Impax Asset Management (AIM:IPX) shares fell more than 10% after the sustainability-focused fund manager reported a mixed set of interim results, though they were mostly in line with expectations.
Operating profits came in at £25.8 million, a 5% decrease from last year but the dividend was held flat at 4.7p.
Assets under management at the end of March stood at £39.6 billion, a 6% increase over the half, with positive market movements and performance offsetting net outflows of £2.7 billion.
CEO Ian Simm says: "Following nearly two years of relative headwinds, asset owner sentiment around the transition to a more sustainable economy and associated areas of Impax expertise has improved in recent months.
"We believe that companies providing innovative solutions that address environmental and social challenges remain compelling. Over the long run, we believe these companies can benefit from rising demand for their products and services and deliver strong earnings growth."