Q1 2023 Trading Update

OCI is a listed investment company providing consistent, long-term returns in excess of the FTSE All-Share Index by investing in the Funds managed by Oakley Capital ("Oakley"), thereby capturing the outperformance of a leading private equity manager.

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

NAV resilient in challenging macro and markets environment

NAV Growth

The Company’s unaudited NAV, based on a revaluation of all portfolio companies as at 31 March 2023, was £1,178 million, which represents a NAV per share of 668 pence. The total NAV per share return, including dividends, was 1.25% (+8 pence) since 31 December 2022. The 8 pence total return includes 15 pence of valuation gains in the underlying portfolio companies and 5 pence of foreign exchange losses. The increase in the portfolio reflects a cautious approach to both trading outlook and valuation multiples, which contributed in equal measure to the uplift.

Portfolio company outlook

OCI’s underlying portfolio of tech-enabled businesses are expected to continue to deliver robust trading performances in the challenging macroeconomic environment as customers continued to shift spending online, switch to SaaS solutions and invest in education, thereby underpinning NAV and demonstrating the enduring power of the long-term megatrends that Oakley invests behind.

Cash & commitments

OCI had cash on the balance sheet and available debt of £169 million as at 31 March 2023, comprising 14% of NAV. Total outstanding Oakley Fund commitments as at 31 March 2023 were £886 million. In excess of £200 million of this is forecast not to be drawn, and the remainder is expected to be deployed into new investments over the next five years.

Post-balance sheet events

Final 2022 dividends of 2.25 pence were paid on 21 April 2023 to shareholders on the register on or before 17 March 2023.

OCI's latest quarterly factsheet can be accessed here. 

OCI will hold its Capital Markets Day on Wednesday 10 May between 14:00 and 16:30 BST. Should you wish to attend virtually, please contact oci-investorrelations@oakleycapital.com.