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Investment manager Impax Asset Management reported a rise in first-half assets under management amid record half-yearly inflows, but profit fell on higher operating costs.
For the six months to 31 March 2020, assets under management rose 9% to £14.4bn as net inflows swelled to a record £1.8bn on the first-half, compared with £887m on-year.
But pre-tax profit fell to £8m from £9.3m even as revenue increased to £41.2m from £33.8m.
The company declared an interim dividend of 1.8p a share, up from 1.5p a share on-year.
'Current market levels appear to be pricing in a global recession for at least the next year. In the short-term it is inevitable that we will see widespread dividend cuts and cash calls from many companies,' the company said.
At 9:46am: (LON:IPX) Impax Asset Management Group PLC share price was +5p at 400p