Right. We seem to have most people on now. I'll just give one or two reminders. I'm sure most of you have done this before. You will see the Q&A function at the bottom of your screens. Please do submit any questions that you might have as we go along, and we will deal with them after the end of the formal presentation. Charlie and Ian will be referring to and using a slide deck, and you can find that on the Impax Asset Management website under the Investor Relations section. This interview is being recorded. I shall now welcome back Charlie Ridge, the CFO, and Ian Simm, the Founder and the CEO, who have spoken to investors with regularity for many years.
They have, again, a very encouraging message, which is to discuss the results that they've reported today for the financial year that ended the 30th of September. I will now, without further ado, pass over to Ian, who will take you through the day.
Hello, everybody. Welcome to the annual results presentation for Impax Asset Management Group plc. If I can have the first slide, please. These are the numbers for the 12 months to the end of September 2021. Over that 12-month period, we were able to grow our assets under management by 84% to a record high of GBP 37.2 billion, and that included GBP 10.7 billion of net inflows, which is also a record. Looking to the future, the market context in which we're operating is highly attractive. We've got really strong investment performance to demonstrate to prospective clients our capabilities, and we have a robust platform for further growth.
During the 12 months, we've also won a number of awards from very strong and reputable brands in the media space, lots of accolades coming Impax's way during that period. The financial performance is summarized here, GBP 143 million of revenue for the year, which was a record. That's, of course, led to strong increases in profit in various measures. In the bottom right, you can see that we've also announced a GBP 0.17 final dividend, a record high for the dividend, taking total dividend for the year to GBP 0.206 per share. In the blue box at the bottom, you can see the end of October assets under management number that we've posted on our website, GBP 38.9 billion, which is also a record, of course.
On the next slide, you can see a little bit of color around the company. For those of you that don't know us, we're a specialist investment manager targeting this idea that the transition to a more sustainable global economy is set to create investment outperformance through market growth and pricing imperfections throughout listed and private markets for the foreseeable future. That's allowed us to build a business in the equities, fixed income, and private market space with a global footprint. On the next slide, our distribution arrangements are really international, so 75% of our client base is overseas from the U.K. We have strong distribution teams in the U.K. and the U.S., where we do direct selling, and then we have investment and distribution partners all around the world.
The distribution through BNP Paribas Asset Management covers much of Continental Europe and places like Japan. We have partners for distribution in places like Canada, Australia, and the Middle East. The funds and accounts that we run are based on a number of strategies that are shown here. If you'd like more details, then please go onto our website. Essentially, we're running thematic funds in the environmental market space and sustainability lens funds in the more broadly based equity space. We have a few other specialist products as well. Just on the next slide, turning to the market context. Well, I think it's fair to say that it's never been a more attractive time to be investing in the transition to a more sustainable economy.
The policy environment is really very strong, not just the COP26 climate conference and the policy arising from that, but also spending linked, for example, to the U.S. infrastructure bill, which has been passed through Congress. We're also seeing through the Build Back Better mantra around fiscal stimulus and fiscal support post-COVID that there'll be a lot of money supporting the clean economy over the next infrastructure cycle. Along that direction of travel, I'll let you know when the slide change should happen, if that's okay. Along that direction of travel, the number of investment opportunities is continuing to expand.
We're seeing demand growing for goods and services linked to energy efficiency, for air pollution control, for water treatment, and for many other products and services, for example, in the renewable energy or food and agriculture sector. Large companies are pivoting to the space, complementing the more challenging and providing competition for the small and mid-sized companies which have been there already, and Impax is investing in all types of companies in terms of size. It's not surprising that in the context of that market backdrop and that activity, there's lots of asset owners around the world who are considering changing their portfolios to give them more exposure to these trends. Alignment of portfolios with net zero and a lot more sort of impact and values-based investing, that's all helping Impax's promotion.
Of course, we are really well-positioned for expansion to exploit these opportunities and to serve these asset owners wanting to increase exposure. We're seen as an authentic brand with more than 20 years of experience. We have a large, stable team that's well-aligned with the business management owners. We have a 20% of the company, and we've got proven capabilities, particularly in distribution. On the next slide, the results for the year just gone show really strong progress in all geographies. In the U.K., we've seen our partnership with St. James's Place expand very considerably. We've seen our investment trust Impax Environmental Markets grow quite rapidly, and we've seen our Irish UCITS fund range expand considerably to record levels.
