Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

 Information  X 
Enter a valid email address

Impax Environ Mkts (IEM)

  Print      Mail a friend       Annual reports

Thursday 06 January, 2005

Impax Environ Mkts

Performance at month end

Impax Environmental Markets PLC
06 January 2005


All information is at 31 December 2004 and unaudited


Data                                      Pricing & Performance
Share Price (pence)                 71.25                         IEM            MSCI         Impax
                                                            Net Asset Value      World         ET50
Total Fund Size (m)                  38.3  Pence (31.12.04)       76.5            n/a          n/a
Management fee                       1.0%  Premium/discount      -6.9%
Established              22 February 2002
Fund structure           Investment Trust       Performance
Number of stocks                       62       1 month (%)      +3.0%           +3.3%        +4.0%
Exchange                           London      3 Months (%)      +12.5%          +5.2%        +7.5%
Currency                              GBP        1 year (%)      +15.9%          +5.2%        +5.0%
ISIN Number                  GB0031232498        2 year (%)      +41.7%         +23.8%        +24.1%
Sedol                             3123249  Year to date (%)      +15.9%          +5.2%        +5.0%
Reuters RIC Code                    IEM.L
Bloomberg Code                     IEM LN


Company                        Holding %      Description                  Country
Itron                                3.8      Meters & software            US
Casella Waste                        3.6      Waste disposal & recycling   US
RPS Group                            3.3      Environmental consulting     UK
BWT                                  3.3      Water treatment              Austria
Kurita Water                         2.8      Water treatment              Japan
Vestas Wind Systems                  2.8      Wind                         Denmark
Zenon Environmental                  2.7      Membranes                    Canada
CDS Technologies                     2.7      Stormwater & wastewater      Australia
Quantum Fuel                         2.6      Fuelcells & hydrogen         US
Tetra Tech                           2.2      Environmental consulting     US

                 Total              29.8


Geographical                         Company Size
North America             51%        >£500m                  21%
Europe                    40%        £100-500m               56%
Rest of the World          9%        <£100m                  23%

Sectoral                             Profitability
Energy                    35%        Profitable              89%
Water                     33%        Pre-Profitable          11%
Waste                     31%
Cash                       1%
* of funds invested as of 31 December 2004


The Company NAV was up +3.0% during the month compared with the MSCI World
Index, which increased +3.3% and the Impax ET50, which increased +4.0%.  The
energy and energy equipment stocks were weakest as the oil price fell 12% with
Brent Crude finishing the year at $39.9 per bbl.. The year finished positively
for Environmental Markets stocks with a broad advance across each of the sub-
sectors; the main developments are discussed below. Also during the month, an
IEM sister open-ended product (Impax Environmental Markets Ireland) was launched
on the Dublin Stock Exchange.

Despite the fall in the oil price, the alternative energy and energy efficiency
stocks continued to perform well.  Westport Innovations (clean engines, Canada)
announced progress in different areas of its business with new relationships
with Beijing Sinogas in China, Renault Trucks in Europe and South Coast Air
Quality Management District in California.  In the wind sector there were a
number of large orders for the main independent turbine manufacturers (Vestas,
Gamesa and Repower), with Gamesa (wind, Spain) announcing both the sale of six
wind farms in Spain to an Australian infrastructure fund that is 50%-owned by
Babcock & Brown, and that Iberdrola has increased its stake in the company to
26%.  Other news included the IPO of Questair (hydrogen purification, Canada),
Carmanah's (solar powered LEDs, Canada) large order for LED edge-lit illuminated
advertising signs in Canada, positive results from FuelCell Energy (US), and the
selection of Quantum (fuel cells & hydrogen, US) by General Motors for an
emissions testing contract.

In the water treatment & pollution control sector, we had updates from two
companies that made important acquisitions earlier in 2004.  First Technology
(sensors, UK) reported results that were ahead of expectations principally due
to the strong growth in BW Technologies which was acquired by First in May. 
Meanwhile, Cuno also reported strong results as well as a good contribution from
WTC Industries that was acquired in August. Several companies announced
important orders during the month - BWT was awarded a large order for two
desalination plants in the United Arab Emirates reflecting the growth in
desalination markets as costs continue to fall; Hamworthy (onboard pollution
control, UK) announced a £48m order for liquid natural gas (LNG) reliquefaction
systems from South Korea, and Bioteq Environmental (mining cleanup, Canada)
announced a second order from Phelps Dodge for a facility in Oklahoma.  
Finally, CDS Technologies took a controlling stake in Triwater (wastewater
treatment, Australia) to strengthen the company's presence in the Australian

There have been positive developments for Tomra (reverse vending machines,
Norway) during the month as Germany harmonised its national deposit scheme for
packaging materials across the country.  This should pacify the European
Commission and accelerate the adoption of the scheme which, in turn, should lead
to earlier orders for Tomra machines.  In addition, the company announced the
acquisition of Orwak Group (compaction solutions, Sweden) which will diversify
its market exposure, and also that the UK retailer Tesco is set to open a unique
recycling complex at its Winchester store in Hampshire which is expected to
reward the public for recycling plastics, cans and glass using a Tomra reverse
vending machine.  Also in the UK, Straight plc (recycling containers, UK)
announced that it will be acquiring is main competitor Blackwall (recycling
containers, UK) in a move that will double the turnover and profits of the
combined group.

Latest information available at:

6 January 2005

                      This information is provided by RNS
            The company news service from the London Stock Exchange