3rd Dec 2015 09:10
LONDON (Alliance News) - Fund manager Impax Asset Management Group PLC on Thursday said its assets under management ticked higher in its last financial year, as revenue dipped but its pretax profit increased.
Impax, which focuses on investing in the environmental and resource efficiency sectors, said it had GBP2.82 billion in assets under management and advice at the end of September, up from GBP2.75 billion a year earlier, as the group generated net inflows of GBP77.0 million.
Pretax profit rose to GBP5.1 million from GBP3.5 million, benefiting mostly from a GBP1.2 million reserve release after the company reached an agreement with HM Revenue & Customs regarding the taxation of share-based incentive schemes.
Revenue for the year slightly lower, down to GBP19.7 million from GBP20.4 million, hit by a decline from its private equity business, in line with the company's expectations, as its second fund reached the end of its investment period.
Impax said the financial year started out with strength in equity markets, but this turned to significant volatility later in the reporting period. Still, it remains confident on the outlook for the environmental sectors it focuses on, particularly if there is a positive outcome from the ongoing climate change talks in Paris.
Impax will pay a final dividend of 1.2 pence per share, up from 1.1p, taking its total dividend to 1.6p from 1.4p. It has also proposed a 0.5p special dividend, based on its robust cash flow generation in the year and its strong prospects, according to Chairman Keith Falconer.
"Investors are showing strong interest in climate change, and the COP21 talks currently underway in Paris should be a further strong catalyst for the markets where Impax focuses its investments," Falconer added.
Shares in Impax were untraded on Thursday, having last traded at 40.58p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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