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15 Jul 2019 | 14:33

City of London losses deepen as it pursues UK banking licence

Specialist financing provider City of London Group booked a deeper annual loss after it incurred costs applying for a UK banking licence.

Pre-tax losses for the year through March amounted to £3.5m, compared to losses of £1.1m.

The company reported costs of £1.7m associated with applying for the UK banking licence and the acquisition of Acorn.

'This has been another year of considerable progress for the City of London Group,' chief executive Michael Goldstein said.

'We have continued to focus on implementing our long term growth strategy of serving the UK SME market and increasing the financial strength of the group.'

'We have built a very high calibre NED team for Recognise, and we remain confident that we will be able to submit an application to the regulator by the end of 2019, after which we will embark on an institutional capital raise.'

'We have completed the acquisition of Acorn to Oaks Financial Services, which provides complementary services to the group companies, and our lending businesses CAML/ PFL and PFS both had successful years and generated profits.'

'Overall, looking forward, through the evolution of our business, we are well placed to deliver on our strategic objectives and to deliver value for our shareholders.'

At 2:33pm: (LON:CIN) City of London Group PLC share price was 0p at 145p

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