REG - Impax Asset Mgmnt - Half-year Report
31/05/2023 07:00
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RNS Number : 0835B Impax Asset Management Group plc 31 May 2023
Impax Asset Management Group plc
Interim results to 31 March 2023
London, 31 May 2023 - Impax Asset Management Group plc ('Impax' or the
'Company'), the specialist investor focused on a more sustainable global
economy, today announces interim results for the six months to 31 March 2023
(the 'Period').
H1 Business highlights
· Positive net inflows of £1.1 billion during the Period, well
diversified by channel and geography. Additional contribution to AUM of £3.3
billion from market movements, investment performance and the impact of
foreign exchange effects
· Continued long-term outperformance of major strategies versus
respective benchmarks
· Expanded international footprint and direct distribution
capabilities, including opening a new office in Tokyo, Japan
· Expanded product base, including launching an actively managed
listed equities fund investing in sustainable infrastructure
H1 Financial highlights
· AUM £40.1 billion as at 31 March 2023 (H1 2022: £38.0 billion;
H2 2022 £35.7 billion)
· Revenue of £88.0 million (H1 2022: £88.6 million; H2 2022:
£86.8 million)
· Adjusted operating profit of £27.3 million (H1 2022: £34.0
million; H2 2022 £33.4 million)
· Shareholders' equity at Period end £119.7 million (H2 2022:
£112.3 million)
· Adjusted diluted earnings per share of 17.2 pence (H1 2022: 21.1
pence; H2 2022 21.0 pence)
· Interim dividend per share of 4.7 pence (H1 2022: 4.7 pence; FY
2022, Total dividend 27.6 pence)
Ian Simm, Chief Executive commented:
"Impax has delivered a solid first half to its financial year, despite
challenging macroeconomic conditions. During the Period, our AUM rose by 12%
to reach £40.1 billion, driven by positive net flows of £1.1 billion. By 30
April 2023, our AUM had fallen slightly to £39.4 billion.
"Thanks to positive net flows and rising equities markets, our revenue grew
compared to the second half of 2022, while adjusted operating profit fell,
reflecting our investment in people and systems to support our growth strategy
and to increase our operational resilience. We continue to carefully manage
our costs in line with external market conditions and at the end of the
Period, our run-rate adjusted operating margin was 31.8%, only slightly lower
than the equivalent figure at the start of the Period (32.6%).
"Impax's specialist approach positions us well to benefit particularly from
supportive policy and regulatory drivers, including the Inflation Reduction
Act in the US and equivalent measures in Europe and Asia. Asset owners and
advisers continue to be attracted to the investment opportunities arising from
the transition to a more sustainable economy and, notwithstanding the current
backdrop of weak market sentiment, our pipeline of new business remains
healthy."
The presentation for shareholders and analysts will be available to view on
the Company's website later this morning:
https://www.impaxam.com/investor-relations/reports-and-presentations
(https://www.impaxam.com/investor-relations/reports-and-presentations)
Enquiries:
Impax Asset Management Group plc
Ian Simm, Chief Executive +44 (0)20 3912 3000
Paul French, Head of Corporate Communications
Montfort Communications
Gay Collins +44 (0)77 9862 6282
Jack Roddan +44 (0)78 2567 0695
impax@montfort.london (mailto:impax@montfort.london)
Peel Hunt LLP, Nominated Adviser and Joint Broker
Paul Shackleton or John Welch +44 (0)20 7418 8900
Berenberg, Joint Broker
Gillian Martin +44 (0)20 3207 7800
LEI number: 213800AJDNW4S2B7E680
About Impax
Founded in 1998, Impax is a specialist asset manager, with approximately
£39.4 billion as of 30 April 2023 in both listed and private markets
strategies, investing in the opportunities arising from the transition to a
more sustainable global economy.
Impax believes that capital markets will be shaped profoundly by global
sustainability challenges, including climate change, pollution and essential
investments in human capital, infrastructure and resource efficiency. These
trends will drive growth for well-positioned companies and create risks for
those unable or unwilling to adapt.
The company seeks to invest in higher quality companies with strong business
models that demonstrate sound management of risk. Impax offers a well-rounded
suite of investment solutions spanning multiple asset classes seeking superior
risk-adjusted returns over the medium to long term.
Impax has approximately 290 employees across its offices in the United
Kingdom, the United States, Ireland, Hong Kong and Japan, making it one of the
investment management sector's largest investment teams dedicated to
sustainable development.
www.impaxam.com (http://www.impaxam.com)
Chief Executive's Report
Business Update
Impax delivered a solid first half to its financial year, which includes the
six months to 31 March 2023 ("the Period"). Despite challenging macroeconomic
and inflationary conditions, we reported positive net flows, benefiting from
rising equities markets and the relative outperformance by our major
investment strategies.
During the Period, Impax's assets under management and advice ("AUM") rose by
12.4% to reach £40.1 billion. This was driven by positive net flows of £1.1
billion, and £3.3 billion from market movements, investment performance and
the impact of foreign exchange movements. By 30 April 2023, our AUM had
fallen slightly to £39.4 billion.
While all asset managers currently face a complex operating environment, our
performance demonstrates the robust nature of the Company and how Impax's
specialist approach enables us to benefit from supportive secular, policy and
regulatory drivers. Some significant mandate wins during the Period also
highlight how asset owners and their advisers continue to be attracted to the
investable opportunities arising from the transition to a more sustainable
economy and, notwithstanding the current backdrop of weak market sentiment,
our pipeline of new business remains healthy.
Markets
During the six months of the Period, global equities posted modest gains.
Corporate revenues broadly remained strong, but earnings were under pressure
as higher costs impacted companies' margins. Economic data meanwhile was mixed
with indicators in the US and Europe signalling contraction.
Investors' attention continued to be focused on inflation, interest rates
and the potential impact on the real economy. Market sentiment swung
between optimism that the rate cycle would soon peak and concern
that central banks would continue to raise rates too far as they attempt to
combat inflation.
Meanwhile, policy support continues to provide tailwinds for investors
focused on the transition to a more sustainable economy. The US' Inflation
Reduction Act, the EU's Green Deal Industrial Plan, and similar
climate-related measures in China and India, have already attracted capital
flows into many areas of the economy in which Impax invests. This includes
opportunities around renewables, transformation of the grid, and electric
vehicles.
