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Keith Falconer, chairman, Impax

Impax reports loss before tax of GBP4.7m

AIM-listed investment manager Impax Asset Management Group has reported a loss before tax of GBP4.7m for the year ended 30 September 2012.

This included a charge of GBP8.7m being the final component of charges related to the company’s historical share-based incentive schemes.

Revenue was GBP18.6m (2011: GBP20.9m), with operating earnings of GBP4.6m (2011: GBP6.2m).

Assets under management at year end totalled GBP1.83bn (2011: GBP1.90bn), while diluted earnings per share were 2.57 pence (2011: 3.74 pence), and shareholders’ equity totalled GBP22.6m (2011: GBP21.5m). Cash reserves stood at GBP19.3m (2011: GBP20.0m).

The board is recommending an increased dividend of 0.75 pence per share (2011: 0.70 pence per share).

Keith Falconer (pictured), chairman, says: “Impax has focused on the core business of managing portfolios of listed and private securities on behalf of investors and has delivered a robust performance in a challenging year. We are pleased to have performed well against our peers and our environmental comparator indices. Our cash flow remains strong and we are proposing a modest dividend increase for the year to 0.75 pence per share, in line with the Board’s progressive dividend policy and reflecting our confidence in the group’s future growth potential.”

Ian Simm, chief executive, says: “In the wake of severe drought in the US, rising incidence of extreme weather events and growing demand from urbanising populations around the world for energy, water and waste management services, investors are increasingly interested in backing companies that are providing solutions to resource scarcity. With an investment track record dating back more than a decade, Impax has continued to strengthen its capabilities to assist these investors.”

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