Wednesday 11 September 2019 12:23 pm

Oakley Capital Investments reports first half jump in net asset value

Listed investment firm Oakley Capital Investments (OCI) has reported a jump increase in net asset value (NAV) during the first half of the year, and an increase in the value of its underlying portfolio companies.

OCI – which invests in the funds of Oakley Capital – reported a net asset value per share of £3.18 and a total net asset value of £651m – a 14 per cent increase since the end of last year.

Read more: Cobham shareholder comes out against £4bn takeover deal by US private equity firm

The firm reported a total shareholder return for the first half of 33 per cent, and announced an interim dividend of 2.25p per share.

The fair value of Oakley Capital Investments’ underlying portfolio companies grew 25 per cent on a like-for-like basis, with an average portfolio company year-on-year EBITDA growth of 31 per cent.

OCI said that two investments had been completed during the period – one in engineering firm Ekon and another in maritime e-learning company Seagull & Videotel. OCI’s total contribution to the investments through its funds was £38m, it said.

Three further investments had been signed since the beginning of the year but had not been completed, with OCI expected to invest £47m in the ventures.

Caroline Foulger, chair of Oakley Capital Investments, said: “Continued strong portfolio company performance and exits above book value have delivered a 12-month total NAV return for OCI of 23%, well ahead of the wider market.

Read more: UK private equity deal values double during strong first half

“We are pleased that the ongoing enhancement of the company’s governance, in combination with these returns, has been reflected in the share price,” she added.

Oakley’s shares were trading 0.21 per cent down in midday trading at 236p.

Main image credit: Getty