Impax, the specialist environmental investment company, has reported a 146% increase in before tax profit for the half-year ended 31 March 2008, to £1.59m.
The AIM quoted company has also seen a significant jump in turnover for the six-month period, from £3.18m to £4.92m.
Chairman Keith Falconer says the firm has weathered the storm for global markets during the period, with assets under management and advisory climbing from £983m at the end of September 2007 to £1,089m at 31 March.
The firm’s largest vehicle, the Impax Environmental Markets fund, fell by 3.9% during the period – lower than the 9.8% decline for its benchmark, the MSCI World Index.
Falconer says a recent move by governments across the globe has boosted the environmental argument.
“Since my last report, energy and commodity prices have strengthened further, making the economic case for alternative energy generation, energy efficiency products and recycling technologies even more attractive,” he says.
“In addition, there have been further positive developments in legislation affecting our sector, particularly the detailing of 2020 targets in Europe covering renewable energy, energy efficiency and greenhouse gas reduction.”IFAonline
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