News

Trading update for the three months ended 30 September 2024

Oakley Capital
23.10.24
3 min read

Oakley Capital Investments Limited (“OCI” or the “Company”) today announces its quarterly trading update for the three months ended 30 September 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: Technology, Education, Consumer and Business Services. Oakley's origination capabilities and proven value creation drivers help founders and management teams accelerate growth and produce consistently superior returns for investors.

Robust portfolio performance offset by currency headwinds

Highlights for the three months ended 30 September 2024

NAV per share

693p

as at 30 September 2024

Net Asset Value

£1,222m

as at 30 September 2024

Total NAV return per share

-2%

since 30 June 2024 (-15 pence)

New Investments

£28m

as at 30 September 2024

Cash and undrawn credit facility

£165m

as at 30 September 2024

Total NAV return per share

3%

since 30 September 2023 (19 pence)

  • Credit facility increased by £50 million post period-end
  • Outstanding commitments of £777m

 

NAV Change

The Company’s unaudited NAV, based on a revaluation of all portfolio companies as at 30 September 2024, was £1,222 million, which represents a NAV per share of 693 pence. The total NAV per share return was a 2% (15 pence) decrease since 30 June 2024, entirely driven by foreign exchange and an increase of 3% (19 pence) since 30 September 2023, or 7% before the impact of foreign exchange.

Portfolio company performance

The underlying businesses in the portfolio continue to perform in a low growth, uncertain macro environment: their disruptive business models enable them to take market share across the economic cycle, supported by Oakley’s active management and engagement. Oakley continues to support the portfolio companies in accelerating growth and creating value through M&A, increasing the quality of revenues, and the application of AI tools to boost productivity.

Transactions

During the period, OCI made look-through investments totalling £28 million, continuing a period of significant activity.

 

This was attributable to new investments in German broadband open access platform vitroconnect, new investments by Touring Capital and PROfounders, as well as bolt-on deals for Steer Automotive Group.

Post-period end, Oakley announced its investment in Assured Data Protection, a Managed Services Provider focused on Backup, Disaster Recovery and Cyber Resiliency as a Service. The investment is expected to complete before the end of the year and OCI’s look through investment is anticipated to be c.£26 million.

 

During the period, Oakley announced the sale of Ocean Technology Group, which is expected to complete in Q4. Oakley also completed the refinancing of Schülerhilfe post period-end. OCI’s look-through share of proceeds from these two transactions, as well as from the sale of Oakley’s stake in idealista, which was announced in June, is expected to total c.£135 million.

Post period-end, Oakley also announced the strategic merger of WindStar with Merz Lifecare, part of the Merz Group, a leading, privately-owned healthcare business in Germany.

Cash & commitments

OCI had cash of £108 million and £57 million of undrawn credit facilities as at 30 September 2024. Post-period end, OCI agreed a £50 million increase in its revolving credit facility to £225 million. Total outstanding Oakley Fund commitments at the period end were £777 million. 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.

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