REG - Oakley Capital Inv. - Interim Results for the 6 months ended 30 June 25

Oakley Capital InvestmentsAnnouncement

11/09/2025 07:00

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RNS Number : 8636Y  Oakley Capital Investments Limited  11 September 2025

11 September 2025

 Oakley Capital Investments Limited

Interim Results for the six months ended 30 June 2025

Oakley Capital Investments Limited(1 )("OCI" or the "Company") today
announces its half year trading update for the six months ended 30 June 2025.
OCI is a listed investment company providing consistent, long-term returns in
excess of the FTSE All-Share Index by investing in funds managed by
Oakley Capital(2) ("Oakley").

The Oakley Funds(3) invest primarily in unquoted, profitable, pan-European
businesses with recurring revenues, and across four core sectors: Technology,
Education, Consumer and Business Services. Oakley's origination capabilities
and proven value creation drivers help founders and management teams
accelerate growth and produce consistently superior returns for investors.

Standout exit and earnings growth drive NAV return

Highlights for the six months ended 30 June 2025

 ●    Net Asset Value ("NAV") per share: 742 pence; NAV: £1,275 million
 ●    Total NAV return per share (including dividends): 7.1% (+49 pence)
 ●    Total shareholder return: 2.7%
 ●    Transactions: look-through investments and proceeds of £54 million and £6
      million, respectively
 ●    Total outstanding Oakley Fund commitments: £1,070 million, to be invested
      over the next five years
 ●    Cash and undrawn credit facilities: £257 million
 ●    Share buybacks: c.£21.4 million of shares repurchased and cancelled

Read more about OCI's KPIs here
(https://www.oakleycapitalinvestments.com/2025-interim-report/p006-oci-kpis-16925.html)
.

Portfolio highlights

 ●    Average portfolio company organic LTM EBITDA growth of 13% (FY2024: 15%)
 ●    Average portfolio company valuation multiple (EV/EBITDA) of 16.3x (FY2024:
      16.4x)
 ●    Average net debt/EBITDA ratio of 4.2x (FY2024: 4.1x)
 ●    The key drivers of NAV growth were:
 o                                            Exit uplift: the agreed sale of vLex (+30 pence) at a substantial premium to
                                              the prior carrying value
 o                                            Portfolio company trading: increased earnings growth from Bright Stars (+6
                                              pence), TechInsights (+6 pence), Phenna Group (+5 pence), and North Sails (+5
                                              pence). Time Out's public share price decline resulted in a 25 pence reduction
                                              to NAV per share
 o                                            Foreign exchange: impact (+9 pence) largely attributable to 3% change in
                                              EUR:GBP
 o                                            Share buyback programme: shares purchased and cancelled at an average 33%
                                              discount to NAV (+6 pence)

See Glossary for full list of financial metrics and definitions here
(https://www.oakleycapitalinvestments.com/2025-interim-report/p072-glossary-and-alternative-performance-measures-17018.html)
.

Portfolio overview

During a period of heightened macro volatility and geopolitical uncertainty,
the portfolio maintained its track record of double-digit earnings growth,
with a weighted average organic LTM EBITDA growth of 13%.

Performance was driven by healthy demand for mandatory, non-discretionary
services such as Phenna's TICC solutions, or for data and information services
connected to the AI boom, such as TechInsights' semiconductor analysis, as
well as for private, early years and K12 education.

The underlying portfolio companies also benefitted from Oakley's value
creation, of which accretive M&A has been one of the principal drivers. 41
add-ons were completed during the period, including a transformational
acquisition for I-TRACING that offers greater opportunity to scale across the
US and Europe as demand for cyber services increases.

Read more about the portfolio's performance in the Interim Report here
(https://www.oakleycapitalinvestments.com/2025-interim-report/p006-oci-kpis-16925.html)
.

 

Investments

OCI completed look-through investments totalling £54 million, including:

 ●    New platform investments - £13 million
      o  Infravadis (Origin II) - c.£5 million - a German underground
      infrastructure specialist
      o  JBMC (Origin II) - c.£8 million - a management consultancy business
      focused on Italian financial services
 ●    Follow-on investments - £32 million - including Bridewell (£18 million), a
      UK cyber services provider, which is combining with Fund V's existing
      portfolio company I-TRACING, as well as Fund III's Iconic BrandCo's investment
      in Fornasetti (£4 million)
 ●    Venture investments - £9 million - investments made in portfolio companies
      within Oakley Touring Venture Fund and Oakley PROfounders Fund III including
      Wingspan and Blinq

Announced investments which are expected to complete post period-end include:

 ●    G3 (Fund VI) - c.£18 million - a global strategic advisory company
 ●    Brevo (Fund VI) - c.£22 million - Oakley granted exclusivity to invest in the
      leading global customer engagement software platform

Read more about OCI's new investments here
(https://www.oakleycapitalinvestments.com/2025-interim-report/p015-portfolio-activity-in-2025-16935.html)
.

