London-listed Impax Asset Management suffered an earnings decline over the first half of its financial year.

Operating earnings at London-based Impax Asset Management fell 15 per cent year-on-year to £2.3 million ($3.6 million) due to new business pursuits over the half-year to 31 March.

Meanwhile, its associated operating margin fell from 27 per cent to 22 per cent, Impax reported in an interim results statement.

“Notwithstanding the material top-line growth, the drop in operating earnings and margin reflect the investments we have made to pursue new business, particularly in the area of real assets,” said Impax's chief executive, Ian Simm.

During the same period, Impax, which invests in the opportunities created by the scarcity of natural resources, boosted its assets under management by 13 per cent to a new high of £3.1 billion.

As the US and Europe drove net inflows of £96 million over the six months, pre-tax profit reached £1.9 million, up 36 per cent from the corresponding period the previous year.

The investment manager saw its revenues climb 5 per cent to £10.4 million as its interim dividend rose 33 per cent to 0.4 pence per share.

“We continue to develop our business in response to rising investor demand and our mandate pipeline is healthy, with investor interest in both our listed equity products and real asset strategies,” said Simm.