(Alliance News) - Impax Environmental Markets PLC on Tuesday said the first half of 2022 has been challenging, with net asset value declining by 17%.
The London-based investment trust said its net asset value stood at 410.9 pence per share as at June 30, down 17% from 496.4 pence at the end of 2021.
NAV total return for the six months to June 30 amounted to a negative 17%, against a fall of 21% for its benchmark, the FTSE Environmental Technology 100 Index.
Impax Environmental Markets shares were trading 1.8% lower at 453.38 pence each in London on Tuesday near midday.
IEM cited inflation coupled with geopolitical tensions and disrupted commodity markets, as reasons for its declining NAV. "Over the six months to the end of June, the company's share price fell by 26.7%, and the net asset value by 17.0%. This trailed broader equity markets, with the MSCI All Country World Index, its global comparator, declining by 11.0%," the company noted.
The firm declared an interim dividend for 2022 of 1.5 pence per share, up 15% from 1.3 pence a year prior.
Looking ahead, Impax Environmental warned that the macro and equity market outlook will remain fragile and uncertain until "visibility improves in taming inflation," it noted. Nonetheless, it said the outlook for long-term growth remains intact for companies owned by the firm, which are offering solutions to environmental challenges.
By Xindi Wei; xindiwei@alliancenews.com
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Impax Asset Management (IEM)