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Impax Asset Management proposes dividend hike as profit rises 29%

By BFN News | 07:35 AM | Wednesday 04 December, 2019


Impax Asset Management said it would seek to increase its dividend payments following strong annual performance as profit jumped 29% on the back of a rise in net assets. 'In the light of the company's strong financial position and growth prospects, the directors now regard it as appropriate to move to a policy of paying, in normal circumstances, an annual dividend within a range of 55% and 80% of adjusted profit after tax,' the company said. The proposed increase in dividend payments would be put to a shareholder vote on 19 March. For the year ended 30 September 2019, pre-tax profit increased 29% to £18.9m as revenue increased 12% to £73.7m. The company's AUM totalled £15.1bn, up 21% on-year, as net inflows increased to £1.4bn The company proposed a final dividend of 4.0p a share, resulting in a total dividend for the year of 5.5p, representing a year-on-year increase of 34%. Looking ahead, the company said there are many reasons for investors to be cautious as the US-China trade war had led to the implementation of tariffs, widespread concerns about prospects for global growth, and unprecedented levels of political turmoil in several countries. 'Positive net inflows of £1.4bn underpin these results and we have a strong pipeline in place for 2020,' it added. Story provided by StockMarketWire.com

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