Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Impax Asset Management Group PLC on Wednesday said its pretax profit had surged by more than half, as it also increased its dividend for the year.
The London, England-based investor focused on the transition to an environmentally sustainable economy announced that pretax profit for the year ended September 30 increased 59% to £72.6 million from £45.7 million a year ago.
Revenue for the group increased to £175.4 million for financial 2022, up 23% from £143.1 million a year ago, while cash reserves were up 53% to £107.0 million from £70.1 million last year.
Impax’s assets under management fell by 4.1% in financial 2022, dropping to £35.68 billion from £37.21 billion the year prior. As of October 31, AuM had increased to £37.4 billion, according to the company. Impax also said that 79% of its AuM was from clients outside the UK.
Highlighting net inflows of £2.9 billion for 2022, chief executive Ian Simm said: ‘Despite weak market sentiment, fuelled by rising inflation and geopolitical instability, we continued to attract new business.’
Basic earnings per share were also up 46% at 46.0 pence from 31.5p in 2021.
The group declared a final dividend of 22.9p, bringing the total dividend for financial 2022 to 27.6p, an increase of 34% on last year’s dividend of 20.6p.
‘The company’s performance during the period demonstrates the benefit of this diversified strategy as asset owners continued to show their shared conviction in the medium to long-term opportunities presented by the transition to a more sustainable economy,’ Simm said.
Impax shares were trading 6.7% higher at 770.00p per share on Wednesday morning in London.
Copyright 2022 Alliance News Limited. All Rights Reserved.