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Investing.com -- Impax Asset Management Group on Monday reported a significant decline in assets under management (AUM) to £26.1 billion for the year ended September 30, down from £37.2 billion a year earlier, as the sustainable investment specialist faced challenging market conditions.
The company experienced net outflows of £13.0 billion during the period, compared to outflows of £5.8 billion in the previous year. Revenue decreased by 16.6% to £141.9 million, while adjusted operating profit fell 36.2% to £33.6 million.
Impax’s adjusted operating margin contracted to 23.7% from 31.0% in the prior year, and adjusted diluted earnings per share decreased by 33.9% to 21.3 pence.
Despite these challenges, the company reported signs of stabilization, with improving net flow trends in the second half of the financial year. The firm also completed the acquisition of SKY Harbor, enhancing its fixed income capabilities.
"After a challenging first half, the second half of Impax’s financial year has been much more positive," said Ian Simm, Chief Executive. "Despite the challenging backdrop, the Company remains profitable, debt-free, and well capitalised."
The company reduced its cost base and headcount during the period without impacting capabilities or growth plans. Impax maintained a strong balance sheet with cash reserves of £64.7 million, down from £90.8 million a year earlier.
The board proposed a final dividend of 8.0 pence per share, bringing the total dividend to 12.0 pence for the year, representing 55.7% of adjusted profit after tax in line with its stated policy.
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