LONDON (dpa-AFX) - Impax Asset Management Group Plc (IPX.L), an asset manager, on Thursday reported a decline in pre-tax earnings for the first half, reflecting decreased revenue, mainly due to a fall in Assets Under Management, or AUM.
In addition, Ian Simm, Chief Executive of Impax said: 'We intend to return up to £10 million of capital to shareholders before the end of the calendar year through a share buyback programme, which, combined with our commitment to funding the company's expansion and our dividend policy, demonstrates our confidence in the company's future success.'
For the six-month period to March 31, the company posted a profit before tax of 18.636 million pounds, less than 24.560 million pounds reported for the same period last year. Excluding items, pre-tax income slipped to 21.375 million pounds from 27.361 million pounds a year ago.
Net profit was 12.544 million pounds, or 9.7 pence per share, compared with 18.239 million pounds, or 14 pence per share, in the previous year.
Excluding items, income stood at 16.162 million pounds, or 12.6 pence per share, as against 20.760 million pounds, or 16 pence per share, last year.
Operating earnings were 17.558 million pounds, compared with the prior year's 24.120 million pounds.
The company's AUM was 25.3 billion pounds, lower than 39.6 billion pounds last year. Owing to the reduction in AUM, revenue moved down to 76.461 million pounds from last year's 86.150 million pounds.
The company will pay an interim dividend of 4 pence per share on July 18 to the shareholders on the register as of June 13.
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