Impax has delivered a solid set of final results: 21.3p vs SCMe 22.6p. Revenue has been impacted by the (well flagged) reduction in AuM during the year. The operating margin has stepped down but with some mitigation through lower costs. The balance sheet remains well capitalised with £64.7m cash. At Q4, we heard that the flow trend improved in H2 with developing client interest, which has been repeated today. The exit run rate information provides confidence heading into FY26e. The shares continue to trade at an undemanding ~8.5x PER. We remain at BUY and look for further improvement in flows.
