5th Aug 2014 12:15
LONDON (Alliance News) - Impax Environmental Markets PLC said Tuesday its net asset value per ordinary share returned 2.9% in its first half, with less growth than previously due to a slowdown in global equities, according to the company.
The company, which invests mainly in alternative energy and energy efficiency technology, products or services companies, said its net asset value growth was even with the MSCI AC world Index but underperformed against 5.9% growth levels at the FTSE ET100 Index.
Impax said its performance was respectable and that its value was down on the environmental comparator FTSE ET100 Index because it does not hold investments in Tesla, the US electric car manufacturer, as the company does not believe Tesla's share valuation to be justified.
The company said it maintains a view that its investment plan is particularly strong in the long term, and it has seen a 159% increase in NAV over ten years, outperforming the FTSE ET100 index by 53%.
Impax Environmental shares were up 0.1% to 144.84 pence on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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