Investment Performance
Impax offers actively managed Listed Equities strategies that use our
Environmental Markets taxonomies and the Impax Sustainability Lens, as well as
strategies in Fixed Income and Private Markets.
For the six-month Period, all of our thematic Environmental Markets
strategies outperformed their benchmarks. Two out of three of our
Sustainability Lens equities strategies outperformed their benchmarks,
including Global Opportunities, our largest strategy, which outperformed the
MSCI All Country World Index by 4.5%.
Meanwhile, in Fixed Income, the Core Bond strategy and the High Yield strategy
both performed broadly in line with their benchmarks.
Longer term, eight out of our ten largest strategies, accounting for 90.4% of
our AUM, have continued to outperform their benchmarks over five years, with
seven out of ten outperforming over three years.
AUM movement for the Period
Listed equities Fixed income Private markets Total
£m
£m
£m
firm
£m
Total AUM at 30 September 2022 33,801 1,354 521 35,676
Net flows 1,089 11 23 1,123
Market movement, FX and performance 3,376 (61) 1 3,316
Total AUM at 31 March 2023 38,266 1,304 545 40,115
Client Service and Business Development
We continued to expand our international footprint, focusing on strengthening
our own direct distribution capabilities, especially in Europe, and
consolidating our partner relationships, particularly in the US and
Asia-Pacific. We also made good progress in developing and launching new
products and building our brand.
In March we opened a new office in Japan, following our selection by the Tokyo
Metropolitan Government to receive a Green Finance Subsidy. We have served
Japanese clients since 2008 and were pleased to win a significant segregated
mandate from a Japanese pension fund during the Period.
In the US, we also announced that the Pax World mutual fund range would be
renamed under the Impax brand, becoming the Impax Funds, effective 31
December 2022. We have increased the availability of the Impax Funds on
several of the largest wealth management platforms. For US institutions, we
intend to make these Funds available for larger defined contribution plans,
with the launch of two sub-trusts of a collective investment trust
("CIT") later this year.
In the UK and European Union, we continued to see a shift towards our own
direct distribution channels. Overall, the proportion of revenues from the BNP
Paribas Asset Management range of SICAV mutual funds fell to 29%, compared to
32% in March 2022.
Inflows during the Period were directed particularly into our Sustainability
Lens equities strategies, with the US Large Cap strategy seeing net inflows of
£751 million. This included a Japanese pension fund mandate and the launch of
a sub-advisory mandate with ABN AMRO. Global Opportunities saw net inflows of
£708 million, including subscriptions through our distribution relationships
with St. James's Place in the UK and Formuepleje in Denmark.
Of our thematic Environmental Markets equities strategies, Climate and
Sustainable Food received the greatest investor interest and saw net inflows
of £211 million and £77 million respectively.
Our Ireland-based UCITS fund range grew by 2.7% to £2.0 billion, despite net
outflows of £117 million. Impax Environmental Markets plc saw its total net
assets increase by 6.8% during the Period. In the US, the Impax Funds'
(formerly Pax World funds) AUM grew by 14.5% to US$8.2 billion, despite net
outflows of US$194 million.
Within Private Markets, our team successfully exited two Spanish solar PV
investments through our third fund. The fourth fund has been fundraising while
progressing its investment programme, with eight projects closed and €107.5
million invested by the Period end. In April, the fourth fund also held the
third close of its fundraising, taking total capital commitments to
€300.3 million by 30 April 2023.
As part of our new product development, we launched an actively managed,
listed equities UCITS fund investing in Sustainable Infrastructure
in November.
We are currently developing a new listed equities product targeted at Social
themes, with a launch planned for the second half of the calendar year and are
exploring a number of opportunities in fixed income.
All our funds marketed into Europe for which an Impax entity acts as the
sponsor and management company, are classified as either Article 8 or 9 under
the EU's Sustainable Finance Disclosure Regulation ("SFDR"). We believe that
this regulation, along with its equivalents in the US and UK, will be positive
for our business.
Meanwhile, we continue to invest in our brand and enhance the client
experience beyond the pursuit of financial returns. This includes activity
relating to stewardship, policy advocacy, environmental & social impact,
and insights, including current research with Imperial College, London on
biodiversity and with the University of Oxford on physical climate risk.
Informed by our 25-year history focusing on this area, we believe this
increases our and our clients' understanding of investable opportunities and
enables us to better manage risk.
After the Period end, we were pleased to be one of eight asset managers to
categorised as a "Leader" by Morningstar for our incorporation of ESG factors
into our investment process. Morningstar evaluated 94 companies globally for
its report.
Corporate services
Through our recent growth we have been selectively investing in systems,
infrastructure, risk and compliance capabilities to increase our operational
resilience and procedures as the business expands.
During the Period we moved our customer relationship management system to
Salesforce, in order to establish a scalable platform for client relations.
We have also extended our data management capabilities and automated some
processes within the middle office.
To support our expanding business, we continued to hire during the Period,
albeit at a slower rate than in the recent past. By the end of the Period, our
number of employees had risen by 6% to 289.(1)
1. Full-time equivalent.
While we continue to invest in our people and systems to support our growth
strategy and increase our resilience, we are carefully managing our costs in
line with external market conditions.
Performance for Environmental Markets strategies(1, 2, 3)
Cumulative returns (%), GBP, gross of fees
AUM 6M 1YR 3YR 5YR
Leaders £7.8bn 13.9 5.9 70.2 73.4
Water £6.2bn 13.1 5.6 78.9 86.8
Specialists £3.6bn 7.5 (1.3) 78.3 76.6
Climate £3.1bn 6.4 (2.7) 67.7 75.2
Sustainable Food £1.5bn 9.7 0.9 51.5 43.8
MSCI ACWI 6.3 (1.4) 54.0 58.6
Asian Environmental £1.5bn 7.7 (1.1) 50.9 45.6
MSCI Asia Pac Composite 5.9 (2.4) 27.5 18.5
Performance for Sustainability Lens Listed Equities strategies(1,2)
Cumulative returns (%), GBP, gross of fees
AUM 6M 1YR 3YR 5YR
Global Opportunities £9.0bn 10.8 4.2 60.8 88.7
MSCI ACWI 6.3 (1.4) 54.0 58.6
US Large Cap £2.0bn 3.1 (3.0) 72.9 107.9
S&P 500 4.4 (1.7) 67.3 92.8
US Small Cap £0.5bn 1.7 (1.4) 73.0 51.4
Russell 2000 (1.5) (5.9) 62.7 42.8
Performance for Sustainability Lens Fixed Income strategies(1,3)
Cumulative returns (%), GBP, gross of fees
AUM 6M 1YR 3YR 5YR
High Yield Bond £0.6bn (2.7) 1.6 13.7 32.6
ICE BofA US Cash Pay High Yield Constrained (BB-B) (2.5) 3.3 17.1 33.1
Core Bond £0.7bn (5.3) 1.8 (5.7) 20.6
Bloomberg US Aggregate (5.3) 1.4 (7.8) 18.7
1. AUM (GBP as at 31 March 2023). The strategy returns are
calculated including the dividends re-invested, net of withholding taxes,
gross of management fee, and are represented in sterling.
