- Investment company City of London reported wider first-half losses following a rise in costs.

For the six months through September 2021, pre-tax losses widened to £6.1 million from £4.0 million year-on-year.

Administrative expenses rose to £6.9 million from £4.8 million.

'The funds from the most recent fundraise will support future balance sheet growth which we confidently anticipate as Recognise Bank implements its business plan and moves towards break even,' the company said.

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