5th Jun 2019 09:46
LONDON (Alliance News) - Impax Asset Management Group PLC on Wednesday reported an increase in assets under management as of the end of the first half of its financial year and was able to hike its dividend following a sharp rise in revenue.
In the six months to March 31, the investment manager recorded a 69% increase in pretax profit to GBP9.3 million from GBP5.5 million the year before.
Impax's revenue increased 32% in the first half to GBP33.8 million from GBP25.7 million.
The investment manager declared an interim dividend of 1.5 pence, 36% higher than the 1.1p distributed in the same period the year prior.
"I am pleased to report that despite volatile market conditions Impax has delivered strong results, with assets under management expanding 5.8% by the end of the first half of our financial year on March 31," said Chief Executive Ian Simm.
The AIM-listed investment company ended March with GBP13.25 billion in assets under management compared to GBP12.52 billion at September 30. Impax's thematic equity funds increased 12% in the same period to GBP10.06 billion from GBP9.02 billion.
Impax said its assets under management further expanded to GBP13.7 billion as at April 30.
Sustainable investment specialists Impax had GBP887 million in net inflows during the first half, which was partially offset by GBP149 million in negative market movements, foreign exchange & investment performance.
Simm said: "The transition to a more sustainable global economy is set to create enormous economic benefits and momentum is building. Impax has been investing in this transition for more than two decades and we continue to see many compelling new long-term investment opportunities, with rising interest from a wide range of asset owners around the world."
He continued: "At the time of writing, market sentiment is overshadowed by uncertainty over global trade, particularly the relationship between China and the US. Elsewhere, economic and financial market signals are mixed, and investor sentiment is fragile. Nevertheless, as investor interest in exposure to the sustainable economy continues to build, we are confident that Impax is well placed for further expansion."
Shares in Impax Asset Management were down 5.3% Wednesday morning at 264.60 pence each.
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