REG - Onward Opportunities - Half-Year Update

Onward OpportunitiesAnnouncement

11/07/2024 07:00

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RNS Number : 8835V  Onward Opportunities Limited  11 July 2024

 11 July 2024

 

Onward Opportunities Limited

("Onward Opportunities" or the "Company")

 

Half-Year Update

 

Onward Opportunities Limited (AIM: ONWD), the investment company targeting
opportunities in smaller companies within the UK, provides an update in
respect of the six-month period ended 30 June 2024 ("HY24"), ahead of
publication of the Company's unaudited HY24 interim results in September 2024.

 

Company Update

 ·   30 June 2024 net asset value ("NAV") per share of 116.32 pence,
 equating to a total return of +9.2% over the six-month period from 31
 December, creating another encouraging period of NAV outperformance

 ·    12-month NAV return to 30 June 2024 of +20.6%:

 o  Outperformed the UK AIM All Share index Total Return by +17.5% (UK AIM All
 Share: +3.1%)

 o  Top quartile performance amongst peers in the sector over 12-months with
 Onward Opportunities ranked 4th/26 peers in the AIC UK Smaller Companies
 sector

 o  Delivering the Company's stated target returns of >15% IRR during the
 period

 ·   In June 2024, the Company was pleased to have been awarded 'IPO of the
 Year' award at the Small Cap Awards

 ·    The Company completed two additional capital raises during the
 period, totalling £4.7m, increasing Onward Opportunities' capital base by 25%
 and welcoming a number of new shareholders to the Company's share register

 Portfolio Update

 ·   Significant contributions from both core positions and nursery
 holdings; top five contributors to unrealised return in the period were MPAC
 Group, Vianet Group, Team17, Northcoders, and Transense Technologies

 ·   The Manager has identified further upside opportunities within the
 existing portfolio and has an attractive pipeline of additional prospective
 investments

 ·     The Portfolio has captured an income stream, that at current
 dividend levels, is expected to offset the majority of the total expense ratio
 of the Company in the forthcoming year

 

Laurence Hulse, Lead Fund Manager, said:

 

"The team is delighted to have continued its early performance with a NAV
return of +9.2% for the first half of this financial year, contributing to our
+21.6% in the 15-months since launch. It was particularly pleasing to see the
work and support of colleagues and shareholders recognised recently with the
'IPO of The Year' award.

Onward Opportunities is all about truly active management; Company resource is
deployed analysing high conviction opportunities and then engaged to help
unlock the value identified. We look forward to the portfolio developing
further with the additional funds raised this year. Onwards."

 

For further information, please contact:

 

 Onward Opportunities Limited                                            Tel: +44 (0)20 3416 9143

 Andrew Henton, Chairman                                                 hello@dowgate.co.uk

 Dowgate Wealth Limited (Portfolio Manager)                              Tel: +44 (0) 20 3416 9143

 Laurence Hulse, Investment Director                                     hello@dowgate.co.uk

 Apex Administration (Guernsey) Limited (Company Secretary)              Tel: +44 (0) 203 5303 150

 Martin Baxter / Harry Rouillard                                         ool@apexgroup.com

 Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)  Tel: +44 (0)20 7397 8900

 Ben Jeynes / Camilla Hume  - Corporate Finance

 Michael Johnson / Chris West / Charlie Combe - Sales and ECM

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

 Russell Cook / Nicholas Chambers

 

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