Despite a swathe of dividend cuts and cancellations, City of London Investment Trust (CTY) raised its dividend by 2.2 per cent to 19p a share in respect of its last financial year – the 54th year in a row that it has done this. But as well as funding the dividend from the income it received from its holdings, the trust is drawing £14.4m from its revenue reserves, which were worth £58.3m or 11p a share at the end of its last financial year. City of London Investment Trust’s revenue earnings per share fell by 20.4 per cent, from 19.76p in the financial year ending on 30 June 2019, to 15.73p in the financial year to 30 June 2020.
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