Across Continental Europe and Asia Pacific, we've seen a really strong uptick in the level of business we've got with BNP Paribas Asset Management. Our direct sales is also picking up in product ranges and channels that are not covered by BNP Paribas. Significant expansion in Australia with our relatively new partnership with Fidante building on an established base, so some new segregated accounts and flows into mutual funds in Australia. A big step up in business in Japan, particularly from Nomura in the context of the work that we're doing through BNP Paribas, which is acting as an intermediary for that Japanese business. Probably the most exciting area for growth, certainly looking forward, is North America, where we have been well established for more than a decade.
The Pax World fund range that we picked up when we bought Pax World Management in 2018 has seen accelerated growth and record levels of Assets Under Management. We've had quite a significant number of new wins around segregated mandates and new distribution partnerships, including our first collective investment trust for a ERISA client, which is a particular type of pension fund clients in the U.S. where the barriers to entry for managers are quite high, and we finally got over those barriers. In the context of more opportunity than we have just brought on board an experienced new head of distribution, who'll be adding some leadership and further direction of focus to our sales team. On the next slide, you can see the breakdown of the growth in AUM over the two halves of the year.
I think the key message from this slide is the strong flows in both the first half and the second half in the context of rising markets. We're encouraged by the start to the new financial year, as I mentioned, GBP 38.9 billion by the end of October. The next two pages show investment performance, first of all for our thematic or environmental market strategies, where the blue bars show the performance of individual funds against the gray bars, which are the benchmarks. By and large, we've got significant outperformance over one, three and five years. The only fund that's not outperforming against the All Country World Index is our food fund, which is deliberately positioned as a value strategy, value-oriented strategy and therefore offering diversification within portfolios.
On the next slide, the sustainability lens strategies, which are less thematic and more broadly based and including other areas. Could you change the slide, please? Thank you. These have also performed very well. Our award-winning Global Opportunities Strategy on the top left has been demonstrating on delivering very good outperformance. We've seen good performance from our U.S. products which are run out of New Hampshire. On the next slide then, this is an update to the customary slide that we put in our packs showing, first of all, in the top left, the breakdown of our assets under management according to the different investment strategies. Nicely diversified. We don't have one fund that's sort of dominating.
On the bottom left, our distribution arrangements are also nicely diversified as well, with a mixture of partnerships and Impax label and Pax label funds. Then the top right, you can see that, as I mentioned earlier, 75% of our business is from non-U.K. clients, which I think is a real differentiator for a U.K.-based boutique. We've done, I think, quite a good job in promoting our services around the world. On the next slide, also an update. This is to the inflows for the period, and this compares to the previous year. The current year, or the year in question in the dark blue and the previous year in the brighter blue. Clearly very positive flows across the board and accelerating flows.
The darker bars are longer than the more royal blue bars showing acceleration of inflows in the U.K. on the left-hand side. You can see the magnitude of the flows into the St. James's Place mandate, for example. Flows with the BNP Paribas strategies in the middle. I think the most dramatic is probably the Pax World funds acceleration on the right-hand side, where we've really benefited from well-established relationships and a more focused distribution and sales approach. On that next slide, the conclusion of the acquisition of Pax World Management happened in January this year, the third anniversary, at which point we completed the purchase of the remaining shares in that company held by management for a total consideration of $3 million.
We also paid some contingent consideration or earn-outs based on a formula which resulted in a very small payment to the selling shareholders. The way that payment was structured meant that we've ended up paying a relatively small amount, even though momentum in the business has continued way past the business plan. Quite appropriate structuring, should we say, and I think quite fortunate in the way that the numbers actually landed, so we haven't had to pay very much for that additional growth. What that does do, of course, is further strengthen our platform for expansion in North America. We now have around 100 employees in the United States. We've got well-established relationships with consultants.
We've got a fund platform in the mutual fund space which is at scale and well-regarded in much of the intermediary community. We've got a sizable team able to promote our offering to an increasingly attractive and attentive marketplace as U.S. investors of all complexions starting to wake up to the new industrial revolution around this low carbon transition. On the next slide, the plans for the future really are around organic growth, making the most of and expanding our existing strategies. There's still plenty of capacity headroom across the board, which we'll be exploiting with more and more distribution, hopefully more success, even more success through direct distribution. We are, of course, at the same time looking at getting new products off the ground. We've got a good track record of developing new ideas from scratch.
