REG - Oakley Capital Inv. - Trading Update for the 6 Months ended 30 June 2024

Oakley Capital InvestmentsAnnouncement

24/07/2024 07:00

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RNS Number : 5489X  Oakley Capital Investments Limited  24 July 2024

24 July 2024

Oakley Capital Investments Limited

Trading update for the six months ended 30 June 2024

Oakley Capital Investments Limited(1) ("OCI" or the "Company") today announces
its quarterly trading update for the six months ended 30 June 2024. 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. Oakley's
origination capabilities and proven value creation drivers help founders and
management teams accelerate growth and produce consistently superior returns
for investors.

New investments lay foundations for future growth

Highlights for the six months ended 30 June 2024

·      Net Asset Value ("NAV") per share of 708 pence and NAV of £1,249
million

·      Total NAV per share return, including dividends, of 3.8% since 31
December (+26 pence). 5.6% (+38 pence) before foreign exchange impact

·      Total shareholder return of 4.9%

·      £184 million of new investments

·      £128 million cash and undrawn credit facilities of £56 million

NAV growth

The Company's unaudited NAV, based on a revaluation of all portfolio companies
as at 30 June 2024, was £1,249 million, which represents a NAV per share of
708 pence. The total NAV per share return, including dividends, was 3.8% (+26
pence) since 31 December 2023, or 5.6% (+38 pence) before foreign exchange
impact. The total return includes 41 pence of valuation gains in the
underlying investments offset by 12 pence of forex movements. Of the 33
underlying private equity portfolio investments, six were valued based on a
transaction within the last 12 months, reflecting a period of significant
investment activity for Oakley.

Portfolio company performance

During the period, the underlying businesses in OCI's portfolio continued to
benefit from the long-term secular trends that Oakley invests behind, such as
growing demand for quality education, businesses' shift to the cloud and the
consumer shift to online. Oakley continues to help its businesses lay the
foundations for long-term, sustainable growth by leveraging value creation
drivers such as M&A, AI, expanding into new markets and improving the
quality of their earnings. Valuation gains were split across Oakley's four
core sectors, Technology, Consumer, Education and Business Services. The
biggest contributors include IU Group, which continued to generate strong
revenue growth, Dexters, which benefitted from sustained growth in its core
London lettings business, and Cegid (previously Grupo Primavera), which
continues to grow its SME customer base in France and Spain.

Transactions

During the period, Oakley continued to invest for future growth across its
core sectors. Thanks to a strong pipeline of attractive opportunities, OCI
made look-through investments totalling £184 million, including transport and
logistics software business Alerce (announced in Q4 2023), automotive services
platform Steer Automotive Group, medical software provider Horizons Optical,
and ProductLife Group, which provides regulatory and compliance services to
the life sciences industry.  During the period, OCI also announced an
investment in broadband open access platform vitroconnect. The transaction is
expected to complete in July 2024 and OCI's look-through investment is
expected to be up to £20 million. OCI is also expected to make a look-through
investment of up to £39 million in cybersecurity firm I-TRACING after Oakley
Capital was granted exclusivity with a view to acquiring a co-controlling
stake in the business.

OCI's look-through share of proceeds during the period were £4 million.
Oakley's sale of its stake in idealista, southern Europe's leading real estate
classifieds platform, was agreed during the period and is expected to complete
in H2 2024. OCI's look-through share of proceeds from this transaction is
anticipated to be c.£70 million.

Cash & commitments

OCI had £128 million cash and undrawn credit facilities of £56 million as at
30 June 2024. Total outstanding commitments to existing Oakley Funds were
£805 million at the period end. This will be deployed into new investments
over the next five years. The Board closely monitors anticipated fund
drawdowns and projected liquidity, and will continue its long-term commitment
to share buybacks when appropriate.

OCI's latest quarterly factsheet can be accessed here
(https://www.oakleycapitalinvestments.com/investor-centre/factsheets-and-publications/)
.

The Company expects to report its unaudited interim results for the six months
to 30 June 2024 on 12 September 2024.

-ends -

For further information please contact:

 

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget

 

Greenbrook Communications Limited

+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 Specialist Fund Segment ("SFS") traded investment vehicle that 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 Origin Fund 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.

For more information on the Oakley Fund strategies in which OCI invests,
please click here.
(https://www.oakleycapitalinvestments.com/what-we-invest-in/investment-strategies/)

Important information

Specialist Fund Segment securities are not admitted to the Official List of
the Financial Conduct Authority. Therefore, the Company has not been required
to satisfy the eligibility criteria for admission to listing on the Official
List and is not required to comply with the Financial Conduct Authority's
Listing Rules.

The Specialist Fund Segment is intended for institutional, professional,
professionally advised and knowledgeable investors who understand, or who have
been advised of, the potential risk from investing in companies admitted to
the Specialist Fund Segment.

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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