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Impax Asset Management Group PLC on Wednesday said that it had performed well despite difficult market conditions, as it posted a decline in both revenue and profit for the first half.
For the six months ended March 31, the London-based environmental investment trust reported pretax profit of £21.4 million, down 35% from £32.7 million a year prior.
As at March 31, assets under management amounted to £40.1 billion, up 12% from £38.0 billion the previous year. Meanwhile, revenue fell 0.7% to £88.0 million from £88.6 million, while diluted earnings per share decreased to 12.8 pence from 20.1p.
This decline came as adjusted operating costs rose to £60.6 million from £54.7 million the previous year. Impax also bemoaned the impact of foreign exchange losses, which came to £4.9 million during the period, most of which the firm attributed to unrealised losses on the retranslation of intercompany loans and other assets held in foreign currencies.
Nevertheless, Impax remained optimistic about its prospects moving forwards.
It assured investors that while the macroeconomic backdrop is likely to remain challenging, an easing of inflationary pressures should bring some short-term relief.
‘We continue to carefully manage our costs in line with external market conditions and at the end of the Period, our run-rate adjusted operating margin was 31.8%, only slightly lower than the equivalent figure at the start of the period (32.6%)’, noted Chief Executive Ian Simm.
The firm declared an interim dividend of 4.7p per share, unchanged from last year.
Impax Asset Management shares were trading 8.0% lower at 725.95 pence each in London on Wednesday morning.
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