2. MSCI AC AP Composite is a custom-made benchmark made up of 80%
MSCI AC Asia Pacific ex-Japan and 20% MSCI Japan rebalanced daily. MSCI
indices are total net return (net dividend re-invested).
3. MCSI indices are total net return (net dividend re-invested).
S&P, Russell, ICE BofA, and Bloomberg indices are all total gross return.
Financial results for the period
Revenue for the six months to 31 March 2023 increased to £88.0 million
compared to the second half of 2022 (H1 2022: £88.6 million, H2 2022: £86.8
million). This was driven by both positive net flows across the business of
£1.1 billion along with positive market movements. At the end of the Period
the weighted average run rate revenue margin was 45 basis points (30 September
2022: 46 basis points) on the £40.1 billion of AUM.
Adjusted operating costs for the Period increased to £60.6 million (H1 2022:
£54.7 million, H2 2022: £53.3 million), reflecting our continued investment
in people, technology and operational resilience to support our growth
ambitions while being mindful of the current broader market conditions. IFRS
operating costs of £63.1 million (H1 2022: £56.7 million, H2 £53.5 million)
includes £2.5 million, (H1 2022: £2.0 million, H2 £0.2 million) of charges
that do not reflect the operating performance of the Group which have been
removed for adjusted measures. A reconciliation of adjusted to IFRS measures
is provided in Note 3.
Adjusted operating profit for the Period was £27.3 million (H1 2022: £34.0
million, H2 2022: £33.4 million). The decrease from H2 2022 is a result of
the investment in our growth discussed above offset in part by the growth in
revenue. As a result, operating profit margin reduced to 31% (H1 2022: 38%, H2
2022: 39%). Run rate adjusted operating margin at the end of the Period
remained a robust 31.8% (H2 2022: 32.6%). Run rate annualised adjusted
operating profit was £58.0 million at the end of the Period (H1 2022:
£65.2 million, H2 2022: £54.3 million).
Adjusted profit before tax of £28.2 million (H1 2022: £34.0 million2,
H2 2022: £34.4 million) and adjusted diluted earnings per share of
17.2 pence (H1 2022: 21.1 pence, H2 2022: 21.0 pence) include net finance
income of £0.9 million (H1 2022: £0.0 million, H2 2022 £0.9 million).
IFRS profit before tax of £21.4 million (H1 2022: £32.7 million, H2 2022:
£39.9 million) and IFRS diluted earnings per share of 12.8 pence (H1 2022:
20.1 pence, H2 2022: 24.6 pence) reflect the increased operating costs and
foreign exchange losses of £4.9 million recognised in the Period, most of
which is attributable to the unrealised foreign exchange losses on the
retranslation of intercompany loans and other assets held in foreign
currencies.
Financial Highlights For H1 2023 Versus H1 2022 and H2 2022
H1 2023 H1 2022 H2 2022
Revenue £88.0m £88.6m £86.8m
Adjusted operating costs £60.6m £54.7m £53.3m
Adjusted operating profit £27.3m £34.0m £33.4m
Adjusted diluted earnings per share 17.2p 21.1p 21.0p
Adjusted profit before tax £28.2m £34.0m £34.4m
IFRS profit before tax £21.4m £32.7m £39.9m
IFRS diluted earnings per share 12.8p 20.1p 24.6p
TAX
The effective tax rate has increased due to an increase in the main
corporation tax rate in the UK from 19% to 25% from 1 April 2023. As such, a
blended rate of 22% has been applied for the Period (2022: 19%).
Financial resources
The Company continues to be a strongly cash generative business with high
levels of cash and no debt. Our cash reserves were £61.8 million at the
Period end (H1 2022: £67.4 million). We continue to hold seed investments
and to invest in our private equity funds, and these investments were in total
valued at £10.1 million at the Period end (H1 2022: £6.2 million).
Dividends
A final dividend for 2022 of 22.9 pence per share was paid in March 2023,
following approval at the Annual General Meeting. This took the total dividend
paid for 2022 to 27.6 pence per share. As described above, despite uncertain
markets, the business performed well over the Period, while we continued to
invest to support our growth ambitions. Reflecting this, while being mindful
of the uncertain market conditions, we are pleased to announce an interim
dividend of 4.7 pence (2022: 4.7 pence per share). This dividend per share
will be paid on 21 July 2023 to ordinary shareholders on the shareholder
register at the close of business on 16 June 2023. The Company operates a
dividend reinvestment plan ("DRIP"). The final date for receipt of elections
under the DRIP will be 30 June 2023. For further information and to register
and elect for this facility, please visit www.signalshares.com and search for
information related to the Company.
Share management
The Board will consider purchasing the Company's shares from time to time
after due consideration of alternative uses of the Company's cash resources.
Share purchases are usually made by the Group's Employee Benefit Trust ("EBT")
(subject to the trustees' discretion), using funding provided by the Company.
During the Period, the EBT purchased 1.4 million of ordinary shares at a
weighted average price of £7.13 per share. The EBT holds shares for
Restricted Share awards until they vest or to satisfy share option exercises.
At the Period end the EBT held a total of 3.6 million shares, 2.8 million of
which were held for Restricted Share awards leaving up to 0.8 million
available for option exercises and future share awards. At the end of the
Period, there were 2.0 million options outstanding, none of which
were exercisable.
