Impax

Impax, the environmental corporate finance and asset management concern, may have announced improved results but it is yet to convince us the colour of money is really green. Turnover for the year for continuing operations reached £1.8m from £828,000 in the same period last year and losses before amortisation of goodwill was reduced by 15.5% to £676,000. The Starks oil field was finally sold in June to Temsik investments and the proceeds of the sale netted the company £767,313. Impax is also looking to realise value from its Nukern Oil Field in California and has entered a co-operation agreement with American Oil & Gas to cover maintenance and re-establish oil production. To realise the company's ultimate goal, the agreement grants an option to purchase the field by August 2004. Outgoing chairman Stuart Bickerstaff was quick to point out improved revenues from asset management as a result of higher equity prices and the mandate to manage the £5m Recycling fund. Corporate finance, he claims, also achieved 'significant revenue growth' in the second half of the year, with increased activity in advising governmental agencies such as the Department of Enterprise, Trade and Investment for Northern Ireland. The strategy set out for Impax, Bickerstaff observes, is beginning to 'demonstrate signs of success', however, prospective chairman Keith Falconer may not find the grass is greener on this side. Avoid.

Sector: General Financial

Companies: Impax Asset Management

Market cap: £1.77m

PE Forecast: n/a

Share price: 6.13p

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