Dividends paid - - - - (104,392) (104,392)
At 30 June 2025 125,666 1,073,479 2,707 1,081,493 48,694 2,332,039
( )
The accompanying notes are an integral part of these financial statements.
STATEMENT OF FINANCIAL POSITION
(Unaudited) (Unaudited) (Audited)
31 December 31 December 30 June
2025 2024 2025
£'000 £'000 £'000
Investments held at fair value through
profit or loss (note 3)
Listed at market value 2,766,249 2,260,571 2,455,528
Investment in subsidiary undertakings 347 347 347
2,766,596 2,260,918 2,455,875
Current assets
Debtors 11,093 8,892 14,443
11,093 8,892 14,443
Creditors: amounts falling due within one year (48,480) (52,670) (22,552)
Net current liabilities (37,387) (43,778) (8,109)
Total assets less current liabilities 2,729,209 2,217,140 2,447,766
Creditors: amounts falling due after more than one year (115,754) (115,701) (115,727)
Net assets 2,613,455 2,101,439 2,332,039
Capital and reserves
Called-up share capital (note 4) 126,052 125,666 125,666
Share premium account 1,089,271 1,072,624 1,073,479
Capital redemption reserve 2,707 2,707 2,707
Other capital reserves (note 5) 1,356,062 864,244 1,081,493
Revenue reserve 39,363 36,198 48,694
Equity shareholders' funds 2,613,455 2,101,439 2,332,039
NAV per ordinary share - basic and diluted 518.33p 425.10p 472.53p
(note 6)
The accompanying notes are an integral part of these financial statements.
NOTES
1. Accounting Policy - Basis of Preparation
The condensed set of financial statements has been prepared in accordance with
FRS 104, Interim Financial Reporting, FRS 102, the Financial Reporting
Standard applicable in the UK and Republic of Ireland and the Statement of
Recommended Practice for "Financial Statements of Investment Trust Companies
and Venture Capital Trusts", issued in July 2022.
For the period under review, the Company's accounting policies have not varied
from those described in the Annual Report for the year ended 30 June 2025.
These financial statements have been neither audited nor reviewed by the
Company's auditors.
As an investment fund, the Company has the option, which it has taken, not to
present a cash flow statement. A cash flow statement is not required when an
investment fund meets all the following conditions: substantially all of the
entity's investments are highly liquid and are carried at market value; and
where a statement of changes in equity is provided.
2. Return per Ordinary Share
(Unaudited) (Unaudited) (Audited)
Half-year Half-year Year ended
ended ended 30 June
31 December 31 December 2025
2025 2024 £'000
£'000 £'000
The return per ordinary share is based on the following figures:
Revenue return 44,337 41,482 106,465
Capital return 236,292 14,453 235,651
Total 280,629 55,935 342,116
Weighted average number of ordinary shares in issue for each period 501,124,928 494,334,723 493,599,088
Revenue return per ordinary share 8.85p 8.39p 21.57p
Capital return per ordinary share 47.15p 2.93p 47.74p
Total return per ordinary share 56.00p 11.32p 69.31p
The Company does not have any dilutive securities, therefore, the basic and
diluted returns per share are the same.
3. Financial Instruments
The financial assets and financial liabilities are either carried in the
Statement of Financial Position at their fair value or the Statement of
Financial Position amount is a reasonable approximation of fair value (debtors
and creditors falling due within one year).
The table below sets out fair value measurements of the investments using the
FRS 102 fair value hierarchy.
Financial assets at fair value through profit or loss at 31 December 2025
Level 1 Level 2 Level 3 Total
£'000 £'000 £'000 £'000
Equity investments 2,766,249 - 347 2,766,596
Total 2,766,249 - 347 2,766,596
Financial assets at fair value through profit or loss at 31 December 2024
Level 1 Level 2 Level 3 Total
£'000 £'000 £'000 £'000
Equity investments 2,136,162 - 347 2,136,509
Total 2,136,162 - 347 2,136,509
Financial assets at fair value through profit or loss at 30 June 2025
Level 1 Level 2 Level 3 Total
£'000 £'000 £'000 £'000
Equity investments 2,455,528 - 347 2,455,875
Total 2,455,528 - 347 2,455,875
Financial liabilities
The secured notes, preference stocks and preferred ordinary stock are carried
in the Statement of Financial Position at par.
