REG - Onward Opportunities - Full-Year Update

Onward OpportunitiesAnnouncement

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RNS Number : 3924O  Onward Opportunities Limited  12 January 2026

12 January 2026

 

Onward Opportunities Limited

("Onward Opportunities" or the "Company")

 

Full-Year Update

 

Another year of strong NAV growth and outperformance;

top quartile in sector in FY25 and since inception

 

Onward Opportunities Limited (AIM: ONWD), the investment company targeting
opportunities in UK smaller companies, is pleased to provide an update
regarding the 12-month period ended 31 December 2025 ("FY25"), ahead of
publication of the Company's audited FY25 results in Q1 2026.

 

Company Update

 ·        Record NAV performance in FY25

 All-time high Net Asset Value ("NAV") of 143.7 pence per share at 31 December
 2025, equating to a NAV return of +11.1% over 12 months, reflecting another
 encouraging period of NAV performance

 ·       Continued track record of outperformance

 ·   Top quartile NAV performance of +50.2% since inception in March 2023,
 furthering the Company's track record of outperformance versus its target
 returns and comparator indices:

 §     Outperformed the FTSE AIM All Share Index Total Return since
 inception by  48.8% and the FTSE Small Cap Index Total Return by 11.2% over
 the same period

 §   NAV outperformance amongst peers in the AIC UK Smaller Companies
  sector, ranking 3rd in Sector since inception

 §  Despite challenging market conditions for UK smaller companies, the
  Company has delivered its target of generating absolute returns of 15% per
  annum

 ·       Company 12-month Total Shareholder Return ("TSR") to 31
 December 2025 of +7.6%, contributing to a Total Shareholder Return of 48%
 since inception

 ·     Series of further capital raises each at a premium to NAV,
 reflecting ongoing investor   demand

 Completed four capital raises during FY25, each with an issue price at a
 premium to the prevailing NAVs at the time of issue. These totalled £7.5m and
 meant that the Company was again one of the top 10 most successful investment
 companies and trusts at raising capital on the London Stock Exchange

 Performance Table

                                                H2 2025      FY25     2-Year  Since Inception

                          6-months    1-Year

 ONWD Total NAV Return 'investment performance'  +11.9%       +9.4%    +34.9%  +50.2%

 ONWD Total Shareholder Return                   +11.7%       +7.6%    +44.0%  +48.0%

 

 Portfolio Update

 ·    Top five contributors to returns in FY25 were Audioboom (+£3.5m),
 Rent Guarantor Holdings (+£1.6m), Pebble Beach Systems (+£1.0m), Springfield
 Properties (+£900k), and Angling Direct (+£800k).

 ·   Five largest detractors from FY25 returns were investment losses at
 Synectics (-£1.4m),   MPAC Group (-£1.2m), React Group (-£760k), Vianet
 (-£620k), and Northcoders (-£570k).

 

Portfolio Update

 

·    Top five contributors to returns in FY25 were Audioboom (+£3.5m),
Rent Guarantor Holdings (+£1.6m), Pebble Beach Systems (+£1.0m), Springfield
Properties (+£900k), and Angling Direct (+£800k).

 

·   Five largest detractors from FY25 returns were investment losses at
Synectics (-£1.4m),   MPAC Group (-£1.2m), React Group (-£760k), Vianet
(-£620k), and Northcoders (-£570k).

 

Laurence Hulse, Founder & Lead Fund Manager, said:

 

"To have delivered a NAV return of +11.1% for 2025 which contributes to a
+50.2% return since inception in 2023 has been the best possible way by which
to thank our supportive and expanding shareholder base. The Company is now
well in excess of £40m in capitalisation. It was particularly pleasing to
deliver shareholders both an all-time high in NAV per share (143.7p) and the
ONWD share price (148p) for the second year in succession.

Our investment strategy and its ability to identify companies with
idiosyncratic catalysts trading at fundamentally mispriced valuations drove
our absolute and relative performance. Exceptional performances from five of
our holdings more than offset weakness elsewhere in our concentrated
portfolio. While some of these suffered frustrating years operationally, this
of course leaves potential upside to come and opportunities in our active
pipeline of future investments. We also expect interest rates to fall faster
than many currently anticipate this year, which could provide an additional
tailwind.

2026 is reputedly the year of the fire horse; symbolising bold action,
perseverance and success. Let us see. For now, Onwards."

 

For further information, please contact:

 

 Onward Opportunities Limited                                            Via Houston

 Andrew Henton, Chairman

 Dowgate Wealth Limited (Portfolio Manager)

 Laurence Hulse, Founder & Lead Fund Manager

 Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)  Tel: +44 (0)20 7220 0500

 Ben Jeynes / Seamus Fricker

 Chris West / Matt Lewis - Sales and ECM

 Dowgate Capital Limited (Joint Broker)                                  Tel: +44 (0)20 3903 7715

 Russell Cook / Dan Ingram

 Houston (PR advisers)                                                   Tel: +44 (0)77 3303 2695

 Charlie Barker / Nick Jackman                                           Onward@houston.co.uk

 

About Onward Opportunities

 

Onward Opportunities Limited ("Onward" or the "Company") is a closed-end
investment company listed on London's Alternative Investment Index (ONWD:AIM).

 

Onward was launched by lead fund manager Laurence Hulse in March 2023 to
target a structural market opportunity in UK-listed smaller companies, with
the aim of generating absolute returns of 15% or more per annum.

 

Onward has been one of the best performing and fastest growing UK Smaller
Companies funds since launch, with Net Asset Value (NAV) growth of over 50% as
at 31 December 2025, representing significant outperformance against its
benchmark UK AIM All-Share TR indices (see performance table below). The
Company has raised over £30m through its Initial Public Offering and
follow-on capital raises and was recognised as 2024's 'AIM IPO of the year' at
the Small Cap Awards and for 'Best Use of AIM' at 2025's AIM Awards.

 

Onward has an investment committee (IC) that has a combined experience of
c.160 years and a history of value creation for clients. Collectively, IC
members have over £3m of 'skin in the game' invested into the fund. The team
uses an active investment approach for identifying investment opportunities
and driving those investments to an outcome with the aim of generating higher
returns by capitalising on market inefficiencies.

 

Performance as at 31 December 2025:

 

                                                 H2 2025      FY25     2-Year  Since Inception

                                                  6-months    1-Year
 ONWD Total NAV Return 'investment performance'  +11.9%       +9.4%    +34.9%  +50.2%

 ONWD Total Shareholder Return                   +11.7%       +7.6%    +44.0%  +48.0%

 

For more information please visit: www.onwardopportunities.co.uk
(http://www.onwardopportunities.co.uk)

About Dowgate Wealth (Onward Opportunities portfolio manager):

Dowgate Wealth is a fast-growing independent UK wealth management business,
providing a bespoke and personalised investment service to over 3,000 clients.
Founded in 2019, the Group has expanded to a team of 19 investment managers,
with over £2 billion of assets under management.

Dowgate Wealth is proud to be a firm where employees own a stake in the
company. This underpins the firm's culture of entrepreneurialism and long-term
thinking, which is further supported by taking an asset agnostic approach to
investing.

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