Trading update for the three months ended 31 March 2024

Oakley Capital Investments Limited (“OCI” or the “Company”) today announces its quarterly trading update for the three months ended 31 March 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 focus sectors. Oakley’s origination capabilities with proven value creation drivers help management teams accelerate growth and produce consistently superior returns for investors.

Robust portfolio performance and significant investment opportunities

NAV growth

The Company’s unaudited NAV, based on a revaluation of all portfolio companies as at 31 March 2024, was £1,222 million, which represents a NAV per share of 693 pence. The total NAV per share return was 1.6% (+11 pence) since 31 December 2023, and 4.4% (+29 pence) since 31 March 2023. The main drivers of the Q1 total NAV return include 23 pence of valuation gains in the underlying portfolio companies offset by 6 pence of foreign exchange losses.

Portfolio company performance

The underlying businesses in the portfolio continue to perform well in an uncertain macroeconomic environment, benefitting from robust demand for their products and services as well as from value creation strategies. Oakley continues to help the portfolio companies acquire new businesses, expand into new markets, shift their models to recurring or subscription revenues, as well as leverage AI opportunities. Valuation gains, driven almost entirely by EBITDA growth, were split across Oakley’s four core sectors: Technology, Consumer, Education and Business Services.

OCI made additional look-through investments post-period end of c.£95 million, largely attributable to two new deals announced during the period including Steer Automotive Group, the UK’s leading B2B automotive services platform, and Horizons Optical, a provider of healthcare software used to make premium spectacle lenses. There were no divestments during the period.

Cash & commitments

OCI had cash of £249 million and £100 million of undrawn credit facilities as at 31 March 2024. Total outstanding commitments to existing Oakley Funds were £977 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.