Impax Asset Management Group

IPX · AIM · Financial Services · mcap £124m · 102.0p

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Financials · LTM to 31 Mar 26

Source: results 20 May 26 ↗

Revenue: £124m
Operating profit: –
Net income: £13.2m
Free cash flow: £14.9m
Net cash: £19.6m
Market cap: £124m
EV / EBIT: –
FCF yield: +12.0%
Price / book: 1.2×

Latest half-year · H1 Mar 26 vs H1 Mar 25 results 20 May 26 ↗

Revenue: £58.8m
Operating profit: £7.4m
Net income: £5.4m
Cash from operations: −£2.7m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 Mar 26 (six months to 31 Mar 26), published 20 May 26 · read the results ↗

Source ↗


Revenue	58,808
Operating costs	(47,529)
Amortisation of intangibles arising on acquisition	1,400
Acquisition equity incentive scheme charges	106
Costs relating to business acquisitions	159
Restructuring and redundancy costs	2,477
Mark to market charge on equity awards	(294)
Operating profit	11,279
Finance income	1,133
Finance expense	(265)
Profit before taxation	12,147
Taxation	(3,041)
Mark to market tax charge on equity schemes	715
Tax on adjustments	(564)
Profit after taxation	9,106
Diluted earnings per share	7.4p

Source ↗

	Unaudited As at 31 March 2026 £000	Unaudited As at 31 March 2025 £000	Audited As at 30 September 2025 £000
Assets
Non-current assets
Goodwill²	13,447	12,273	13,243
Intangible assets	10,969	10,620	12,229
Property, plant and equipment	4,947	6,950	5,922
Seed investments	4,663	4,677	4,570
Investments	1,328	-	-
Trade and other receivables	787	-	-
Deferred tax assets	2,616	2,793	3,249
Total non-current assets	38,757	37,313	39,213
Current assets
Trade and other receivables	28,421	34,626	32,789
Seed investments	12,116	11,954	12,245
Current tax asset	4,718	1,340	2,923
Cash invested in money market funds	27,483	38,352	45,151
Cash and cash equivalents	19,584	26,993	22,879
Total current assets	92,322	113,265	115,987
Total assets	131,079	150,578	155,200
Equity and liabilities
Equity
Ordinary shares	1,270	1,326	1,307
Share premium	9,291	9,291	9,291
Capital redemption reserve	56	-	19
Merger reserve	2,975	1,533	2,975
Exchange translation reserve	2,031	2,593	1,687
Retained earnings	90,550	101,871	99,940
Total equity	106,173	116,614	115,219
Current liabilities
Trade and other payables²	20,090	26,651	33,610
Lease liabilities	1,984	1,865	1,967
Current tax liability	5	595	49
Total current liabilities	22,079	29,111	35,626
Non-current liabilities
Trade and other payables	-	-	578
Lease liabilities	2,827	4,853	3,777
Total non-current liabilities	2,827	4,853	4,355
Total liabilities	24,906	33,964	39,981
Total equity and liabilities	131,079	150,578	155,200

Source ↗

	Unaudited Six months ended 31 March 2026 £000	Unaudited Six months ended 31 March 2025 £000	Audited Year ended 30 September 2025 £000
Asset and equity purchase of SKY Harbor Capital management net of cash acquired
Operating activities:
Cash generated from operations	1,296	8,536	32,914
Corporation tax paid	(3,987)	(4,960)	(9,094)
Net cash (used in)/generated from operating activities	(2,691)	3,576	23,820
Investing activities
Asset and equity purchase of SKY Harbor Capital management net of cash acquired	-	-	(4,449)
Acquisition of property, plant & equipment and intangible assets	(154)	(414)	(481)
Investments into unconsolidated Impax funds	(316)	(1,858)	(2,018)
Redemptions from unconsolidated Impax funds	245	750	1,591
Settlement of investment related hedges	(57)	179	(1,309)
Deferred remuneration fund investment	(1,395)	-	-
Earn-out payment	(36)	(23)	(49)
Investment income received	866	1,727	2,876
Decrease in cash held by money market funds	17,668	29,445	22,646
Net cash generated from investment activities	16,821	29,806	18,807
Financing activities
Payment of lease liabilities	(1,142)	(1,357)	(2,612)
Acquisition of own shares and share buybacks	(6,539)	(809)	(6,909)
Cash received on exercise of Impax share options	-	350	350
Dividends paid	(9,938)	(30,064)	(35,289)
Net cash used by financing activities	(17,619)	(31,880)	(44,460)
Net (decrease)/increase in cash and cash equivalents	(3,489)	1,502	(1,833)
Cash and cash equivalents at the beginning of the Period	22,879	25,300	25,300
Effect of foreign exchange rate changes	194	191	(588)
Cash and cash equivalents at the end of the Period	19,584	26,993	22,879

