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Impax Asset Management Group (IPX) investor relations material
Impax Asset Management Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Faced challenging market conditions for active managers, with significant outflows in the first half stabilizing and improving in the second half.
Focused on scaling listed equities, fixed income, and private equity, leveraging the transition to a sustainable economy as a long-term opportunity.
Completed the acquisition of SKY Harbor, strengthening fixed income capabilities and diversifying revenue streams.
Cost base reduced without impacting capabilities or growth plans, maintaining a strong balance sheet and updating dividend policy.
Maintained a GBP 10 million share buyback, with 89% completed by year-end, and a sustainable dividend payout.
Financial highlights
Adjusted operating profit of GBP 33.6 million and EPS of 21.3p, both down by just over a third year-over-year.
Revenue for the year was GBP 141.9 million, down from GBP 170.1 million, reflecting outflows and the loss of the St. James's Place mandate.
Operating margin finished at 23.7%, with a target to return to 30% in the medium term.
Dividend per share reset to 12p, representing a 55.7% payout ratio and a 6.9% yield.
GBP 64.7 million in cash on the balance sheet, with no debt.
Outlook and guidance
Cautious revenue guidance, expecting stability with potential for growth as fixed income and new products scale.
Optimism for a market rebound in 2026, with expectations of broader equity market performance and reduced dominance by mega-cap AI stocks.
Specialist positioning and diversified business model expected to drive future growth.
Focus remains on client partnerships, efficiency, and business diversification.
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