Hardman & Co Research: Results full of cash
City of London has issued its annual report for FY'21. While the headline figures remain impressive after the Karpus transaction last October, it is some of the underlying figures that are the news here. The most eye-catching one for most investors will be the rise in the cash balance, at £25.5m, 75% more than the £14.6m from a year ago. Both the businesses are strongly cash-generative and, unless markets have a strong correction, this will increase further over the next year. At the very least, this will provide a robust balance sheet in the event of any market downturns, but may also provide options for further cash returns.
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About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.
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