30th Nov 2022 11:37
(Alliance News) - Impax Asset Management Group PLC on Wednesday said its pretax profit had surged by more than half, as it also increased its dividend for the year.
The London, England-based investor focused on the transition to an environmentally sustainable economy announced that pretax profit for the year ended September 30 increased 59% to GBP72.6 million from GBP45.7 million a year ago.
Revenue for the group increased to GBP175.4 million for financial 2022, up 23% from GBP143.1 million a year ago, while cash reserves were up 53% to GBP107.0 million from GBP70.1 million last year.
Impax's assets under management fell by 4.1% in financial 2022, dropping to GBP35.68 billion from GBP37.21 billion the year prior. As of October 31, AuM had increased to GBP37.4 billion, according to the company. Impax also said that 79% of its AuM was from clients outside the UK.
Highlighting net inflows of GBP2.9 billion for 2022, chief executive Ian Simm said: "Despite weak market sentiment, fuelled by rising inflation and geopolitical instability, we continued to attract new business."
Basic earnings per share were also up 46% at 46.0 pence from 31.5p in 2021.
The group declared a final dividend of 22.9p, bringing the total dividend for financial 2022 to 27.6p, an increase of 34% on last year's dividend of 20.6p.
"The company's performance during the period demonstrates the benefit of this diversified strategy as asset owners continued to show their shared conviction in the medium to long-term opportunities presented by the transition to a more sustainable economy," Simm said.
Impax shares were trading 6.7% higher at 770.00p per share on Wednesday morning in London.
By Harvey Dorset; [email protected]
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