Impax Asset Management Group plc reported interim results for the six months to 31 March 2026, highlighting a focus on sustainable investments and operational efficiency. Key points include
**AUM and Financial Performance**Assets under management (AUM) decreased to £22.3 billion from £25.3 billion in H1 2025, with revenue declining to £58.8 million and adjusted operating profit to £11.3 million. Despite this, the company maintained financial strength with cash reserves of £46.0 million.
**Investment Performance**70% of AUM outperformed benchmarks in calendar 2026, driven by active thematic listed equities strategies. However, net outflows persisted due to previous underperformance.
**Strategic Initiatives**The company emphasized product diversification, strategic client partnerships, and cost-reduction measures without compromising capabilities. It launched its first ETF in the US, marking a milestone in product expansion.
**Market Conditions**The period was marked by market turbulence, including the conflict in the Middle East, which impacted investor sentiment and led to a focus on energy security and sustainable infrastructure.
**Operational Efficiency**Impax initiated an efficiency program, including headcount reduction and process optimization, to improve operational efficiency and reduce complexity.
**Dividends and Shareholder Returns**An interim dividend of 2.0 pence per share was declared, reflecting lower earnings but a commitment to shareholder returns. The company also completed a £10 million share buyback program.
**Outlook**Impax remains confident in its long-term strategy, focusing on sustainable investments and client relationships, despite short-term challenges. The company aims to slow net outflows and strengthen its market position through sustained performance and strategic initiatives.
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Assets Under Management (AUM) | £22.3 billion | £25.3 billion | -11.9% |
| Revenue | £58.8 million | £76.5 million | -23.1% |
| Adjusted Operating Profit | £11.3 million | £20.5 million | -44.9% |
| Adjusted Operating Margin | 19.2% | 26.8% | -28.4% |
| IFRS Profit Before Tax | £8.2 million | £18.6 million | -55.9% |
| Adjusted Diluted Earnings Per Share | 7.4 pence | 12.6 pence | -41.3% |
| IFRS Diluted Earnings Per Share | 4.4 pence | 9.7 pence | -54.6% |
| Interim Dividend Per Share | 2.0 pence | 4.0 pence | -50.0% |
| Cash Reserves | £46.0 million | £60.3 million | -23.7% |
| Debt (Lease Liabilities) | £4.8 million | £5.7 million | -15.8% |