Impax Asset Management Group plc AIM:IPX
- Incorporated
- United Kingdom
- Chief executive
- Ian Simm
- Employees
- 298
- Reports in
- GBP
- Companies House
- 03262305
Read straight from the annual reports
102p at close on 7 Oct 2026 · 11 reported years, 2015–2025
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GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
11 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
Impax Asset Management Group plc runs investment funds focused on the shift to a more sustainable economy. In the year to 30 September 2025, its revenue fell to £141.9m from £170.1m, and profit before tax dropped to £27.8m from £49.0m. The main reason was that clients withdrew more money than they put in, with net outflows of £13.0bn, which cut the fees Impax earns on the money it manages. The company cut about 45 jobs, roughly 15% of staff, to lower costs, but the redundancy payments and charges linked to past acquisitions also weighed on profit this year. Impax ended the year with £22.9m in cash and no borrowings. It cut the dividend to 12p a share from 27.6p and kept buying back its own shares. Management said it remains confident, pointing to growing interest from investors wanting a specialist firm. The auditor gave a clean opinion, and the board found no doubt about the business continuing, though the report warns that further withdrawals by partners that sell its funds could reduce income.
AUM-based investment management and advisory fees (recurring)
Group's main source of revenue is investment management and advisory fees, generally based on an agreed percentage of the valuation of AUM
page 100Revenue mix by product type
Own label funds 52%, BNPP AM mutual funds 25%, Sub-advised and advisory funds 13%, Segregated accounts 10% of revenue
page 5Net outflows and lower AUM reducing fee income
Revenue fell to £141.9m (2024: £170.1m) driven by average AUM decline from £13.0bn net outflows; adjusted operating margin fell to 23.7% (2024: 31.0%)
page 23Cost efficiency programme
Adjusted operating costs fell to £108.2m (2024: £117.4m); removed ca. 45 roles (ca. 15% of headcount) without materially reducing capabilities
page 19There are plentiful signs that the market is broadening... We remain confident in the outlook for the Company, underpinned by our compelling investment thesis and differentiated competitive positioning. At a time when many investment managers are retreating from our area of expertise, we are seeing growing interest from asset owners who want to partner with a specialist firm such as Impax.
page 16Between 30 September 2025 and 28 November 2025, the Company repurchased a further 2.9 million ordinary shares for £5.3 million under its £10m buyback programme, leaving £1.1 million remaining to be purchased by 31 December 2025
page 123Policy is to pay, in normal circumstances, an annual dividend of at least 55% of adjusted profit after tax. FY25 proposed final dividend of 8.0p plus 4.0p interim paid = 12.0p total (2024: 27.6p), representing 55.7% of adjusted profit after tax. Operates a DRIP.
page 24Auditor (KPMG LLP) issued an unmodified (unqualified) audit opinion for FY2025. Board concluded going concern basis appropriate for at least 12 months from approval date, with no material uncertainty identified, based on cash flow forecasts covering downside scenarios on AUM, market performance and costs; Group is debt-free with net assets of £115.2m.
page 88- Strategic Risk - factors that could prevent Impax from fulfilling its strategic objectivesp.34
- Financial Risk - exposure to loss of money or failure to meet financial/regulatory obligationsp.34
- Operational Risk - direct or indirect losses from inadequate/failed internal processes, people, systems or external events, including cyber attacksp.34
- Market Risk - possibility of market conditions negatively impacting Impaxp.34
Read from C000657-AR-2025-ch.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 5 Dec 2026