At 31 December 2025, the aggregate fair value of the preferred and preference
stock was £2,635,000 (31 December 2024: £2,635,000; 30 June 2025:
£2,635,000).
At 31 December 2025, the fair value of the secured notes was estimated to be
£86,190,000 (31 December 2024: £84,840,000; 30 June 2025: £85,446,000).
The fair value of the secured notes is calculated using a discount rate which
reflects the yield on a UK gilt of similar maturity plus a suitable credit
spread.
The preference stocks and preferred ordinary stock are categorised as Level 1
in the fair value hierarchy. The secured notes are categorised as Level 3 in
the fair value hierarchy.
Fair value hierarchy categories
Categorisation within the hierarchy has been determined on the basis of the
lowest level input that is significant to the fair value measurement of the
relevant asset as follows:
Level 1: The unadjusted quoted prices in an active market for identical assets
or liabilities that the entity can access at the measurement date;
Level 2: Inputs other than quoted prices included within Level 1 that are
observable (i.e. developed using market data) for the asset or liability,
either directly or indirectly; and
Level 3: Inputs are unobservable (i.e. for which market data is unavailable)
for the asset or liability.
The valuation techniques used by the Company are explained in the accounting
policies in note 1 in the Company's Annual Report for the year ended 30 June
2025.
4. Share Capital
During the half-year ended 31 December 2025, 9,147,762 ordinary shares were
issued from treasury for total proceeds of £46,356,000, and 1,542,238 new
ordinary shares were issued for total proceeds of £8,099,000 (half-year ended
31 December 2024: 28,278 ordinary shares were bought back into treasury for a
net payment of £119,000; year ended 30 June 2025: 1,685,000 ordinary shares
issued from treasury for total proceeds of £7,941,000 and 2,530,895 ordinary
shares were bought back into treasury for a net payment of £11,154,000).
The number of ordinary shares in issue (excluding shares held in treasury) at
31 December 2025 was 504,207,106 (31 December 2024: 494,334,723; 30 June 2025:
493,517,106). There were no shares in treasury at 31 December 2025 (31
December 2024: 8,330,145 and 30 June 2025: 9,147,762).
Since 31 December 2025 to 24 February 2026, a further 3,755,000 new ordinary
shares have been issued.
5. Reserves
At 31 December 2025, the Company's revenue reserve was £39,363,000 (31
December 2024: £36,198,000; 30 June 2025: £48,694,000), and the capital
reserve arising on investments sold was £430,385,000 (31 December 2024:
£378,509,000; 30 June 2025: £398,422,000). Both reserves are distributable.
The capital reserve arising on revaluation of investments held was
£925,677,000 (31 December 2024: £485,735,000; 30 June 2025: £683,071,000)
and is not distributable.
6. Net Asset Value ("NAV") per Ordinary Share - basic and diluted
The NAV per ordinary share is based on the net assets attributable to the
ordinary shares of £2,613,455,000 (31 December 2024: £2,101,439,000; 30 June
2025: £2,332,039,000) and on 504,207,106 ordinary shares (excluding shares
held in treasury) (31 December 2024: 494,334,723; 30 June 2025: 493,517,106)
being the number of ordinary shares at the period end.
7. Transaction Costs
Purchase transaction costs for the half-year ended 31 December 2025 were
£678,000 (half-year ended 31 December 2024: £508,000; year ended 30 June
2025: £845,000). These comprise mainly stamp duty and commissions. Sale
transaction costs for the half-year ended 31 December 2025 were £24,000
(half-year ended 31 December 2024: £42,000; year ended 30 June 2025:
£65,000).