Right now we've got a couple of ideas that are seeded, our gender strategy out of the U.S. and our Asian Opportunities Strategy run out of Hong Kong and London, which are building track records. We've recently pivoted one of our systematic equity funds in the U.S. to infrastructure flavor. There's also work underway to try and develop new ideas, which we're keeping under wraps at the moment, but the machine is whirring. Finally, we have continued to be successful in the private markets space, where we've been concluding the investment phase for Fund III and raising the first tranche of capital for our fourth fund, which is now starting to deploy capital into relevant assets, particularly in the clean energy space, mainly in Europe.
Longer term, there is scope to add to those capabilities and do more work in the private markets, fixed income and potentially long-only space, long-only equity space as well. Then on the delivery of services to our clients, of course, people are right to the heart of our operations, and we've been investing further in the HR and team capabilities at the firm. One of the common themes across the whole economy, of course, is what's happening to office life post-COVID. We are still working that through, but have returned to a part-time hybrid sort of working model, temporarily and looking to put in place more robust policies once the COVID situation settles down in our core geography, so particularly in London and in New England.
Our employee survey conducted every two years, we did one in April, and that produced a very high engagement score. We have a seemingly very engaged and motivated workforce and that's right at the heart of our philosophy to try and ensure that Impax's remains an attractive place to work. Our headcount has grown considerably by nearly a quarter to 216 people by the end of September, so that has involved a lot of work to identify and onboard talented people and to make sure that they feel properly integrated.
We built out a team in Dublin from scratch as our post-Brexit E.U. office, and we've been doing quite a lot of work on equality, diversity, and inclusion to make sure that we are appropriately structured as a firm with good representation from all corners of society. That work will continue. With regard to the operations and corporate services of the firm, we recognize that with a scalable business, we're gonna have to continue to ensure that the processes, policies, and IT are fit for purpose. While we're continuing to build out our capabilities organically in light of prospects for further growth.
That does mean that we will have additional headcount coming into the space and some additional IT spend, but we don't expect anything in the way of major disruptions or major cost items. We are able to build that organically and successfully. Wrapping this whole system plan is our Impax 2025 project, which is designed to ensure that we have detailed plans for expanding the firm in different divisions over the next three to four years. That work is underway at the moment just to make sure that we have everybody pulling in the same direction, putting together a growth plan linked to three-to-four year objectives. Charlie is now gonna run through the financials, and I'll come back at the end. Thank you.
Great. Thank you. Yes, I'm delighted to present these very strong results, which reflect the substantial growth that Ian's just been through over the past year. If we go to the first slide, which shows revenue, and we can see the very strong growth in revenue, 64% up on the prior period, driven by both flows and market performance, but in particular by flows. Delighted to see that. We're showing for the first time a new graph on this page at the bottom, which splits out the flows over the course of the year by quarter. We can see how we were very strongly positive throughout the period with a seasonal dip in the summer, which you'd expect.
The other thing this shows is the fee margin, extremely stable. In the sense that new money is coming in at broadly similar levels to existing money, and you can see that on the top right where we're showing the run rate basis point charge is little changed on the prior year. The thing, the final thing to note, which is as compared to the revenue for the year of GBP 143 million, the run rate, which is put simply the end of September AUM multiplied by the fee, by the rate for each account, is GBP 174 million. Substantially higher than that captured during the year. If we can move on, please. Next slide.
This slide, you might recognize, it looks very similar to the one that Ian just talked to a few moments ago, and it segments all of the client business through a number of different, ways. There's by strategy, by domicile, and client type. The key point here is that the revenue base that, I just talked you through is extremely well-diversified, no matter how you, slice and dice the business. Very, very strong underpinning of the business. Can we move on, please? Coming to costs. Costs have grown over the year as we've been supporting the firm's growth, as Ian's mentioned. The main one, of course, is staff. We are a people business, and in that context, we've brought on 41 new positions, many of which of those were in the second half of the period.
At the end of the year, we had 20 positions open, seeking to be filled as well. The intention is to continue to carefully hire into the various teams as the business grows. Clearly, we can't predict exactly what's going to happen over the coming couple of years, but assuming broadly speaking sensible market conditions and inflows, then we are assuming that we'll be adding to most of the teams. I think a key point, however, is that our scalability is very much built around the investment team that manufactures all of our products.
You can see on the bottom right of this chart that the amount of business, the assets under management per investment team member, has grown dramatically by over 50%, showing just how scalable that core part of the business is. Even overall, the overall headcount, that 41% or 25% increase in headcount is considerably behind the revenue growth. Other things to note that in terms of variable staff costs, we have a policy of targeting 45% of the pre-bonus operating profit, i.e. the revenue less the fixed costs, and targeting 45% as a variable remuneration pool that covers cash bonuses, the cost of equity awards, and any national insurance. As the profitability has gone up, then clearly that component has gone up as well.
