Oakley’s investments pay off

TIME OUT owner Oakley Capital saw its funds grow by £16m in the first half of the year as the value of its investments were revised upwards, it said yesterday.

Oakley, which acquired a controlling stake in Time Out America for a total $18.2m (£11.1m) in May, said its net asset value per share rose 23 per cent to £1.80 in the first half of the year, at the top end of its previously announced range.

Its funds under management rose to £230.9m in the period, largely due to a £14.5m appreciation in the value of its investments in German price comparison site Verivox and data service provider Daisy Group.

It also invested €23.1m in Emesa, a Dutch leisure e-commerce business, in the first half of the financial year.

Oakley has combined the US Time Out operation with the international business it bought in November 2010 to reunite the company as a global media group.

Chairman James Keyes said more growth in Oakley’s net asset value was expected as its portfolio companies’ underlying trading performance continued to improve.

“I am pleased to report another period of steady progress,” he said in a statement, adding that the company’s new investments in Emesa and Time Out were “capable of generating strong returns over the coming years”.