Proceeds

OCI's look-through share of proceeds during the period totalled £6 million
following the refinancing of Dexters. The sale of legaltech platform vLex to
Clio was agreed in the period, in a transaction that values the business at $1
billion and is expected to complete in H2 2025. As part of the transaction,
Origin is partially reinvesting in the combined business. OCI's look-through
share of proceeds, excluding underlying look-through shares in Clio worth
c.£40 million, is anticipated to be c.£30 million.

Read more about vLex here
(https://www.oakleycapitalinvestments.com/2025-interim-report/p044-business-services-portfolio-16965.html)
.

Direct investments

Direct investments are no longer part of OCI's ongoing strategy, and the Board
is focused on maximising the value of its two direct investments, North Sails
and Time Out.

North Sails, the most significant of OCI's two legacy direct investments,
delivered strong performance in the period and was one of the biggest drivers
of NAV growth. North Sails has now integrated two highly synergistic strategic
acquisitions in the sail making sector which have boosted North's market
position, as well as being immediately enhancing to returns.

Time Out's Markets division has continued to grow, and has a strong pipeline
of potential new openings, with the goal of doubling EBITDA over the coming
two years. The Media division has continued to face turbulence, which acted as
a drag on performance, resulting in group operating losses. A strategic review
of this division is under way, which will inform OCI's next steps to realise
value.

Read more about OCI's direct investments here
(https://www.oakleycapitalinvestments.com/2025-interim-report/p034-ocis-direct-investments-16955.html)
.

Capital Allocation

Capital return: during the period the Board cancelled the dividend in favour
of distributing capital via share buybacks. The dividend had remained at an
unchanged and nominal level since its introduction in 2016 and the Board
determined that shareholder returns would be better served by buybacks at
material discounts to NAV rather than paying dividends at par. The final OCI
dividend in respect of the 2024 financial year was therefore paid on 25 April
2025 and no dividends will be declared in respect of 2025. The annual buyback
programme was initially launched for a minimum of £20 million and the 2025
buyback programme was subsequently increased to £50 million. Since the start
of the year OCI has acquired and cancelled c.4.5 million shares for an
aggregate c.£21.4 million as at 30 June 2025, generating a NAV per share gain
of 6 pence during the period.

Commitments: over the longer term the Board remains committed to exposing
shareholders to returns generated by Oakley Funds. During the period, OCI made
a €500 million commitment to Oakley Capital Fund VI, taking the total
outstanding commitments to the Oakley Funds to £1,070 million as at 30 June
2025, of which c.£300 million is not expected to be drawn. This is set to be
deployed into new investments over the next five years.

Cash & credit facilities: OCI refinanced its credit arrangements in April,
replacing the existing facility with a new five-year facility totalling £325
million, increasing the total size by £100 million. OCI's total liquidity as
at the period end was £257 million, comprising £108 million of cash and
£149 million in undrawn credit facilities.

See OCI's Balance Sheet in the Interim Report here
(https://www.oakleycapitalinvestments.com/2025-interim-report/p050-consolidated-balance-sheet-unaudited-17032.html)
.

Admission to Main Market

The transfer of OCI's trading to the Main Market of the London Stock Exchange
as an Official List company was completed post period-end. The move represents
one of the Company's main initiatives to enhance its marketability, increase
investor access to OCI shares and continue to deliver strong shareholder
returns. The Company will become a constituent of the FTSE 250 Index,
effective from 22 September 2025.

Outlook

OCI remains well positioned for continued outperformance, despite the impact
of persistent macroeconomic uncertainty and a more selective dealmaking
environment. While the outlook for global markets remains cautious, Europe has
shown relative resilience, with PE activity in the region set to continue to
grow year on year and founder-led businesses continuing to attract investor
attention. The Board expects shareholder returns to be underpinned by:

 ●    Increased NAV growth, driven by an attractive portfolio with a weighted
      average hold period of three years, whose forecast earnings momentum reflects
      the anticipated impact of Oakley's value creation techniques
 ●    A differentiated and expanding pipeline of founder-led investment
      opportunities across core sectors, built on Oakley's deep sourcing network and
      long-standing founder relationships
 ●    Ongoing support for shareholder value, through OCI's active buyback programme
      and its recent move to the London Stock Exchange's Main Market and FTSE 250
      Index - enhancing liquidity, visibility, and institutional access

Board changes

Following nine years of service, Caroline Foulger, the Company's Chair retired
from the Board on 2 September. The succession process is well progressed
including the recruitment of new independent non-executive directors. The
Board has appointed Steve Pearce as Interim Chair.

