28th Nov 2013 14:12
LONDON (Alliance News) - Impax Asset Management Group PLC Thursday raised its dividend and pledged to start interim dividends from 2014 after reporting it swung back to a profit and said its investment performance had been strong relative to global markets and its sector benchmarks.
The investment manager focused on environmental markets and related resource efficiency sectors reported a pretax profit of GBP3.4 million for the year to end-September compared with a loss of GBP4.7 million a year earlier, even though revenue declined to GBP18.5 million, from GBP18.6 million. In the previous year, it had paid GBP8.7 million of historical share scheme charges and that dropped to GBP0.2 million last year.
Funds under management stood at GBP2.2 billion at the year end, up from GBP1.8 billion.
"The board now believes the company is in a position to be able to support both a higher annual dividend as well as the initiation of an interim dividend commencing in 2014. The board's policy is to grow future dividends progressively in line with our view of business performance," Chairman Keith Falconer said in a statement.
"Impax's investment performance remains strong relative to global markets, sector benchmarks and the peer group. The steps we have taken to extend our distribution network are producing results, and the company is well positioned for further expansion," Chief Executive Ian Simm added.
Impax shares were up 1.2% to 42 pence Thursday afternoon.
By Steve McGrath; [email protected]; @SteveMcGrath1
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