Impax grows assets under management by over 50%

Impax Asset Management on Thursday reported that assets under management grew 51% to £11bn in the six months to 31 March, supported by rising net inflows from both Europe and North America.

The AIM-traded firm consequently saw its adjusted profit before tax jump to £7.4m from £3m at the same point last year, also helped by "robust” growth in total net inflows to in excess of £1bn.

Top line growth of 85% meanwhile sent revenues to £25.7m.

The company’s strong performance was aided by its acquisition of Pax World Management, which added £2.9bn to assets under management and extended the company’s capabilities and client base in North America.

The company proposed an interim dividend of 1.1p per share, up from 0.7p, and a special dividend of 2.6 pence per share payable as result of the "outstanding performance of second private equity infrastructure fund".

Ian Simm, chief executive of Impax Asset Management, said: "I am pleased to report on a successful first half of the year. Alongside robust investment performance and net inflows of £1bn, we completed the acquisition of Pax World Management, further extending our investment management capabilities and client base in North America."

As of 1140 BST, Impax Asset Management’s shares were up 5.92% at 188.00p.