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Impax Environmental Markets underperforms comparative indices

3rd Aug 2023 10:06

(Alliance News) - Impax Environmental Markets PLC on Thursday said it underperformed its comparator environmental indices amid "continued challenges and upheavals" in the macroeconomic environment.

Impax Environmental Markets is a London-based environmental investment trust focused on delivering long term capital growth by investing in companies offering solutions to environmental challenges.

The company reported a net asset value per share of 431.6 pence as at June 30, up 2.9% from 419.5p as at December 31.

It recorded a total NAV return of 3.4% in the six months ended June 30. This compared to a 14.7% return for the FTSE ET100 Index and a 7.8% return for the MSCI ACWI Index over the same period.

"Although the wider equity markets have performed well in the first six months of 2023, continued challenges and upheavals in the macroeconomic environment have created a volatile backdrop, generating headwinds for the small- and mid-cap growth companies in which the company invests. Consequently, while the company's investment thesis remains strong, and valuations have become increasingly attractive, the company underperformed its global equities and environmental comparator indices," Impax explained.

Notwithstanding this, Impax said it was "encouraged" by the continued solid earnings delivery across its portfolio during the half, driven by strong pricing power and the easing of supply chain constraints.

Shares in Impax were down 0.4% at 405.44p on Thursday morning in London.

By Heather Rydings, Alliance News senior economics reporter

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