LONDON (ShareCast) - (Sharecast News) - Specialist investor Impax Asset Management reported a 22.6% improvement in full-year revenue on Wednesday, to £175.4m.
The AIM-traded firm said its adjusted operating profit grew 20.8% in the 12 months ended 30 September, to £67.4m, while its profit before tax was ahead 58.6% at £72.6m.

Shareholders' equity increased 25% year-on-year, to £138.2m, and adjusted diluted earnings per share were up 22.4% at 42.1p.

The board proposed a final dividend of 22.9p per share, bringing the total dividend for the year to 27.6p, up 34% from the 20.6p distributions it made for the 2021 period.

Cash reserves were up 52.6% by the year-end, to £107m.

"Impax has shown the value of its authentic, long-held investment philosophy focused on the transition to a more sustainable economy," said chair Sally Bridgeland.

"The management team has successfully led the business through difficult market conditions, with strong performance against the majority of its key performance indicators.

"As the team continues to expand, Impax remains committed to preserving its culture, conscious of the challenges of growing quickly in a hybrid working environment."

Bridgeland noted that in 2019, Impax adopted a policy of paying an annual dividend of between 55% and 80% of adjusted profit after tax.

"In line with this, the board now recommends paying a final dividend for 2022 of 22.9p - a total for the year of 27.6p, an increase in the total dividend of 34% on 2021."

At 1130 GMT, shares in Impax Asset Management Group were up 6.65% at 770p.

Reporting by Josh White for Sharecast.com.

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