Impax AM profits drop 20% despite £1.1bn net inflows

In its results for the six months to March 2023, the London-based asset manager recorded a year-on-year fall in adjusted operating profits to £27.3m, down from £34m in the same period last year. The adjusted operational profits also fell short of the £33.4m generated in the second half of 2022. The group's revenue rose 1.4% to £88m, compared to the second half of 2022, however, this was slightly shy of the £88.6m in the same period last year.  The dip in profits came despite a period of net inflows, which drove the group's assets under management to £40.1bn, up 12.4% during the period...