City of London IT commits to 54th consecutive dividend hike

'Unique record' to be maintained

City of London investment trust told shareholders it will increase its dividend for the 54th consecutive year in July, promising to call on its revenue reserves if necessary.

Chairman Philip Remnant said the board "recognise[d] the importance of dividend income to our shareholders", noting it would strive to keep its "unique record of annual dividend growth" going despite some of its portfolio constituents having cancelled their payouts. The £1.3bn City of London sits atop the Association of Investment Companies' (AIC) list of dividend heroes - trusts that have hiked their dividends for 20 successive years or more. Bank share price falls could be an opportunity despite dividend pain, say analysts Job Curtis's remit currently has 53 straight years of ann...