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.
H1 2025 earnings summary22 May, 2025

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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Frequently asked questions

Impax Asset Management Group plc is a publicly owned investment manager. The firm provides its services to insurance companies, pension funds, charities, and private clients. It manages separate client-focused equity and fixed income portfolios based on responsible security selection principles. The firm also launches and manages equity, fixed income, and balanced mutual funds for its clients. It invests in the public equity markets across the globe. Impax Asset Management Group plc was founded in 1998 and is based in London, United Kingdom with additional offices in San Francisco and Hong Kong.

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