Finally, I'd note that the run rate for expenditure is also higher than the costs incurred in the year, as you'd expect, and that's shown here at GBP 106 million. I.e., taking the costs in place at the end of September and annualizing them. Great. If we then move on to the next slide. If we combine the revenue and costs, we then turn to profitability. Here we see the 140% rise in operating profit. Significantly ahead of the simple revenue increase due to that higher increase in revenue as compared to cost.
In addition, the operating margin, which you can see on the top right, is now at 39%, a significant increase from the prior year, continuing the trend that we've seen for a number of years. Which you'll see on the bottom left, the gray line, is that operating margin, and you can see it's been trending upwards throughout. Dipped slightly a couple of years ago as we were integrating the Pax business in, and we're now at 39%. Even if you adjust for the open hires that I mentioned at the end of the period, based on a run rate basis, we're still at 39%, so very similar. Strongly positioned. If we can now move on to the next slide. What this means for cash flow generation is unsurprisingly very positive.
The profitability has fed through to strong cash flow. On the back of that, the board is recommending a 140% increase in the full-year dividend for the year, which, as you'll recall, matches the level of profitability increase. This represents a 60% payout consistent with our policy of paying between 55%-80% of adjusted profits after tax. Hopefully, that'll be well-received by the market. Even allowing for that dividend, the balance sheet remains very strong. We have plenty of cash on the balance sheet, and even allowing for regulatory capital, which we're required to earmark as part of being a financial services firm, we have GBP 18 million in addition to that's available for other purposes.
That's plenty for us to nimbly run the business, be that on seeding new capabilities, be it on purchasing shares into our Employee Benefit Trust, which we do from time to time if we think it's a good use of shareholders' funds. The purpose being to mitigate dilution in respect of staff share schemes and other business development or M&A activity. A strong balance sheet. Thank you. I think that might be that's the final slide. Back to Ian.
Just to conclude before handing back to Andy for questions, I think Impax is incredibly well-positioned in the context of a really attractive set of opportunities linked to the idea of a transition to a more sustainable economy, producing great investment returns. We're seen as an authentic manager in that area with a strong brand. We've got a compelling set of investment strategies and capabilities which are institutional quality. We have a distribution network which is well-diversified internationally and with a high degree of independence between different allocators. Our team is resilient and our capabilities for delivering strong and robust services for clients are well proven.
As the market grows for clean energy, for energy efficiency, for resource efficiency, and for associated industries and sectors linked to this idea of sustainable development, then we are really well placed to meet inbound inquiries from asset owners and asset allocators around the world looking for opportunities and managers to hire. If we put all that together, Impax is really well placed for further growth. We are pleased with the results and the great team efforts that have led to the results for the financial year we just reported on. We also believe that the opportunities for the company will continue to be very attractive in the future.
Great. Well, thank you very much, gentlemen. Very thorough, as always, and quite a lot of questions to deal with. Perhaps we can start in, I suppose a nice problem to have. We've had a couple of questions about the size of your fixed income and your private markets business in the context of just how aggressively equities have grown. Summarizing those, is there a great opportunity with fixed income being only 3% of total assets under management? And another question was whether you could accelerate private markets scale by perhaps buying in another firm or another team, even though this is a happy shareholder who says your record of organic growth is outstanding.
I think, yes, we do see that there is opportunity to make money for clients in fixed income, and the track record so far in our products is suggestive that that we're able to do that. Yeah, we're looking to expand that over time. Looking at different options at the moment, but without any, you know, without giving any clear guidance about the exact route we're going to follow. With private markets then yes, again, there's more we could do. Our team is very successful, but flat out delivering value in the current Fund III, and also the new Fund IV. In theory, yes, we could buy a team or another boutique to add more capabilities. Right now, the distribution is focused on getting our fourth fund up to scale and make the most of that.
Once again, it's an area that we continue to be interested in with, but without a commitment to exactly how we're gonna grow.
Thank you. In terms of fee rates that you're able to charge clients, which appear to be very healthy and stable from these numbers, we have a question. Is there any regional variation, North America, Europe, Asia? Are you finding regional consistency in what you are able to charge?
