Impax Asset Management Group plc's (IPX.L) shares were losing around 11 percent in the morning trading in London after the company reported Wednesday lower profit before tax in its first half on increased operating costs and weak revenues.
For the first half of the year, profit before tax decreased to 21.4 million pounds from 32.7 million pounds in the prior year.
Earnings were 12.8 pence per share, compared to 20.1 pence per share last year.
Adjusted profit before tax was 28.2 million pounds, compared to 34 million pounds of the previous year.
Adjusted earnings per share were 17.2 pence, compared to 21.1 pence last year.
Operating costs increased to 63.1 million pounds from 56.7 million pounds of last year.
Revenues decreased to 88 million pounds from 88.6 million pounds of the previous year.
Assets under management was 40.1 billion pounds as of March 31, higher than 38.0 billion pounds last year.
The company has declared an interim dividend of 4.7 pence per share, same as last year. The dividend is payable on July 21 to shareholders of record as on June 16.
Currently, shares of Impax are trading at 700.90 pence, down 11.17% or 88.10 pence on the London Stock Exchange
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