6th Aug 2025 12:48
(Alliance News) - Impax Environmental Markets PLC on Wednesday said its portfolio fundamentals were "robust" despite net asset value falling in the first half of 2025.
The London-based investor in clean energy, water and waste services posted a net asset value of 412.6 pence per share at June 30, down from 427.6p at December 31.
Total net assets came to GBP851 million at the half-year-end, shrinking from GBP1.03 billion the end of 2024.
This reflected a negative total return of 3.0%, widened from negative 0.5% total return the previous year, and well below its global equity comparator, the MSCI All Country World Index, with a 0.6% return rate. Still, Impax Environmental Markets was ahead of the FTSE Environmental Technology 100 Index, which posted a negative 4.1% return for the six-month period.
Net revenue return was GBP7.6 million in the first half, down from GBP8.6 million a year ago, reflecting the impact of share buybacks, the firm said.
Meanwhile, earnings per share rose slightly to 3.44 pence from 3.20p. Impax Environmental maintained a "confident" outlook, and on Friday raised its interim dividend per share to 1.9p from 1.8p on-year.
Chair Glen Saurez cited "short-term factors in market dynamics" as the primary cause of weakness in the first half.
"While the company has continued to face challenging macroeconomic headwinds and constantly shifting social economic hurdles, the board is encouraged that the underlying earnings of our portfolio companies exhibit strong growth," he said.
"The first half of 2025 has seen a market of some volatility with Donald Trump's tariffs, the threat of stagflation and slower earnings growth diminishing US economic and market leadership. This has led to a broader range of companies driving market returns as opposed to previously," Saurez added.
Impax Environmental shares 0.3% higher at 396.00 pence on Wednesday afternoon in London.
By Holly Munks, Alliance News reporter
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