Trading update for the six months ended 30 June 2024

Oakley Capital Investments Limited (“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 (“Oakley”).

The Oakley Funds 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

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.

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.

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

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