City of London trust marks its 50th year of dividend payout increases

Money Observer Rated Fund City of London Investment Trust has announced a total dividend of 15.9p per share for the year ending 30 June 2016, which amounts to an uplift of 3.9 per cent on the year ending June 2015.

This year's increase means City of London has raised its dividends every year for the past 50 years, making it the first trust to reach this impressive milestone.

City of London is one of the Association of Investment Companies' original dividend heroes, and is one of 10 with a record of more than 40 years of dividend growth.

Bankers and Alliance Trust are also set to celebrate their half century of dividend increases this year.

THE NEXT GENERATION

A further nine have clocked up between 20 and 40 years, and another 18 have between 10 and 20 years of year-on-year increases under their belts.

City of London, which has a market capitalisation of over £1.1 billion, is one of the higher payers in the UK equity income sector, with an attractive yield of 4.3 per cent as at 1 March.

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