London City Equities Ltd (AU:LCE) has released an update.
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London City Equities Ltd reported a significant turnaround with a 25% increase in net worth and a 22% rise in net tangible assets per share for the year ended June 2024, compared to the previous year. Despite a slight decrease in revenue, the company plans to pay a higher dividend of 1.50 cents per share, up from 1.45 cents, and has seen a portfolio value increase of $1.4 million since year-end. Legal proceedings have been initiated against Excelsior Capital, in which London City holds an 8% stake, seeking relief on grounds of the company’s operations being detrimental to member interests.
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