Outlook
Although the macroeconomic backdrop remains challenging, the easing of
inflationary pressures, due to lower energy prices and the lessening of supply
chain disruptions is expected to bring some relief for businesses in the near
term.
Market volatility is likely to persist so long as inflation remains elevated
and until there is greater certainty that the interest rate cycle has peaked.
Against this backdrop, we believe that high-quality companies with structural
growth drivers benefiting from the transition to a more sustainable economy
continue to present attractive investment opportunities.
Areas of investment interest include the beneficiaries of increased spending
on drug discovery and testing, companies providing access to finance and
businesses enabling the rise of the sharing and circular economy.
Meanwhile, recent policy moves such as the Inflation Reduction Act in the US
and equivalent measures in Europe and Asia mean that companies in sustainable
infrastructure, renewable energy and resource efficiency are well positioned
to benefit, as policymakers continue to prioritise energy security and fulfil
their net-zero commitments.
Despite these policy tailwinds, the operating environment in the US has been
complicated recently by the move by some Republican politicians to campaign
against "ESG investing", branding asset managers' focus on environmental,
social and governance issues as "woke".
Our experience to date is that this criticism is largely limited to states
in which Impax is not active and that our focus on economic transition and
mainstream fundamentals rather than "ESG" has wide appeal.
Later this year, we will celebrate 25 years of our founding and a
quarter-century of investing in the transition to a more sustainable economy.
Our understanding of the opportunities and risks associated with the major
sectoral transformations that are underway across the economy continue to
attract asset owners and their advisers globally.
Our performance during the Period demonstrates the resilience and strength of
our diversified business model. Our authenticity and heritage and our
commitment to delivering an outstanding service to our clients, continue to
make us well-placed to continue to provide long-term value for all
our stakeholders.
Ian Simm
Chief Executive
30 May 2023
Condensed Consolidated Income Statement
For the six months ended 31 March 2023
Notes Unaudited Unaudited Audited
Six months ended 31 March 2023
Six months ended 31 March 2022
Year ended
£000
£000
30 September 2022
£000
Revenue 87,960 88,640 175,396
Operating costs (63,142) (56,680) (110,213)
Finance income 5 1,457 1,130 7,950
Finance expense 6 (4,879) (403) (574)
Profit before taxation 21,396 32,687 72,559
Taxation 7 (4,601) (6,046) (13,077)
Profit after taxation 16,795 26,641 59,482
Earnings per share
Basic 8 13.0p 20.6p 46.0p
Diluted 8 12.8p 20.1p 44.7p
Adjusted results are provided in Note 3.
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 31 March 2023
Unaudited Unaudited Audited
Six months ended 31 March 2023
Six months ended 31 March 2022
Year ended
£000
£000
30 September 2022
£000
Profit for the Period 16,795 26,641 59,482
Exchange differences on translation of foreign operations (466) 64 2,685
Total other comprehensive income (466) 64 2,685
Total comprehensive income for the Period attributable 16,329 26,705 62,167
to equity holders of the parent
All amounts in other comprehensive income may be reclassified to income in the
future.
The statement has been prepared on the basis that all operations are
continuing operations.
Condensed Consolidated Statement of Financial Position
For the six months ended 31 March 2023
Note Unaudited Unaudited Audited
As at
As at
As at
31 March
31 March
30 September 2022
2023
2022
£000
£000
£000
Assets
Non-current assets
Goodwill 10 12,738 12,063 13,932
Intangible assets 10 15,378 16,714 18,340
Property, plant and equipment 11 8,271 9,020 9,279
Deferred tax assets 5,278 7,265 4,781
Total non-current assets 41,665 45,062 46,332
Current assets
Trade and other receivables 44,003 39,496 38,769
Investments 12 10,127 6,246 7,255
Current tax asset 2,416 558 176
Cash invested in money market funds 13 20,153 40,451 58,687
Cash and cash equivalents 13 46,932 31,574 52,232
Total current assets 123,631 118,325 157,119
Total assets 165,296 163,387 203,451
Equity and liabilities
Equity
Ordinary shares 15 1,326 1,326 1,326
Share premium 9,291 9,291 9,291
Merger reserve 1,533 1,533 1,533
Exchange translation reserve 2,593 438 3,059
Retained earnings 104,966 99,758 122,969
Total equity 119,709 112,346 138,178
Current liabilities
Trade and other payables 35,166 41,365 53,624
Lease liabilities 11 1,361 1,311 1,488
Current tax liability 1,985 409 2,202
Total current liabilities 38,512 43,085 57,314
Non-current liabilities
Lease liabilities 11 6,706 7,585 7,590
Deferred tax liability 369 371 369
Total non-current liabilities 7,075 7,956 7,959
Total liabilities 45,587 51,041 65,273
Total equity and liabilities 165,296 163,387 203,451
Condensed Consolidated Statement of Changes in Equity
For the six months ended 31 March 2023
Share capital Share premium Merger reserve Exchange translation reserve Retained earnings Total Equity
£000
£000
£000
£000
£000
£000
1 October 2021 1,326 9,291 1,533 374 97,998 110,522
Transactions with owners of the Company:
Dividends paid - - - - (22,475) (22,475)
Cash received on option exercises - - - - 180 180
Tax charge on long-term incentive schemes - - - - (1,269) (1,269)
Share based payment charge - - - - 2,558 2,558
Acquisition of own shares - - - - (3,875) (3,875)
Total transactions with owners - - - - (24,881) (24,881)
Profit for the Period - - - - 26,641 26,641
Other comprehensive income
Exchange differences on translation of foreign operations - - - 64 - 64
Total other comprehensive income - - - 64 - 64
31 March 2022 1,326 9,291 1,533 438 99,758 112,346
Transactions with owners of the Company
Dividends paid - - - - (6,190) (6,190)
Cash received on option exercises - - - - 360 360
Tax charge on long-term incentive schemes - - - - (2,487) (2,487)
Share based payment charge - - - - 3,593 3,593
Acquisition of own shares - - - - (4,906) (4,906)
Total transactions with owners - - - - (9,630) (9,630)
Profit for the Period - - - - 32,841 32,841
Other comprehensive income
Exchange differences on translation of foreign operations - - - 2,621 - 2,621
Total other comprehensive income - - - 2,621 - 2,621
30 September 2022 1,326 9,291 1,533 3,059 122,969 138,178
Share capital Share premium Merger reserve Exchange translation reserve Retained earnings Total Equity
£000
£000
£000
£000
£000
£000
30 September 2022 1,326 9,291 1,533 3,059 122,969 138,178
Transactions with owners of the Company
Dividends paid - - - - (30,216) (30,216)
