4th Jun 2020 13:44
(Alliance News) - Impax Asset Management Group PLC on Thursday said its performance was "strong" in the first half of its current financial year but profit suffered from an increase in operating costs.
The investment company reported GBP1.8 billion of net inflows in the six months to the end of March, the highest level on record, compared to GBP887 million a year prior.
Assets under management were GBP14.4 billion as at March 31, down from GBP15.1 billion on September 30, 2019, but subsequently rose to GBP15.8 billion as at April 30 after GBP300 million in net inflows in April, Impax said.
Revenue, meanwhile, increased to GBP41.2 million the first half compared to GBP33.8 million a year prior, but pretax profit declined to GBP8.0 million from GBP9.3 million.
Impax explained that its pretax profit was hurt by higher operating costs, which jumped to GBP32.9 million from GBP23.9 million year-on-year.
"Over the past six months, Impax's financial performance has been strong, with high levels of net inflows. Despite market volatility arising from the Covid-19 crisis, investor interest in our funds has remained robust as asset owners look for attractive investment returns, resilient portfolios and the prospect of positive environmental and social impact," said Chief Executive Ian Simm.
AIM-listed Impax shares were trading 2.6% lower in London on Thursday at 384.91 pence each.
By Evelina Grecenko; [email protected]
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