Trading update for the three months ended 30 September 2023

Oakley Capital Investments Limited ("OCI" or the "Company") today announces its quarterly trading update for the three months ended 30 September 2023. 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 focus sectors. Oakley's origination capabilities combined with proven value creation drivers help management teams accelerate growth and produce consistently superior returns for investors.  

Asset growth in spite of challenging macro environment

• £23 million of new investments
• €190 million commitment to Oakley Capital Origin Fund II
• Net Cash of £222 million and outstanding commitments of £1,053 million

NAV growth

The Company's unaudited NAV, based on a revaluation of all portfolio companies as at 30 September 2023, was £1,197 million, which represents a NAV per share of 679 pence. The total NAV per share return was 2.5% (+16 pence) since 30 June 2023, and an increase of (+29 pence) since 30 September 2022. The key contributors to the total NAV return include 14 pence of valuation gains in the underlying portfolio companies and 5 pence of foreign exchange gains.

Portfolio company performance

The underlying companies in the portfolio continue to trade robustly in what remains an uncertain economic environment. This reflects their resilient business models, typically asset-light with recurring revenues, strong market positioning and conservative leverage, as well the strength of the megatrends they invest behind. Valuation gains were split evenly across a broad range of companies in each of Oakley’s four core sectors: Technology, Consumer, Education and Business Services.

Transactions

During the period, OCI made look-through investments of £23 million which were attributable to portfolio company bolt-on acquisitions as well as Pixis, an AI-powered marketing platform and the first investment for Oakley Touring Venture Fund. There were no divestments during the period.

Oakley’s unique origination capabilities continue to generate a strong investment pipeline.

Cash & commitments

OCI had net cash of £222 million as at 30 September 2023 and a £175 million revolving credit facility, which was undrawn at that date.  During the period, OCI made a €190 million commitment to Oakley Capital Origin Fund II, which will continue the strategy of its predecessor fund, backing tech-enabled businesses across Europe’s lower mid-market. Including this commitment, total outstanding Oakley Fund commitments at the period end were £1,053 million The Board continues to closely monitor anticipated fund drawdowns and projected liquidity and when appropriate will make further share buybacks.

OCI's latest quarterly factsheet can be accessed here.