Impax Environmental Markets NAV falls in H1

Environmental markets investment trust Impax Environmental Markets said on Monday that net asset value had fallen in the six months ended 30 June amid "material volatility".

Impax Environmental said net asset values had slipped from 434.9p at the end of FY24 to 429.3p at the midway point of FY24, while net assets fell from £1.22bn to £1.11bn. Ordinary share prices dropped from 400.0p to 388.0p.

Chairman Glen Suarez said: "The first half of 2024 for IEM has been marked by material volatility. Following our recent full year report, there have been continued challenges and upheavals in the macroeconomic environment which have created an uncertain backdrop generating headwinds for the small- and mid-cap companies in which IEM invests. Consequently, while the Company's investment thesis remains strong, and valuations have become increasingly attractive, IEM has seen its portfolio fall very slightly in value."

"With upcoming worldwide elections, changing trade policies, continuing conflicts and interest rate cut uncertainty, and the current trend of investor demand pushing investment trusts to discounts, the second half of 2024 will continue to present challenges and opportunities for IEM."

As of 0850 BST, Impax shares were up 1.06% at 363.82p.

Reporting by Iain Gilbert at Sharecast.com