Read the Chair's letter in the interim report here
(https://www.oakleycapitalinvestments.com/2025-interim-report/p008-chairs-statement-16927.html)
.

Oakley Capital Investments Interim Chair Steve Pearce said:

"The Board would like to thank Caroline for her significant contribution over
the past nine years. She has played a key role in OCI's growth and in helping
more investors understand and access listed private equity. OCI's move to the
Main Market will continue to build on that. Our latest results reflect solid
progress, with NAV growth driven by strong earnings and a standout exit. We
remain confident about the future, supported by a strong pipeline and
high-quality portfolio."

 

Oakley Capital Co-Founder and Managing Partner Peter Dubens said:

"The agreed sale of vLex in an M&A market that continues to be subdued
highlights the quality and attraction of Oakley's portfolio companies and
reinforces the strength of our investment strategy. Our focus remains on
identifying and scaling exceptional founder-led businesses with disruptive
business models that are well positioned to succeed across economic cycles."

The Interim Report and Accounts are available on the Company's website here
(https://www.oakleycapitalinvestments.com/2025-interim-report/p003-strategic-report-16922.html)
.

A video overview of the six-month performance is available here
(https://www.oakleycapitalinvestments.com/news-and-media/videos/) .

The Company's Q3 2025 trading update is expected to be released on 29 October
2025.

- ends -

Results presentation

A live presentation of the results, delivered by Oakley Capital Partner
Steven Tredget, will take place at 9:00am today, Thursday 11 September
2025. The presentation will be available to view via video webcast at the
following link:

https://www.investis-live.com/oakley-capital/6880a2376d3124000fcd8954/zumrt
(https://www.investis-live.com/oakley-capital/6880a2376d3124000fcd8954/zumrt)

- ends -

 

For further information please contact:

 

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget

 

Greenbrook

+44 20 7952 2000

Rob White / Michael Russell

 

Deutsche Numis (Financial Adviser & Broker)

+44 20 7260 1000

Nathan Brown / Matt Goss

 

Notes:

LEI Number: 213800KW6MZUK12CQ815

(1) About Oakley Capital Investments Limited ("OCI")

OCI is a closed-ended investment fund trading on the main market of the London
Stock Exchange as an Official List Company. OCI aims to provide shareholders
with consistent long-term capital growth in excess of the FTSE All-Share Index
by providing liquid access to private equity returns through investment in the
Oakley Funds.

A video introduction to OCI is available
at https://oakleycapitalinvestments.com/videos/
(https://oakleycapitalinvestments.com/videos/)

The contents of the OCI website are not incorporated into, and do not form
part of, this announcement.

(2) Oakley Capital, the Investment Adviser

Founded in 2002, Oakley Capital Limited has demonstrated the repeated ability
to source attractive growth assets at attractive prices. To do this it relies
on its sector and regional expertise, its ability to tackle transaction
complexity and its deal generating entrepreneur network.

(3) The Oakley Funds

Oakley Capital Private Equity II, Oakley Capital Private Equity III, Oakley
Capital IV, Oakley Capital V, Oakley Capital VI, Oakley Capital Origin and
Oakley Capital Origin II are unlisted lower-mid to mid-market private equity
funds that aim to provide investors with significant long-term capital
appreciation. The investment strategy of the Funds is to focus on buy-out
opportunities in industries with the potential for growth, consolidation and
performance improvement. The Oakley family of funds also includes Oakley
PROfounders Fund III and Oakley Touring Venture Fund, which are venture
capital funds focused on investments in entrepreneur-led, disruptive,
technology led companies.

Important information

Oakley Capital Investments has now been admitted to the Official List of the
Financial Conduct Authority. Therefore, the Company is now required to satisfy
the eligibility criteria for admission to listing on the Official List is
required to comply with the Financial Conduct Authority's Listing Rules,
including in relation to transactions with related parties, financial
reporting, contents of shareholder circulars and other continuing obligations.

This announcement may include "forward-looking statements". These
forward-looking statements are statements regarding the Company's objectives,
intentions, beliefs or current expectations with respect to, amongst other
things, the Company's financial position, business strategy, results of
operations, liquidity, prospects and growth. Forward-looking statements are
subject to risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Accordingly, the
Company's actual future financial results, operational performance and
achievements may differ materially from those expressed in, or implied by, the
statements. Given these uncertainties, prospective investors are cautioned not
to place any undue reliance on such forward-looking statements, which speak
only as at the date of this announcement. The Company expressly disclaims any
obligation or undertaking to update or revise any forward-looking statements
contained herein to reflect actual results or any change in the Company's
expectations with regard to them or any change in events, conditions or
circumstances on which any such statements are based unless required to do so
by the Financial Services and Markets Act 2000, the Listing Rules or
Prospectus Regulation Rules of the Financial Conduct Authority or other
applicable laws, regulations or rules.

 

 

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