4th Apr 2014 15:32
LONDON (Alliance News) - Impax Environmental Markets PLC Friday said it significantly outperformed global equity markets (MSCI ACWI) during the year.
In 2013, net asset value per share achieved a total return of 34.1% and ended the year standing at 167.9 pence. During the year IEM's share price returned 47.4% (total return) and ended the year at 150.0 pence. Its global comparator index, the MSCI All Countries World Index, which rose by 20.5% (total return, GBP) over the period.
Its sector comparator index, the ET100 index, enjoyed a total return of 40.7% sterling total return.
In a statement, Impax said the discount narrowed by almost 8% over the year to close at 10.7%.
Impax said returns were broadly based across environmental sub-sectors and geographies, with performance led by energy efficiency, water infrastructure and a recovery in renewable energy companies.
Impax said it has expectations of accelerated expenditure for goods and services that reduce environmental damage or mitigate its impact.
After the year end, the company entered into a GBP30 million, two year, multi-currency, revolving credit facility with The Royal Bank of Scotland PLC. Impax said it has drawn down approximately 50% of the facility to date, and intends to draw down the balance in the coming months.
Impax said its NAV has risen 3.3% as recorded at the end of March 2014, while the share price has risen by 3.2%. During this period the MSCI ACWI and FTSE ET100 indices gained by 0.4% and 5.2% respectively.
Impax shares were Friday quoted at 156 pence, up 0.3%.
By Samuel Agini; [email protected]; @samuelagini
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