18th May 2016 08:14
LONDON (Alliance News) - Impax Asset Management Group PLC on Wednesday said its pretax profit rose in the first half despite lower revenue, as assets under management increased.
Impax said assets under management at the end of March hit GBP3.56 billion, up 26% over the course of the first half thanks to net inflows of GBP300.0 million. Impax said market volatility in the half to the end of March was high, but the environmental and resource-efficiency markets in which it focuses its investments proved resilient to the challenges.
Pretax profit for the half grew to GBP2.1 million from GBP1.9 million a year earlier, despite revenue falling to GBP9.4 million from GBP10.4 million. Impax said the decline in revenue was driven by fees falling from its largest private equity fund.
In addition, a large proportion of inflows came towards the end of the half, meaning the revenue reported does not reflect the growth in assets under management, the company said.
Impax declared an interim dividend of 0.5 pence per share, up 25% on the 0.4p paid out a year earlier.
"Our investment hypothesis is clearly resonating with investors around the world. Over the last year we have witnessed unprecedented levels of investor interest in our investment strategies and our pipeline is encouraging," said Chief Executive Ian Simm.
Impax shares were untraded on Wednesday morning, having last traded at 48.75 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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