Cash received on option exercises - - - - 1,261 1,261
Tax credit on long-term incentive schemes - - - - 1,623 1,623
Share based payment charge - - - - 2,649 2,649
Acquisition of own shares - - - - (10,115) (10,115)
Total transactions with owners - - - - (34,798) (34,798)
Profit for the Period - - - - 16,795 16,795
Other comprehensive income
Exchange differences on translation of foreign operations - - - (466) - (466)
Total other comprehensive income - - - (466) - (466)
31 March 2023 1,326 9,291 1,533 2,593 104,966 119,709
Condensed Consolidated Statement of Cash Flows
For the six months ended 31 March 2023
Note Unaudited Unaudited Audited
Six months ended 31 March 2023
Six months ended 31 March 2022
Year ended
£000
£000
30 September 2022
£000
Operating activities:
Cash generated from operations 17 6,203 28,149 80,321
Corporation tax paid (5,932) (4,624) (9,046)
Net cash generated from operating activities 271 23,525 71,275
Investing activities:
Net acquisition of property plant and equipment and intangible assets (376) (407) (796)
Net (investments)/redemptions from unconsolidated (2,202) 1,229 355
Impax funds
Settlement of investment related hedges (477) (97) 69
Investment income received 1,264 145 586
Decrease/(increase) in cash invested in money market funds 38,534 (2,385) (19,091)
Net cash generated from/(used by) investment activities 36,743 (1,515) (18,877)
Financing activities:
Acquisition of non-controlling interest - - (182)
Interest paid on bank borrowings (34) (59) (141)
Payment of lease liabilities (1,011) (846) (1,729)
Acquisition of own shares (10,115) (3,875) (8,781)
Cash received on exercise of Impax share options 1,261 180 540
Dividends paid (30,216) (22,475) (28,665)
Net cash used by financing activities (40,115) (27,075) (38,958)
Net (decrease)/increase in cash and cash equivalents (3,101) (5,065) 13,440
Cash and cash equivalents at the beginning of the Period 52,232 36,172 36,172
Effect of foreign exchange rate changes (2,199) 467 2,620
Cash and cash equivalents at the end of the Period 13 46,932 31,574 52,232
Notes to the Condensed Consolidated Interim Financial Statements
For the six months ended 31 March 2023
1 Basis of preparation
This condensed set of financial statements has been prepared in accordance
with IAS 34 Interim Financial Reporting as adopted for use in the UK and the
AIM Rules.
The annual financial statements of the Group for the year ended 30 September
2023 will be prepared in accordance with UK-adopted international accounting
standards. The condensed set of financial statements has been prepared
applying the accounting policies and presentation that were applied in the
preparation of the Company's published consolidated financial statements for
the year ended 30 September 2022 which were prepared in accordance with the
requirements of the Companies Act 2006 ("Adopted IFRS") and applicable law.
The comparative figures for the financial year ended 30 September 2022 are not
the Company's statutory accounts for that financial year. Those accounts,
prepared in accordance with international accounting standards in conformity
with the requirements of the Companies Act 2006, have been reported on by the
Company's auditors and delivered to Companies House. The report of the
auditors was (i) unqualified, (ii) did not include a reference to matters to
which the auditors drew attention by way of emphasis without qualifying their
report, and (iii) did not contain a statement under Section 498 (2) or (3) of
the Companies Act 2006. Copies of these accounts are available upon request
from the Company's registered office at 7th floor, 30 Panton St, London, SW1Y
4AJ or at the Company's website: www.impaxam.com.
Going concern
The Board has made an assessment covering a period of 12 months from the date
of approval of these financial statements which indicates that, taking account
of reasonably possible downside assumptions in relation to asset inflows,
market performance and costs, the Group will have sufficient funds to meet its
liabilities as they fall due and regulatory capital requirements for that
period. The Group has sufficient cash balances and no debt and, at the
period-end market levels, is profitable. A significant part of the Group's
cost basis is variable as bonuses are linked to profitability. The Group can
also preserve cash through dividend reduction and through issuance of shares
to cover share option exercises/restricted share awards (rather
than purchasing shares). Consequently, the Directors are confident that the
Group will have sufficient funds to continue to meet its liabilities as they
fall due for at least 12 months from the date of approval of the financial
statements and therefore have prepared the financial statements on a going
concern basis.
Accounting policies
The accounting policies applied by the Group in these condensed consolidated
interim financial statements are the same as those applied by the Group in its
consolidated financial statements for the year ended 30 September 2022.
New and forthcoming accounting standards applicable to the Group
No new accounting standards or interpretations issued or not yet effective are
expected to have an impact on the Group's condensed consolidated financial
statements.
2 Estimates
The preparation of interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates.
The Group has not identified any significant judgements and estimates at the
end of the reporting Period. However the key areas that include judgement
and/or estimates are set out in Note 10.
3 Adjusted profits and earnings
The reported operating earnings, profit before tax and earnings per share are
substantially affected by business combination effects and other items. The
Directors have therefore decided to report an adjusted operating profit,
adjusted profit before tax and adjusted earnings per share which exclude these
items in order to enable comparison with peers and provide consistent measures
of performance over time. A reconciliation of the adjusted amounts to the IFRS
reported amounts is shown below.
Six months ended 31 March 2023
Reported IFRS Adjustments Adjusted
£000
£000
Business combination effects Other
£000
£000
Income statement
Revenue 87,960 87,960
Operating costs (63,142) (60,645)
Amortisation of intangibles arising on acquisition 1,344
Acquisition equity incentive scheme charges 661
Mark to market charge on equity awards(1) 492
Operating Profit 24,818 2,005 492 27,315
Finance income 1,457 1,457
Finance expense (4,879) 4,328 (551)
Profit before taxation 21,396 2,005 4,820 28,221
Taxation (4,601) (5,686)
Tax charge on adjustments (1,085)
Profit after taxation 16,795 2,005 3,735 22,535
Diluted earnings per share 12.8p 1.5p 2.8p 17.2p
1. The charge is offset by £1,623,000 of tax credits shown in the
Statement of Changes in Equity.
