Time Out

OCI continues to actively monitor Time Out’s performance to inform its strategy for future value realisation.

In March, Time Out achieved an important milestone with the opening of its first Time Out Market in Asia. Further Management Agreements and one Owned & Operated site were also signed and are due to open between 2025 and 2027.

Despite these strategic developments, Time Out’s share price fell significantly in H1 2025, from 51.5 pence per share to 19.5 pence per share. The decline was largely driven by a forecasted 20% year-on-year decline in media revenues, primarily due to challenging local commercial conditions in the USA. To address this, the company has implemented cost-saving measures to ensure Time Out remains cash generative.

Overall business performance softened during the period. According to the August trading update announced for the 12 months ended 30 June 2025, EBITDA within the Media division declined. Looking ahead, Time Out remains focused on the contracted growth that the Market proposition is expected to deliver. Key initiatives include converting a strong pipeline of potential new Market sites, while driving like-for-like growth across existing Market locations.

Facile

Italy’s leading multichannel digital broker for motor insurance, energy, telecoms and personal finance.

Facile was another strong contributor to OCI's NAV per share as it continued its successful penetration of Italy's fast-growing digital brokerage market and demonstrated growth in its diversified insurance, energy and telco and financial services platform. For the six-month period ending June 2025, Facile reported net revenue and EBITDA growth of 20% and 28% respectively versus prior year. This was driven by recovery in the insurance and mortgages divisions and steady strong performance in loans, bank accounts and long-term car rental divisions, while gas & power growth slowed to 6% year-on-year as the effect of energy market deregulation normalises. The business maintained EBITDA margins of 39% throughout the period. Management remains focused on accelerating organic growth, assessing opportunities and risks relating to AI, integrating Italfinance (a B2B financial products broker acquired in February), and pursuing additional M&A opportunities to advance the micro-broker roll-up strategy.

Dexters

London’s leading independent chartered surveyors and estate agents.

For the period to June 2025, Dexters generated reported revenue and EBITDA growth of 15% and 34% respectively versus prior year. Lettings revenue, which accounted for >60% of the overall revenue, continued to grow at 13% against H1 2024. This was driven by an increase in the portfolio, and a shift towards more fully-managed properties. Sales revenue was up 21% against H1 24 as a result of a higher number of property exchanges, driven by an increase in activity in the market ahead of stamp duty threshold changes coming into effect in April. Furthermore, Dexters continued to expand its leading position within the London real estate market during H1 2025, via the acquisition of Keatons in March 2025 and additional smaller acquisitions as part of its buy-and-build strategy.

Iconic BrandCo

Leading luxury consumer brands combined as the Iconic BrandCo.

For the six-month period ending June 2025, Globe-Trotter reported revenue growth of 4%. B2C sales performed particularly well, with e-commerce up over 35% versus prior year. Connolly, a luxury British brand known for its high-end leather goods and apparel, which was acquired by Globe-Trotter in H1 2024, delivered revenue growth in excess of 25% versus prior year, highlighting learnings gained from Globe-Trotter's best-in-class practices. Post period-end, Globe-Trotter finalised its acquisition of a stake in luxury Milan-based luggage brand Fabbrica Pelletterie Milano (‘FPM’).

Alessi delivered good H1 2025 performance, with momentum beginning to emerge across key markets within the Iconic BrandCo platform. For the six-month period ending June 2025, Alessi delivered solid revenue growth and reached EBITDA breakeven versus the prior-year period. Positive topline performance across both traditional and online channels in Italy and US was partially offset by underperformance in other European regions such as France and Germany, due to sales force reorganisation and market softness. Management's efforts to enhance brand and product visibility through initiatives such as new marketing tools and expanded shelf space continue to deliver positive results.

Fornasetti, acquired by the Iconic BrandCo in June 2025, is an important addition to the luxury heritage brands platform. Founded in 1940 and headquartered in Milan, Fornasetti is an iconic luxury design atelier renowned for its eclectic, handcrafted home décor items sold via multiple channels including wholesale, retail and online. The brand is now focused on international expansion and digital growth, underpinned by Iconic BrandCo’s strategy of driving overseas expansion, streamlining operations, and enhancing brand positioning and digital marketing.

Wishcard Technologies Group

A leading consumer technology company in the gift voucher and B2B customer and employee incentive solutions sector.

Wishcard Technologies Group delivered sustained growth of its diversified voucher platform in H1 2025. For the six-month period ending June 2025, Wishcard reported revenue growth versus prior year. The strongest driver of growth was the B2B segment, followed by the E-Commerce segment and the Retail segment. The business continued its international expansion, with continued progress in the UK and France showing promising results, as well as launching Belgium as a new market. In the UK, for example, the Group won a significant new retail partner with Tesco.