Portfolio

Impax Asset Management reports record inflows in final results

By Josh White

Date: Thursday 02 Dec 2021

Impax Asset Management reports record inflows in final results

(Sharecast News) - Impax Asset Management reported a 63.5% increase in revenue in its final results on Thursday, to £143.1m, as its adjusted operating profit surges 139.5% to £55.8m.
The AIM-traded specialist investor said its profit before tax for the year ended 30 September was 173.7% higher year-on-year at £45.7m, as its adjusted operating margin grew to 39% from 26.6%.

Shareholders' equity increased 54.5% to £110.5m, while adjusted diluted earnings per share came in at 33.9p, up from 14.5p in the 2020 financial year.

The company's board proposed a final dividend of 17p per share, bringing the total dividend for the year to 20.6p, up 139.5% from the 8.6p distribution made in 2020.

Impax said its cash reserves were up 87.4% to end the year at £70.1m.

On the operational front, the firm said its assets under management increased 84.4% to stand at £37.2bn on 30 September, with net inflows reaching a record £10.7bn, rising from £3.5bn year-on-year.

Impax said its largest investment strategies had continued to outperform global and regional markets, with the board adding that by 31 October, assets under management had risen further to £38.9bn.

"Against any measure this has been an excellent year for the company, and I have been inspired by the team's ongoing dedication and delivery to our clients," said chair Sally Bridgeland.

"We have expanded to ensure that we have the necessary resources to match ever-increasing client demand."

Bridgeland noted that, by the end of the period, the company's headcount had grown by 24%, with hires across the investment management, client services and corporate services teams.

"We are also delighted with the progress of the integration of our New Hampshire-based business, which has helped further establish Impax in the strategically-important North American market."

At 1015 GMT, shares in Impax Asset Management Group were up 4% at 1,404p.

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