Six months ended 31 March 2022
Reported IFRS Adjustments Adjusted (restated)(2)
£000
£000
Business combination effects Other
£000
£000
Income statement
Revenue 88,640 88,640
Operating costs (56,680) (54,688)
Amortisation of intangibles arising on acquisition 1,200
Acquisition equity incentive scheme charges 669
Mark to market charge on equity awards(1) 123
Operating Profit 31,960 1,869 123 33,952
Finance income(2) 1,130 (682) 448
Finance expense (403) (403)
Profit before taxation 32,687 1,869 (559) 33,997
Taxation (6,046) (5,940)
Tax credit on adjustments 106
Profit after taxation 26,641 1,869 (453) 28,057
Diluted earnings per share 20.1p 1.4p (0.3)p 21.1p
1. The credit is offset by £1,269,000 of tax charges shown in the
Statement of Changes in Equity.
2. Adjusted profit before tax has been restated to add back
unrealised foreign exchange gains of £650,000.
The adjusted diluted earnings per share is calculated using the adjusted
profit after taxation shown above. The diluted number of shares is the same as
used for the IFRS calculation of earnings per share (see Note 8).
Similar adjustments have been made, where relevant, for the year ended 30
September 2022 to give adjusted operating profit of £67,416,000, adjusted
profit before tax of £56,059,000 and adjusted diluted earnings per share of
42.1 pence.
Amortisation of intangibles
Management contracts, which are classified as intangible assets, were acquired
as part of the acquisition of Impax NH and are amortised over their 11 year
life. This charge is not linked to the operating performance of the Impax NH
business so is excluded from adjusted profit.
Acquisition equity incentive scheme charges
Impax NH staff have been awarded share-based payments in respect of the
acquisition of Impax NH. Charges in respect of these relate to the acquisition
rather than the operating performance of the Group and are therefore excluded
from adjusted profit.
Mark to market charge on equity incentive awards
The Group has in prior years and the current Period awarded employees options
over the Group's shares, some of which are either unvested or unexercised at
the balance sheet date. The Group has also made awards of restricted shares
("RSS awards") which have not vested at the balance sheet date. Employers
National Insurance Contributions ("NIC") are payable on the option awards when
they are exercised and on the RSS awards when they vest, based on the
valuation of the underlying shares at that point. The Group does however
receive a corporation tax credit equal to the value of the awards at the date
they are exercised (options) or vest (RSS awards). An accrual for the NIC is
recognised based on the share price at the balance sheet date and changes in
the accrual are recognised as a charge or credit within IFRS operating profit.
Similarly, the corporation tax credit is accrued within equity based on the
share price at the balance sheet date with changes in the credit recognised as
a credit or charge to equity.
The charge to profit varies based on the Group's share price and is not linked
to the operating performance of the Group. It is therefore eliminated when
reporting adjusted profit.
Finance income and expense
Finance expense for the Period has been adjusted for foreign exchange losses
on intercompany loans and other unrealised foreign exchange gains and losses
that are not linked to the performance of the Group. Prior period adjusted
profit before tax has been restated to remove unrealised foreign exchange
gains of £650,000 from finance income to aid comparability with the current
Period.
Taxation
The IFRS tax charge for 2022 includes a credit in respect of historical tax
charges related to private equity income. This does not reflect the
performance of the Group and is therefore excluded from adjusted profit.
4 Segment Information
The Group is managed on an integrated basis and there are no reportable
segments.
5 Finance income
31 March 31 March 30 September 2022
2023
2022
£000
£000
£000
Fair value gains 193 - 148
Interest income 1,264 53 520
Other investment income - 32 33
Foreign exchange gains - 1,045 7,249
1,457 1,130 7,950
Fair value gains represent those arising on the revaluation of investments
held by the Group (see Note 12) and any gains or losses arising on related
hedged instruments held by the Group.
Foreign exchange gains mainly arise on the retranslation of intercompany loans
and cash balances held in USD.
6 Finance expense
31 March 31 March 30 September 2022
2023
2022
£000
£000
£000
Interest on lease liabilities 209 217 433
Finance costs on bank loans 34 59 141
Foreign exchange losses 4,636 - -
Fair value losses - 127 -
4,879 403 574
Foreign exchange losses mainly arise on the retranslation of intercompany
loans and cash balances held in USD. Fair value losses represent those
arising on the revaluation of investments held by the Group (see Note 12) and
any gains or losses arising on related hedge instruments held by the Group.
Commitment fees were payable on the revolving credit facility which the Group
retained until January 2023.
7 Taxation
The blended UK tax rate for the year is 22% due to the increase in the
corporation tax rate from 19% to 25% from 1 April 2023. The tax assessment for
the Period is lower than this rate. The differences are explained below:
Six months ended 31 March 2023 Six months ended 31 March 2022 Year ended
£000
£000
30 September 2022
£000
Profit before tax 21,396 32,687 72,559
Tax charge at 22% (FY22 and HY22: 19%) 4,707 6,211 13,786
Effects of:
Non-taxable income (47) (13) (506)
Non-deductible expenses and charges 4 252 1,118
Tax relief on share awards (449) (251) (501)
Adjustment in respect of historical tax charges 289 (65) (928)
Effect of (lower)/higher tax rates in foreign jurisdictions (1) 123 31
Tax losses not recognised 98 2 77
Recognition of prior year tax losses - (213) -
Total income tax expense 4,601 6,046 13,077
8 Earnings per share
Six months ended 31 March 2023 Earnings for the Period Shares Earnings
£000
'000
per share
Basic 16,795 129,076 13.0p
Diluted 16,795 131,114 12.8p
Six months ended 31 March 2022
Basic 26,641 129,259 20.6p
Diluted 26,641 132,743 20.1p
Year ended 30 September 2022
Basic 59,482 129,409 46.0p
Diluted 59,482 133,168 44.7p
The weighted average number of shares is calculated as shown in the table
below.
