City of London Group (COLG) said it has made "positive progress" after reporting a fall in pre-tax losses for the year up to March 2018.

The Aim-listed finance company posted losses-before-tax of £1.1m amid costs of acquiring home reversion specialist Milton Homes and a banking license application late last year, slightly improving on the pre-tax losses of £1.2m in 2017.

Michael Goldstein, chief executive of City of London Group, said: "We are pleased with the positive progress made across the business over the past year. COLG is making good progress implementing its strategy of focussing on the UK SME market and on home reversions."

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Goldstein added: "Milton Homes has continued to produce a steady number of property reversions, which is encouraging. Looking forward, we are well placed to deliver on our strategic objectives and deliver value for our shareholders."

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The news comes several weeks after Chris Rumsey, managing director of COLGs subsidiary Milton Homes, a subsidiary of COLG, said we would resign in May 2019.




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