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Impax Asset Management Group (IPX) investor relations material
Impax Asset Management Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Investment performance improved in 2025, with 71% of AUM outperforming benchmarks since January.
Significant AUM decline to £25.3bn as of 31 March 2025, reflecting net outflows and market volatility.
Cost control measures included a 10% headcount reduction, saving £11m annually, and maintaining strong cash reserves.
Closed the SKY Harbor acquisition post-period, expanding fixed income capabilities and adding £1.1bn AUM.
Continued diversification in products and client channels, with new fund launches and acquisitions.
Financial highlights
Revenue for H1 2025 was £76.5m, down from £86.2m in H1 2024, due to lower AUM.
Adjusted operating profit was £20.5m (H1 2024: £25.8m); adjusted operating margin declined to 26.8%.
Adjusted diluted EPS was 12.6p (H1 2024: 16.0p); IFRS profit before tax was £18.6m.
Interim dividend set at 4.0p per share, with a rebalanced payout policy.
Cash reserves at period end were £60.3m, with a capital surplus of £45.0m.
Outlook and guidance
Management remains optimistic on future flows, with new account launches expected in H2 2025.
Annualized revenue run rate for H2 2025 expected at £126m, rising to £130m with the Sky Harbor acquisition.
Cost base run rate reduced to £98.5m, expected to rise to £100m post-acquisition.
Dividend payout expected to be close to the 55% threshold of adjusted profit after tax.
Focus remains on business diversification and operational efficiency.
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