I think we are seeing some regional variation. Generally speaking, in North America fees can be higher. The clients generally are happy to pay for performance, but they have a huge amount of choice and they're not afraid to cut ties with managers if those managers are not performing. So if you're performing well and in favor, then you can generally attract a high fee rate. Areas that there is much more fee pressure would include Scandinavia and Australia, where one needs to, particularly in Australia, I think, decide whether one's gonna pursue the institutional market where the fee pressure is really acute or more the intermediary market. Fidante, our partner is working in both areas, but I think we'd like to see more growth in the intermediary market in Australia.
Okay. Thank you. Maybe one for you, Charlie. Just, you've outlined the proportions that were going into, staff bonuses. Retention has been extremely good through the years. Are you able to say a little bit more about how employees are rewarded in a ratio of cash and shares, in a typical year?
Sure. We don't have a specific target range to pay in any one year to either in aggregate or for individuals. We do look at it case by case in terms of the particular circumstances of the compensation round, the profitability, the achievements. We look at existing awards that people are holding. We see it very much as an incentivization and retention tool. It is more sort of case by case. Rather than policy led. In terms of what that means overall, the majority tends to be in cash. Clearly with the potential that comes with equity for significant appreciation, then actually with hindsight, people kind of can do very, very well from the equity.
Okay. Thank you. Perhaps for you, Ian, could you give a little more detail about the duration of the BNP distribution agreement?
The distribution agreement with BNP has been running now since 2007 and is rock solid in the sense of there being a high degree of interconnectedness between our business and theirs with the five major mandates and quite a few other accounts where they've been helpful with introductions. We also have them as a shareholder of maybe 14% of our shares, the largest shareholder in the firm. There is, as of last year, an updated agreement which provides for continuing the strategic partnership. It does have a minimum term, which was a four-year term, so there's three more years to run on that. But that's very much sort of one of the clauses in the agreement that is not intended to be a sort of drop dead date.
It's just a sort of sensible get out clause if either party needs it.
Okay, thank you. Regulation. Now you can't go anywhere without regulation, but there is much more regulation and disclosure creeping into sustainability activity within corporates. Can you give our readers a little more perspective of how you think you can benefit from this, and indeed how you might well be an opinion leader?
When you say regulation, do you mean regulation around, for example, energy markets or infrastructure? Or do you mean regulation around the financial sector and asset management in particular?
I think it's the former. I think it is the activities in which you're investing.
Well, I think it's fair to say that many of the sectors that we're investing in do have a regulatory or policy component around them. For example, the mandates around renewable energy or clean energy in the European , or regulations to govern the supply and quality of water in most countries around the world. As the problems around climate change and pollution more generally grow, and as there's more and more pressure on scarce land resources, it's likely that policy and regulation will continue to shape market opportunities. We've seen the Biden infrastructure bill, we've seen a slew of regulations in Europe linked to climate change. And we've seen countries as far afield as Japan, Australia and Canada all wrestle with how they're gonna adopt more clean energy.
That's definitely a rising tide of intervention or market design, which Impax is able to gain investment edge on by interpreting how the policy is likely to evolve. We do have a team of policy specialists who are providing expertise to help the investment teams. At the same time, we're also doing some advocacy work, usually alongside other investors or investment groups, just to help design or help regulators design and shape policies that are gonna lead to optimal markets and optimal conditions for capital allocators.
Okay. Thank you. I've had two or three questions relating to capacity in different meanings. I think first of all, we have a question, you have significantly more money to invest into businesses. Does that mean you are investing in a dramatically higher number of companies, or is it a case that the average amount that you are putting into an investment has gone materially higher or a combination of both?
Well, I think the first thing to say is that markets have continued to rise this year, and that's meant that many, if not most of the companies we're investing in are larger and therefore more liquid. We are able to deploy more money into those companies because of their larger scale and larger liquidity. At the same time, the rapid expansion of the underlying markets in which we're investing has meant that there's more companies, newer companies to invest in, either because they've just gone public or because they are large companies that are sort of pivoting into the areas that we would like to invest. It's probably sort of a all the above response.
Yeah. Thank you. You've alluded to the capacity that you feel you have within your teams and your infrastructure to manage significantly more money. It sounds from that you're very comfortable that the investable market is still large enough to accommodate not only your growth in asset management sums, but others in the sector who are also accumulating assets.
