Last checked at 1 Oct 2012 07:00
1 October 2012
Impax Asset Management Group plc
Pre-close trading statement
London, 1 October 2012 - Impax Asset Management Group plc ("Impax" or the "Company"), the AIM listed investment manager focused on the environmental markets and related resource scarcity sectors, today reports a pre-close trading statement ahead of the announcement of its final results for the year ending 30 September 2012, expected on 29 November 2012.
During 2012, Impax's listed equity strategies have generally beaten their benchmarks of environmental stocks, which have trailed global indices. In the calendar year to 25 September 2012, the Impax Leaders Strategy returned 8.5% compared to the FTSE Environmental Opportunities All Share index and the MSCI World Index which rose by 4.5% and 9.2% respectively. We are particularly pleased with the continued out-performance of the Impax Water Strategy which grew by 13.1% over the same period (*).
Investee companies of the Company's private equity funds have continued to perform well. Investment activity for the Impax New Energy Investors II fund has continued to advance, and we have now invested, committed or reserved approximately 40 per cent of the fund's €330 million of committed capital.
Assets under management and advisory ("AUM") were £1,819 million on 31 August 2012, a 4% reduction from 30 September 2011 (£1,896 million). Positive investment returns, net of currency movements, of £55 million have been offset by net outflows of £132 million. The Board expects the Company's operating earnings (**) to be broadly in line with market expectations.
In recent months we have completed the expansion of our stock coverage to include the agriculture and food sectors, and expect to launch a product in this area in the near future.
We have also continued to invest in our distribution capability in the United States, announcing last week the recruitment of an experienced institutional sales and client service executive and the opening of an office in New York.
The Board has now bought back 3.5 million shares under the Company's programme to reduce the requirement to issue new shares to satisfy the exercise of options awarded under its Employee Share Option Plan. The Company's cash reserves remain strong at ca. £20 million on 31 August 2012.
Ian Simm, Chief Executive of Impax, commented: "The Impax team has continued to focus on delivering strong investment performance for clients while carefully extending our research coverage and distribution channels."
* All data in GBP. Impax Strategy return determined with reference to a representative account of the strategy. MSCI World Index is net total return (source: FactSet).
** Revenue less operating costs.
- ENDS -
Enquiries:
Ian Simm Tel: + 44 (0) 20 7434 1122 (switchboard)
Chief Executive
Impax Asset Management Group plc
Norfolk House, 31 St James's Square,
London, SW1Y 4JR
www.impaxam.com
Anne Gilding Tel: +44 (0) 20 7434 1122 (switchboard)
Head of Brand Communications Tel: +44 (0) 20 7432 2602 (direct)
Impax Asset Management Group plc Tel: +44 (0) 7881 249612 (mobile)
Norfolk House, 31 St James's Square,
London, SW1Y 4JR Email: a.gilding@impaxam.com
www.impaxam.com
Execution NobleJohn Riddell Tel: +44 (0) 207 456 9191
Notes to Editors
About Impax Asset Management
Founded in 1998, Impax Asset Management ("Impax") was one of the world's first managers dedicated to exploiting the investment opportunities created by resource scarcity and demand for cleaner, more efficient products and services through listed and private equity strategies.
Impax now manages £1.8 bn for institutional and high net worth investors globally, and is committed to providing strong long-term risk-adjusted returns. The company's team of 28 investment professionals has been assembled over 13 years and is highly rated by consultants and investment advisers.
Impax's listed equity funds seek out mis-priced companies that are set to benefit from the long-term trends of changing demographics, rising consumption, limited natural resources and urbanisation. Investment is focused on the alternative energy, water, waste and related markets. Impax's private equity infrastructure funds invest in power generation assets in the renewable energy sector.
Impax is a thought leader in defining the environmental and resource scarcity markets, for example through a partnership with FTSE to develop and manage the classification system underpinning the FTSE Environmental Markets Index Series.