Six months ended 31 March 2023 Six months ended 31 March 2022 Year ended
'000
'000
30 September 2022
'000
Weighted average issued share capital 132,597 132,597 132,597
Less own shares held (3,521) (3,338) (3,188)
Weighted average number of ordinary shares used in the calculation of basic 129,076 129,259 129,409
EPS
Additional dilutive shares regarding share awards 3,767 5,120 4,860
Adjustment to reflect option exercise proceeds and future (1,729) (1,636) (1,101)
service from employees receiving share awards
Weighted average number of ordinary shares used in the calculation of diluted 131,114 132,743 133,168
EPS
9 Dividends
On 16 March 2023, at the Company's Annual General Meeting, payment of a 22.9
pence per share final dividend for the year ended 30 September 2022 (2021:
17.0 pence per share) was approved. Combined with an interim payment of 4.7
pence this gave total dividends for the year ended 30 September 2022 of
27.6 pence. The Trustee of the Impax Employee Benefit Trusts waived the
Trusts' rights to part of the final dividend, leading to a total dividend
payment of £30,216,474 which was paid on 21 March 2023.
The Board has declared an interim dividend for the Period of 4.7 pence per
ordinary share (2022: 4.7 pence). This dividend will be paid on 21 July 2023
to ordinary shareholders on the register at close of business on 16 June
2023.
10 Goodwill and Intangible assets
The goodwill and intangible assets held by the Group primarily relate to the
acquisition of Impax NH in January 2018.
Goodwill £000
Cost
At 1 October 2021 11,816
Foreign exchange movement 247
At 31 March 2022 12,063
Foreign exchange movement 1,869
At 30 September 2022 13,932
Foreign exchange movement (1,194)
At 31 March 2023 12,738
There were no brought forward impairment losses at 1 October 2022 or
impairment charges during the Period.
Intangible assets
Management contracts Software Total
£000
£000
£000
Cost
At 1 October 2021 26,441 529 26,970
Additions - 57 57
Foreign exchange movement 640 - 640
At 31 March 2022 27,081 586 27,667
Additions - 24 24
Disposals - (309) (309)
Foreign exchange movement 4,829 - 4,829
At 30 September 2022 31,910 301 32,211
Additions - 132 132
Foreign exchange movement (3,490) - (3,490)
At 31 March 2023 28,420 433 28,853
Accumulated amortisation
At 1 October 2021 8,988 509 9,497
Charge for the period 1,200 14 1,214
Foreign exchange movement 242 - 242
At 31 March 2022 10,430 523 10,953
Charge for the period 1,259 11 1,270
Disposals - (309) (309)
Foreign exchange movement 1,957 - 1,957
At 30 September 2022 13,646 225 13,871
Charge for the period 1,344 15 1,359
Foreign exchange movement (1,755) - (1,755)
At 31 March 2023 13,235 240 13,475
Net book value
At 31 March 2023 15,185 193 15,378
At 30 September 2022 18,264 76 18,340
At 31 March 2022 16,651 63 16,714
The management contracts were acquired with the acquisition of Impax NH in
January 2018 and are amortised over an 11 year life. Asset inflows, operation
margin, discounted cost of capital are all the same
or in excess of the assumptions when the management contracts were first
valued. As such, there are no indicators of impairment.
11 Property, plant and equipment
Property plant and equipment
31 March 31 March 30 September 2022
2023
2022
£000
£000
£000
Right-of-use assets 6,689 7,531 7,647
Property, plant and equipment owned by the Group 1,582 1,489 1,632
8,271 9,020 9,279
The carrying value of the Group's right of use assets, associated lease
liabilities and the movements during the Period are set out below.
Lease arrangements
Right of Lease
use asset
liabilities
£000
£000
At 1 October 2022 7,647 9,078
Additions 231 231
Lease payments - (1,011)
Interest expense - 209
Depreciation charge (804) -
Foreign exchange movement (385) (440)
At 31 March 2023 6,689 8,067
12 Current asset investments
The Group makes seed investments into its own Listed Equities funds and also
invests in its Private Equity funds. Where the funds are consolidated the
underlying investments are shown in the table below. Investments made in
unconsolidated funds are also included.
£000
At 1 October 2021 7,564
Additions 125
Fair value movements (89)
Repayments/disposals (1,354)
At 31 March 2022 6,246
Additions 874
Fair value movements 135
At 30 September 2022 7,255
Additions 2,298
Fair value movements 670
Repayments/disposals (96)
At 31 March 2023 10,127
An analysis of the investment by valuation technique hierarchy is disclosed
below:
31 March 31 March 30 September 2022
2023
2022
£000
£000
£000
Level 1 6,363 3,880 3,721
Level 2 - - -
Level 3 3,764 2,366 3,534
10,127 6,246 7,255
Level 1 means that valuation is made by reference to quoted prices in active
markets for the relevant securities.
Level 2 assets do not have regular market pricing but can be given a fair
value based on quoted prices in active markets.
Level 3 assets are those where there is no readily available market
information to value them and the asset values are based on models. They
represent investments in our private equity funds.
13 Cash reserves
Cash and cash equivalents under IFRS does not include deposits in money market
funds. However the Group considers its total cash reserves to include these
amounts. Cash held in Research Payment Accounts ("RPAs") is collected from
funds managed by the Group and can only be used towards the cost of
researching stocks. A liability of an equal amount is included in trade and
other payables. This cash is also excluded from cash reserves. A
reconciliation is shown below:
31 March 31 March 30 September 2022
2023
2022
£000
£000
£000
Cash and cash equivalents 46,932 31,574 52,232
Cash held invested in money market funds 20,153 40,451 58,687
Less: cash held in RPAs (5,276) (4,673) (3,951)
Total cash reserves 61,809 67,352 106,968
14 Loans
Up until January 2023, the Group retained a US$13 million revolving credit
facility ("RCF") with RBS International that has now expired. No amounts were
drawn down or repaid in the current Period or in the prior year.
15 Share capital and own shares
31 March 31 March 30 September 2022
2023
2022
Issued and fully paid ordinary shares of 1 pence each
Number 132,596,554 132,596,554 132,596,554
£000s 1,326 1,326 1,326
31 March 31 March 30 September 2022
2023
2022
Own shares
Number 3,613,276 2,792,373 3,265,109
£000s 8,995 2,802 8,128
Own shares represents those held by the Impax Asset Management Group plc
Employee Benefit Trust 2012 (the "EBT") which are typically used to fund
exercise of options or awards of restricted shares. 1.4 million shares were
purchased by the EBT in the six months ended 31 March 2023. The EBT
transferred 1.1 million shares to option/restricted shareholders on exercise
of options or to holders of restricted shares when the restrictions lapsed.
