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Impax Asset Management Group Plc - Year-End Results


Impax Asset Management Group plc

Results for the year ended 30 September 2019

London 4 December 2019 - Impax Asset Management Group plc ("Impax" or the "Company"), the specialist investor focused on the transition to a more sustainable global economy, today announces final audited results for the year ending 30 September 2019 (the "Period").

Business highlights

  • Assets under management ("AUM") increased 21% to £15.1 billion (2018: £12.5 billion)
  • Net inflows of £1.4 billion, including multiple segregated mandates and flows into mutual funds
  • Strong long-term investment performance extended
  • Further integration of Pax World Management acquisition and development of new opportunities
  • Won multiple awards including Shares Magazine AIM Company of the Year and Funds Europe's European Specialist Investment Firm
  • Net inflows of over £0.5 billion in the first two months of the new financial year contributed significantly to AUM rising to £15.7 billion by 30 November

 Financial highlights

  • Revenue increased 12% to £73.7 million (2018: £65.7 million)
  • Profit before tax increased 29% to £18.9 million (2018: £14.6 million)
  • Shareholders equity increased 20% to £63.2 million (2018: £52.6 million)
  • Adjusted operating profit £18.0 million (2018: £20.0 million)
  • Acquisition debt repaid early and in full
  • Proposed final dividend of 4.0 pence per share, resulting total dividend for the year of 5.5 pence per share inclusive of interim dividend of 1.5 pence per share, a year-on-year increase of 34% (2018: 4.1 pence per share and special dividend of 2.6p per share)
  • New dividend policy: paying, in normal circumstances, an annual dividend within a range of 55% and 80% of adjusted profit after tax

Keith Falconer, Chairman, commented:

"The last 12 months have seen unprecedented concern globally about environmental issues and rapidly expanding opportunities from the transition to a more sustainable economy. Against this backdrop it has been yet another strong year for Impax. The key investment strategies maintained their track record of out-performing global equity markets, AUM continues to increase and we see growing interest from investors in our broad product range."

Ian Simm, Chief Executive, added:

"Impax expanded significantly in 2019, with double digit growth across key performance indicators including, AUM (+21%), revenue (+12% year-on-year) and final dividend (+34% year-on-year).

"Positive net inflows of £1.4 billion underpin these results and we have a strong pipeline in place for 2020. The drivers behind the global economy's transition to a more sustainable model are only increasing and we remain ideally positioned to benefit from this.  The solid foundations we've laid down over the last twenty years and the investments we have made in our business should support significant further growth for the Company.

"Impax received a number of awards during the period, most notably the Circulars Investor Award at the World Economic Forum in Davos, Shares Magazines AIM Company of the Year Award and Funds Europe's European Specialist Investment Firm Award. Furthermore, the London Stock Exchange awarded Impax its new Green Economy Mark in 2019, increasing our visibility as one of just 75 companies currently listed across the Main Markets and AIM with 50% or more of revenues from environmental solutions."