8. Dividends
A first interim dividend of 5.40p per ordinary share was paid on 28 November
2025. The second interim dividend of 5.40p per ordinary share (declared on 4
December 2025) will be paid on 27 February 2026 to shareholders on the
register on 23 January 2026. The Company's shares were quoted ex-dividend on
22 January 2026.
9. Related-Party Transactions
The Company's transactions with related parties during the period were with
its Directors and Janus Henderson. There have been no material transactions
between the Company and its Directors during the period other than the amounts
paid to them in respect of Directors' remuneration.
In relation to the provision of services by Janus Henderson, other than fees
payable by the Company in the ordinary course of business and the provision of
marketing services, there have been no material transactions with Janus
Henderson affecting the financial position of the Company during the period
under review.
10. Going Concern
The assets of the Company consist of securities that are readily realisable.
The Directors have also considered the current geopolitical and macroeconomic
uncertainties and the potential for sudden catastrophic events such as
pandemics, conflict and climate events, including cash flow forecasting, a
review of covenant compliance, including the headroom above the most
restrictive covenants, and an assessment of the liquidity of the portfolio.
They have concluded that the Company is able to meet its financial
obligations, including the repayment of the bank overdraft, as they fall due
for a period of at least twelve months from the date of approval of the
financial statements. Having assessed these factors and the principal risks,
the Board has determined that it is appropriate for the financial statements
to be prepared on a going concern basis.
11. Comparative Information
The financial information contained in this half-year report does not
constitute statutory accounts as defined in s434 Companies Act 2006. The
figures and financial information for the year ended 30 June 2025 are
extracted from the latest published accounts and do not constitute the
statutory accounts for that year. Those accounts have been delivered to the
Registrar of Companies and included the Report of the Independent Auditor,
which was unqualified and did not include a statement under either s498(2) or
s498(3) Companies Act 2006.
13. General Information
Company Status
The City of London Investment Trust plc is a UK domiciled investment trust
company.
ISIN / SEDOL for ordinary shares: GB0001990497 / 0199049
London Stock Exchange (TIDM) Code: CTY
Global Intermediary Identification Number (GIIN): S55HF7.99999.SL.826
Legal Entity Identifier (LEI): 213800F3NOTF47H6AO55
Company Registration Number: 00034871
Registered Office
201 Bishopsgate, London EC2M 3AE
Directors and Secretary
The Directors of the Company are Sir Laurie Magnus CBE (Chairman), Sally Lake
(Chair of the Audit and Risk Committee), Clare Wardle (Senior Independent
Director), Robert Edward (Ted) Holmes and Ominder Dhillon.
The Corporate Secretary is Janus Henderson Secretarial Services UK Limited,
represented by Sally Porter, ACG.
Website
Details of the Company's share price and NAV, together with general
information about the Company, monthly factsheets and data, copies of
announcements, reports and details of general meetings can be found at
www.cityinvestmenttrust.com (http://www.cityinvestmenttrust.com) .
Half-Year Report
The Half-Year Report for the six months ended 31 December 2025 will shortly be
available on the Company's website at www.cityinvestmenttrust.com
(http://www.cityinvestmenttrust.com) . An abridged extract from the Half-Year
Report, the 'Update', will also be available shortly on the Company's website
and copies will be sent to shareholders in early March 2026. Both documents
will also be available from the Corporate Secretary at the Company's
registered office, 201 Bishopsgate, London, EC2M 3AE. The Update will be
submitted to the National Storage Mechanism and will shortly be available for
inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .
For further information please contact:
Job Curtis
Fund Manager
The City of London Investment Trust plc
Telephone: 020 7818 4367
Dan Howe
Head of Investment Trusts
Janus Henderson Investors
Telephone: 020 7818 1818
Harriet Hall
PR Director, Investment Trusts
Janus Henderson Investors
Telephone: 020 7818 2919
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) are
incorporated into, or form part of, this announcement.
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