As at 31 March 2023 there were a total of 2.0 million options outstanding over
the Group's shares of which none were exercisable. As at 31 March 2023
employees also held 2.8 million restricted shares over which the restrictions
lapse from February 2024 through to January 2028. These Restricted Shares are
held in the EBT and included in the own shares numbers shown above.
16 Related party transactions
Private equity funds managed by the Group, entities controlled by these funds
and certain other funds are related parties of the Group by virtue of
subsidiaries being the General Partners to these funds. The Group earns
management fees from these entities.
BNP Paribas Asset Management Holdings is a related party of the Group by
virtue of owning a significant stake in the Group. The Group also sub-manages
certain funds for BNP for which it earns fees.
Other funds managed by subsidiaries of the Group are also related parties by
virtue of its management contracts.
During 2020 a loan facility was first provided to an executive for the sole
purpose of investment in a fund managed by the Group. The loan is provided at
an interest rate of LIBOR plus 2% per annum on amounts drawn, calculated on a
daily basis. Interest of €3,960 was accrued on the loan during the Period.
The balance on the loan is €220,463 at the reporting date.
Revenue earned from and operating costs for related parties of the Group are
as shown in the table below:
Six months ended 31 March 2023 Six months ended 31 March 2022 Year ended
£000
£000
30 September 2022
£000
Revenue 84,425 88,595 170,840
Operating costs 537 509 1,183
Investments in related parties of the Group and trade and other receivables
due from related parties are as shown in the table below:
31 March 31 March 30 September 2022
2023
2022
£000
£000
£000
Current asset investments 3,764 2,366 3,534
Trade and other receivables 35,593 33,460 32,954
17 Reconciliation of net cashflow from operating activities
This Note should be read in conjunction with the condensed Consolidated
cashflow statement. It provides a reconciliation of how profit before tax,
which is based on accounting rules, translates to cashflows.
31 March 31 March 30 September 2022
2023
2022
£000
£000
£000
Profit before taxation 21,396 32,687 72,559
Adjustments for:
Depreciation of property, plant and equipment and amortisation of intangible 2,428 2,069 4,257
assets
Finance income (1,457) (1,130) (7,950)
Finance expense 4,879 403 574
Share-based payment charges 2,649 2,558 6,151
Adjustment for statement of financial position movements:
(Increase)/decrease in trade and other receivables (5,234) 304 1,031
(Decrease)/increase in trade and other payables (18,458) (8,742) 3,699
Cash generated from operations 6,203 28,149 80,321
18 Group risks
The Group's principal risks remain as detailed within the Directors' Report of
the Group's 2022 Strategic Report.
Alternative Performance Measures
The Group uses the following Alternative Performance Measures ("APMs").
ADJUSTED OPERATING COSTS, ADJUSTED OPERATING PROFIT, ADJUSTED PROFIT BEFORE TAX AND ADJUSTED PROFIT AFTER TAX
These APMs exclude the impact of the following items:
· amortisation of intangible assets which arose on the acquisition
of Impax NH;
· charges in respect of equity incentive scheme related to the
acquisition of Impax NH;
· mark-to-market charges in respect of National Insurance payable
on share awards;
· foreign exchange gains and losses on the retranslation of
intercompany loans and other unrealised foreign exchange gains and losses;
· significant tax credits related to the prior year.
These performance measures are reported as they facilitate comparison with
prior periods and provide an appropriate comparison with our peers. Excluding
amortisation of intangible assets arising from acquisitions is consistent
with peers and therefore aids comparability. It also aids comparison to
businesses which have grown organically, and do not have such charges. Mark
to market charges in respect of National Insurance are excluded as they arise
due only to changes in the share price and therefore do not
reflect the operating performance of the Group. Foreign exchange gains
and losses on the retranslation of intercompany loans and other unrealised
foreign exchange gains and losses are excluded as they are not linked to the
performance of the Group.
A reconciliation to the relevant IFRS terms is provided in Note 3 of the
financial statements.
ADJUSTED OPERATING MARGIN
This is calculated as the ratio of adjusted operating profit to revenue. This
number is reported as it gives
a good indication of the underlying profitability of the company and how this
has changed year on year.
ADJUSTED Diluted EARNINGS PER SHARE
This is calculated as the adjusted profit after tax divided by the diluted
number of shares used in the calculation of IFRS diluted earnings per share.
This is used to present a measure of profitability per share in line
with adjusted profits.
A reconciliation to IFRS diluted earnings per share is shown in Note 3 of the
financial statements.
RUN RATE REVENUE AND RUN RATE ADJUSTED OPERATING PROFIT
Run rate revenue is the revenue that the Group would report if the AUM for the
year remained static at that shown at 31 March and fee rates were those at
31 March. Run rate revenue margin is the ratio of run rate revenue to AUM.
Run rate adjusted operating profit is the run rate revenue less adjusted
operating costs for the month of March extrapolated for 12 months. Adjustments
are made to exclude any one-off items.
Run rate numbers are reported as they give a good indication of the current
profitability of the Group.
CASH RESERVES
Cash reserves is the sum of cash and cash equivalents and cash held in money
market accounts less cash held in research payment accounts and cash held by
consolidated funds. The calculation of cash reserves is shown in Note 13 to
the financial statements.
Cash reserves are reported as they give a good indication of the total cash
resources available to the Group.
ENDS
Issued in the UK by Impax Asset Management Group plc, whose shares are quoted
on AIM, part of the London Stock Exchange. Impax Asset Management Group plc
is registered in England & Wales, number 03262305. AUM relates to Impax
Asset Management Limited, Impax Asset Management (AIFM) Limited, Impax Asset
Management Ireland Limited and Impax Asset Management LLC. Impax Asset
Management Limited and Impax Asset Management (AIFM) Limited are authorised
and regulated by the Financial Conduct Authority and are wholly owned
subsidiaries of Impax Asset Management Group plc. Please note that the
information provided on www.impaxam.com (http://www.impaxam.com) and links
from it should not be relied upon for investment purposes.
Impax is trademark of Impax Asset Management Group Plc. Impax is a registered
trademark in the EU, US, Hong Kong and Australia. © Impax Asset Management
LLC, Impax Asset Management Limited and/or Impax Asset Management (Ireland)
Limited. All rights reserved.
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