Trading update for the three months ended 31 March 2025

Oakley Capital Investments Limited ("OCI" or the "Company") today announces its quarterly trading update for the three months ended 31 March 2025. 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. 

• Annual share buyback programme announced
• Post period end a £325 million committed facility signed
• Fund VI commitment of €500 million, taking outstanding commitments to £1,069 million

NAV Growth

The Company's unaudited NAV, based on a revaluation of all portfolio companies as at 31 March 2025, was £1,246 million, which represents a NAV per share of 707 pence. The total NAV per share return including dividends was 2.7% (+19 pence) since 31 March 2024 and 2.1% (+15 pence) since 31 December 2024. The largest contributors to the Q1 total NAV return include North Sails, Bright Stars and TechInsights, offset by the decline in Time Out’s publicly quoted share price (-13 pence NAV per share impact).

Portfolio company performance

The underlying portfolio companies delivered good performance over the quarter, despite the challenging macroeconomic environment, supported by robust demand for their products and services.

The Investment Adviser is working closely with management teams across the portfolio to assess the potential implications of the United States’ rapidly evolving trade policy. Preliminary analysis suggests that only approximately 2% of total portfolio revenues are directly exposed to proposed US tariffs, owing to the European and predominantly services-based nature of the underlying businesses.

Although such tariffs contribute to global economic uncertainty, OCI remains well-positioned, benefitting from a diversified portfolio of well-managed, resilient companies characterised by recurring revenue streams and asset-light business models.

Transactions

During the period, OCI made look-through investments totalling £6 million, comprising a further equity injection into ACE Education, a bolt-on deal for World Host Group and, platform and follow on investments by Touring and PROfounders. 

Capital allocation

During the period, OCI made a total commitment of €500 million to Oakley Capital Fund VI, taking the total outstanding commitments to the Oakley Funds to £1,069 million as at 31 March 2025, of which c.£300 million is not expected to be drawn. This will be deployed into new investments over the next five years, with the first significant capital drawdown for Fund VI not anticipated to take place until late 2026.

OCI's total liquidity as at 31 March 2025 was £213 million, comprising £94 million of cash and £119 million in undrawn credit facilities. Post period-end, OCI refinanced its credit arrangements, replacing the existing facility with a new five-year debt facility totalling £325 million, increasing the total facility size by £100 million.

During the period, the Board cancelled OCI’s dividend and launched an annual recurring share buyback programme of a minimum of £20 million. Since this launch, OCI has acquired and cancelled 1,706,689 shares for an aggregate £7.8 million as at 29 April 2025.

Based on its assessment of current liquidity and the improved prospects for future proceeds, the Board has authorised a further £30 million to the 2025 buyback programme.

Board update

After nine years as an OCI Board member and Chair, in line with UK corporate governance guidelines, Caroline Foulger will not be standing for re-election at the AGM scheduled to take place on 2 September 2025. The Board has initiated a succession process to identify a replacement independent Chair.

The Company expects to report its 1H 2025 trading update on 30 July 2025. 

OCI's latest quarterly factsheet can be accessed here.