Source ↗

	2025 £000	2024 £000
Revenue	141,873	170,113
Operating costs	(114,457)	(121,086)
Finance income	2,876	3,946
Finance expense	(2,455)	(4,008)
Profit before taxation	27,837	48,965
Taxation	(7,543)	(12,488)
Profit after taxation	20,294	36,477
Earnings per share
Basic	15.9p	28.5p
Diluted	15.8p	28.2p
Dividends per share
Interim dividend paid and final dividend declared for the year	12.0p	27.6p

Source ↗


Company No	03262305	–
2024 (restated) 1	2025	–
Notes	£000	£000
Assets
Goodwill	12,747	11,869
Intangible assets	12,229	11,244
Property, plant and equipment	5,922	7,879
Investments	4,570	4,381
Deferred tax assets	3,249	4,222
Total non-current assets	38,717	39,595
Trade and other receivables	32,789	36,870
Investments	12,245	11,612
Current tax asset	2,923	1,208
Cash invested in money market funds	45,151	67,797
Cash and cash equivalents	22,879	25,300
Total current assets	115,987	142,787
Total assets	154,704	182,382
Equity and liabilities
Ordinary shares	1,307	1,326
Share premium	9,291	9,291
Capital redemption reserve	19	-
Merger reserve	2,975	1,533
Exchange translation reserve	1,687	1,296
Retained earnings	99,940	117,677
Total equity	115,219	131,123
Trade and other payables	33,114	42,687
Lease liabilities	1,967	2,084
Current tax liability	49	787
Total current liabilities	35,130	45,558
Trade and other payables	578	-
Lease liabilities	3,777	5,701
Deferred tax liability	-	-
Total non-current liabilities	4,355	5,701
Total equity and liabilities	154,704	182,382

Source ↗

	2025 £000	2024 £000
Operating activities
Cash generated from operations	32,914	63,624
Corporation tax paid	(9,094)	(12,988)
Net cash generated from operating activities	23,820	50,636
Investing activities
Asset and equity purchase of SKY Harbor net of cash acquired	(4,449)	-
Acquisition of property, plant & equipment and intangible assets	(481)	(1,074)
Redemptions from unconsolidated Impax funds	1,591	4,824
Investments into unconsolidated Impax funds	(2,018)	(5,998)
Settlement of investment related hedges	(1,309)	(1,167)
Earn-out payment	(49)	-
Investment income received	2,876	3,305
Decrease/(increase) in cash held in money market funds	22,646	(14,255)
Net cash generated from/(used by) investing activities	18,807	(14,365)
Financing activities
Payment of lease liabilities	(2,612)	(1,605)
Acquisition of own shares and share buybacks	(6,909)	(8,441)
Cash received on exercise of Impax staff share options	350	359
Dividends paid	(35,289)	(36,301)
Net cash used by financing activities	(44,460)	(45,988)
Net decrease in cash and cash equivalents	(1,833)	(9,717)
Cash and cash equivalents at beginning of year	25,300	37,963
Effect of foreign exchange rate changes	(588)	(2,946)
Cash and cash equivalents at end of year	22,879	25,300
Movements on cash reserves are shown in the table below
Cash and cash equivalents	(588)	22,879
Cash invested in money market funds and long-term deposit accounts	-	45,151
Cash in RPAs	-	(3,359)
Total Group cash reserves	(588)	64,671

