- City of London reported wider first-half losses as UK banking licence application costs and lower revenue hurt growth.

For the six-month period ended 30 September, pre-tax losses widened to £1.67m from £1.45m as revenue fell to £1.39m from £1.74m.

The company incurred costs of £1.3m associated with its UK banking licence application.

Milton Homes business made a loss of £1.2m, before shareholder capital charges, due to 'the modest positive house price change over the period,' City of London said.

A further capital raise in the range of £25m to £50m was expected in early 2020, it added.

'The second half results are expected to benefit from transactions generated by the recently established commercial finance broking division that will complete during the period,' the company said. At 9:27am: [LON:CIN] City of London Group PLC share price was 0p at 140p

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