Well, we're looking at the equation from our own vantage point 'cause we need to look after our own clients' money. Right now, if we run our standard capacity methodologies over the funds that we're running or the investment strategies that we're running, then we're confident that we can manage between $80 billion and $100 billion of total assets compared to today's $50 billion under management. In that context, there's plenty of room for the firm to expand. If markets continue to rise, then those numbers, those limitations should rise as well as market liquidity improves and the capacity numbers rise accordingly. Still plenty of headroom.
What others are doing obviously is for them to govern, but there are some areas where it's clear that there's a lot of money sort of coming in and pushing out valuations, for example, in renewable energy utilities, where we're typically avoiding the gold rush and selling into strength and looking and committing to opportunities elsewhere.
We have a question about COP26, at which, you know, you and Impax were represented. Did you regard it as a positive outcome from the week? For the world, not for Impax, I think is the purpose of the question.
Yeah. Well, I think COP26 had an enormous amount of pressure. There was an enormous amount of pressure on those running the conference to succeed. I think generally speaking it was a success in the context of advancing the discussion around commitments to decarbonize, but crucially to establish some platforms and partnerships in specific areas to reduce damage. The commitments to reduce and halt deforestation, the commitments to reduce methane leakage and emissions, commitments to phase down coal power use were all really powerful and groundbreaking. However, there's still a lot more work to be done.
In the context of the next conference, the so-called COP27 conference, which will take place at the end of next year in Egypt, there's likely to be more pressure around the international community to further strengthen commitments to reduce climate change. Ahead of that conference, there's likely to be a lot more news flow and policy announcements. Those developments should all be positive for sentiment around what Impax's target markets and for corporate commitments to deploy more capital in this area.
Right. I think talking about target markets, we'll end with I can roll a couple of questions here together. There's interest in exactly what you are investing in that has led to such a good performance in the Climate strategy. We've also had a couple of people asking if you could just clarify what you mean by the next industrial revolution and the sectors, the energy providers that you've found interesting looking forward to invest in.
Well, I think let me take those in reverse order. The next industrial revolution is really gonna take place across the board. Today, more than 80% of energy across the world comes from fossil fuels, and more than 25% of energy comes from coal. The idea of a net zero economy, which we need to get to by 2050, is that we get rid of fossil fuels completely, and we need to get rid of coal in the 2030s, if not by 2030. By itself or just that fact alone means that we're gonna have a complete revolution in how energy is supplied. The knock-on effects of that, of course, will affect areas like mobility, so we're in the very early stages of a complete replanning of how we get around.
From the U.K., from 2030, it will be not possible to sell cars with internal combustion engines. Diesel and petrol cars for passenger vehicles will disappear in the forecourts by the end of the current decade, which is quite extraordinary to think about. We're in a context of an industrial revolution in transportation and in areas like shipping, airlines, and then in basic materials areas such as steel and cement. We need to see complete transformation of those industries as well.
I think this is correctly and appropriately described as an industrial revolution, and it's enormously exciting for those companies that are able to provide solutions that do work in a sort of zero carbon or net zero world to which the sort of developed economies are trying to head over the next couple of decades. Where are we investing? Well, we're investing in all of the above. The Climate Impact strategy is investing in those small and midcap stocks that are supplying renewable electrons, so wind turbine manufacturers, solar power manufacturers, those companies that are providing installation and services around renewable energy. We're investing in energy efficiency in the building space, in industrial energy efficiency, and in power electronic efficiency.
We're investing in water supply, water treatment, water conservation, and the sensing and control technologies that are required by that area. We're investing in low carbon food and in particular to try and reduce the 30% of food waste that happens between the field and point of consumption, as well as in meat substitutes and in areas such as smart packaging. That's particularly what Climate Impact is doing. Then across the other impact strategies, we're investing in a broader array of sectors as well, including in the Global Opportunities Strategy, for example, in healthcare companies linked to personalized medicine and in financial services companies linked to opportunities in emerging markets for savings and pensions products.
Yeah. Keeping you busy. Right. Well, I'd like to thank our audience. They have some very interesting questions, and a number of these questions were prefaced by people saying they are extremely happy and grateful shareholders, and they also very much appreciate the work that Impax is doing for sustainability on a global basis. Thank you very much, gentlemen. Your time and commitment to shareholders is always appreciated as well, and we wish you all the best to carry on doing the good work.
Great. Thank you.
Thank you.
Thank you very much, gentlemen. We're still live, so I'll pass on a message to you shortly if that's all right.
Great. Thanks, Andy.
No, thank you both very much.
Yeah. Speak soon. Thank you.
Thank you.
Bye-bye.