(Alliance News) - Impax Environmental Markets PLC on Monday reported a lower net asset value per share in 2022, a year dominated by robust inflation, high energy prices and the war in Ukraine.
The London-based environmental investment trust said its NAV per share at December 31 contracted 15% to 419.49 pence from 496.42p a year prior. The NAV total return was negative 15%, underperforming the MSCI AC world index, which returned negative 8.1%. Impax had reported a positive total return of 21% in 2021.
It was a year marked by "the outbreak of a war in Europe, the return of inflation and the highest interest rates in 15 years".
"These factors created a difficult backdrop for financial markets across most asset classes and especially for the higher rated 'growth' companies in which Impax Environmental Markets PLC tends to invest," Chair John Scott.
Looking ahead, Chair John Scott said: "While there appears to be no immediate prospect of the war in Ukraine coming to an end, we are adapting to the supply and price shocks it has created. High energy prices and energy security considerations have strengthened the case for investment in alternative sources and accelerated the net-zero transition."
Its total dividend for 2022 amounted to 4.0 pence per share, up 43% from 2.8p in 2021.
Impax Environmental Markets shares were 0.4% higher at 430.33 pence each in London on Monday morning.
By Tom Budszus, Alliance News reporter
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Impax Asset Management (IEM)