	LTM Mar 26	FY Sep 25	FY Sep 24
Revenue to operating profit
Revenue	124.2	141.9	170.1
Operating profit to net income
Finance costs	(2.1)	(2.5)	(4.0)
Profit before tax	17.4	27.8	49.0
Tax	(4.3)	(7.5)	(12.5)
Net income (owners)	13.2	20.3	36.5
Per share
EPS basic	10.5p	15.9p	28.5p
EPS diluted	10.5p	15.8p	28.2p
Dividend per share	–	12.0p	27.6p

	H1 Mar 26	vs H1 Mar 25	H2 Sep 25	H1 Mar 25
Revenue to operating profit
Revenue	58.8	−23%	65.4	76.5
Adjusted operating profit	11.3	–	–	–
Operating profit	7.4	–	–	–
Operating profit to net income
Finance costs	(0.3)	−48%	(1.8)	(0.6)
Profit before tax	8.2	−56%	9.2	18.6
Tax	(2.8)	−54%	(1.5)	(6.1)
Net income (owners)	5.4	−57%	7.8	12.5
Per share
EPS basic	4.4p	–	6.1p	9.8p
EPS diluted	4.4p	–	6.1p	9.7p

	LTM Mar 26	FY Sep 25	FY Sep 24
Operating activities
Cash from operations	17.6	23.8	50.6
Tax paid	(8.1)	(9.1)	(13.0)
Investing activities
Capex (PP&E)	(0.2)	(0.5)	–
Financing activities
Lease principal paid	(2.4)	(2.6)	(1.6)
Dividends paid	(15.2)	(35.3)	(36.3)
Share buybacks	(12.6)	(6.9)	(8.4)
Shares issued	–	0.3	0.4

	H1 Mar 26	vs H1 Mar 25	H2 Sep 25	H1 Mar 25
Operating activities
Cash from operations	(2.7)	n/m	20.2	3.6
Tax paid	(4.0)	−20%	(4.1)	(5.0)
Investing activities
Capex (PP&E)	(0.2)	−63%	(0.1)	(0.4)
Financing activities
Lease principal paid	(1.1)	−16%	(1.3)	(1.4)
Dividends paid	(9.9)	−67%	(5.2)	(30.1)
Share buybacks	(6.5)	n/m	(6.1)	(0.8)
Shares issued	–	–	0.0	0.3

	31 Mar 26	30 Sep 25	30 Sep 24
Non-current assets
Goodwill	13.4	13.2^r	11.9
Other intangibles	11.0	12.2	11.2
Property, plant & equipment	4.9	5.9	7.9
Non-current assets	38.8	39.2	39.6
Current assets
Trade receivables	28.4	32.8	36.9
Cash	19.6	22.9	25.3
Current assets	92.3	116.0	142.8
Total assets	131.1	155.2	182.4
Current liabilities
Trade payables	20.1	33.6	–
Lease liabilities, current	2.0	2.0	–
Current liabilities	22.1	35.6^r	45.6
Non-current liabilities
Lease liabilities, non-current	2.8	3.8	5.7
Non-current liabilities	2.8	4.4	–
Total liabilities	24.9	40.0	–
Equity
Total equity	106.2	115.2	131.1

	31 Mar 26	30 Sep 25	31 Mar 25	30 Sep 24
Non-current assets
Goodwill	13.4	13.2^r	12.3	11.9
Other intangibles	11.0	12.2	10.6	11.2
Property, plant & equipment	4.9	5.9	7.0	7.9
Non-current assets	38.8	39.2	37.3	39.6
Current assets
Trade receivables	28.4	32.8	34.6	36.9
Cash	19.6	22.9	27.0	25.3
Current assets	92.3	116.0	113.3	142.8
Total assets	131.1	155.2	150.6	182.4
Current liabilities
Trade payables	20.1	33.6	26.7	–
Lease liabilities, current	2.0	2.0	1.9	–
Current liabilities	22.1	35.6^r	29.1	45.6
Non-current liabilities
Lease liabilities, non-current	2.8	3.8	4.9	5.7
Non-current liabilities	2.8	4.4	4.9	–
Total liabilities	24.9	40.0	34.0	–
Equity
Total equity	106.2	115.2	116.6	131.1

Read automatically from each results announcement. Check the source before relying on a figure.

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Company filings. Not investment advice.