# Impax Asset Management reports lower AUM and revenues in FY25

- Link: https://www.directorstalkinterviews.com/impax-asset-management-reports-lower-aum-and-revenues-in-fy25/4121228163
- Published: 2025-12-01T07:23:46+00:00
- Author: Amilia Stone

**Impax Asset Management Group plc** (LON:IPX), the specialist investor focused 
on the transition to a more sustainable global economy, has announced final audited
results for the year ending 30 September 2025.

**Business highlights**

·    Assets under management (AUM) £26.1 billion (2024: £37.2 billion)

·    Net flows of (£13.0 billion) (2024: (£5.8 billion))

·    Challenging market for active investment managers

·    Net outflows stabilising: improving trend in second half of the financial year

·    Impax’s equity strategies offer compelling fundamentals and valuations

·    Positive momentum towards strategic priorities: closed SKY Harbor acquisition

·    Reduced cost base and headcount without impacting capabilities or growth plans

·    Financial strength maintained, updated dividend policy and ongoing £10 million
share buyback (89% completed to date)

**Financial highlights: Key Performance Indicators**

·    Revenue decreased by 16.6% to £141.9 million (2024: £170.1 million)

·    Adjusted operating profit decreased by 36.2% to £33.6 million (2024: £52.7 
million)

·    Adjusted operating margin of 23.7% (2024: 31.0%)

·    IFRS Profit before tax decreased by 43.1% to £27.8 million (2024: £49.0 million)

·    Adjusted diluted earnings per share decreased by 33.9% to 21.3p (2024: 32.2p)

·    IFRS diluted earnings per share decreased by 44% to 15.8p (2024: 28.2p)

·    Proposed final dividend of 8.0p per share bringing total dividend per share
to 12.0p (2024: 27.6p) representing 55.7% of adjusted profit after tax, in line 
with stated policy

·    Strong balance sheet, with cash reserves of £64.7 million (2024: £90.8 million)

> **Simon O’Regan, Chair, commented:**
> “Followers of Impax will be aware of the challenging first two quarters that the
> business experienced during the Period. The acquisition of an additional fixed
> income business unit, a stabilisation of net outflows and positive market performance
> in the second half of the year contributed to AUM ending the Period at £26.1 billion(
> 30 September 2024: £37.2 billion).
> “The Board’s approach to capital management remains firmly aligned to the Company’s
> strategic priorities. In May we announced an update to our capital allocation 
> policy, which included a confirmation of our dividend policy and launching a £
> 10 million share buy-back programme, which is due to conclude at the end of December
> 2025.
> “We believe that despite the challenges of the first half of the year, Impax’s
> long-term investment theme, strategic progress and its financial strength position
> the business for future growth.”

> **Ian Simm, Chief Executive, added:**
> “After a challenging first half, the second half of Impax’s financial year has
> been much more positive. Assets under management and advice expanded moderately
> from £25.3 billion on 31 March 2025 to close the financial year ending 30 September
> 2025 at £26.1 billion, having initially fallen from £37.2 billion on 1 October
> 2024.
> “The reduction in AUM led to lower annual revenues of £141.9 million (2024: £170.1
> million) and a decrease in adjusted operating profit to £33.6 million (2024: £
> 52.7 million). In response, we took steps to resize our cost base: adjusted annual
> operating costs fell to £108.2 million, down from £117.4 million in the prior 
> year.
> “During the Period we made significant progress towards our key strategic priorities.
> In particular, the completion of the acquisition of a business unit specialising
> in short-duration high-yield strategies enhances our ability to serve clients 
> across a broader range of investment solutions which currently cover listed equities,
> fixed income and private markets.
> “For around three years, equity markets have been driven largely by AI-related
> and other ‘momentum’ stocks, while investors are contending with greater uncertainty.
> Against this backdrop, we continue to invest in companies harnessing long-term,
> durable growth trends such as demographic shifts, technological advancement, and
> rising consumption. Stocks of these companies have often lagged generic indices,
> but many currently trade at compelling valuations with strong fundamentals.
> “We remain highly confident in the outlook for Impax, underpinned by our compelling
> investment thesis and differentiated competitive positioning. The economic case
> for the transition to a more sustainable economy continues to build, as consumers
> increasingly prefer more efficient, less polluting goods and services.
> “Despite the challenging backdrop, the Company remains profitable, debt-free, 
> and well capitalised, with net assets of £115.2 million and a strong balance sheet.”

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