Oakley Capital Investments (LON:OCI) confirmed its portfolio strength drove an 11% NAV uplift as the investment company released a trading update for the six months ending in June 2021.
Oakley Capital Investments’ (OCI) unaudited NAV at the end of June was £804m, amounting to a NAV per share of 445p. The total NAV per share return, including dividends, is 11% since December 2020 and 26% since June 2020.
Oakley Funds sustained its solid performance levels and EBITDA growth, while the impact of Covid-19 continues to take a toll on its operations. Of its current portfolio, 14 companies equalling 52% of NAV grew their revenues at or above exceptions during the six month period. Four companies accounting for 14% of NAV saw a modest impact on financial performance due to Covid, while three companies which make up 29% of NAV, continue to be significantly impacted, the company said.
Over the past six months, OCI made a total look-through investment of £95m which, aside from some minor follow-on investments, was attributable to the acquisition of four new platform investments: idealista (Fund IV), Dexters (Fund IV), ICP Education (Fund IV) and ECOMMERCE ONE (Origin Fund).
Cash and Cash Commitments
- Balance sheet – OCI has no leverage and had cash on the balance sheet of £172 million at 30 June 2021, comprising 21% of NAV
- Recent commitments – OCI’s total commitment to the Oakley Capital Origin Fund, which closed in January 2021, was €129 (£111) million
- Total outstanding commitments – outstanding Oakley Fund commitments are £438 million
OCI is a Specialist Fund Segment traded investment vehicle that aims to provide shareholders with consistent long-term capital growth in excess of the FTSE All-Share Index by providing liquid access to private equity returns through investment in the Oakley Funds.
The Oakley Capital Investments Limted share price is up by 0.85% during the morning session on Wednesday.