- Clean energy and sustainability fund Impax Environmental Markets reported annual net asset value total return that topped its benchmark following a strong second-half recovery in equity markets.

For the year ended 31 December, net asset value total return rose 31% year-on-year topping its global benchmark MSCI AC World Index performance of 12.7%.

The company did, however, underperform its environmental markets benchmark, the FTSE ET 100, 59.3%, as the benchmark was largely driven by higher by electric vehicle names that the company did not own.

The company's pre-tax return was £242.3 million, up from £141.7 million year-on-year and revenue was £5.3 million, compared with £6.8 million earned in 2019.

The company cut its dividend by 23% to 2.3 pence a share from 3.0 pence paid last, reflecting 'dividend cuts from a number of our underlying investments,' it said.

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