Oakley Capital Investments Limited has released its interim results for the six months ended 30 June 2023. The company, a listed investment company, invests in the funds managed by Oakley Capital to capture the outperformance of a leading private equity manager. The Oakley Funds primarily invest in unquoted, profitable, pan-European businesses in the technology, consumer, education, and business services sectors.
Highlights of the interim results include a net asset value (NAV) per share of 663 pence and a total NAV return per share, including dividends, of 0.5% since 31 December 2022. The total shareholder return for the period was 5.3%. The company made additional investments of £96 million and received proceeds of £240 million. It had net cash of £248 million and total outstanding Oakley Fund commitments of £893 million. The company's half-year dividend of 2.25 pence will be paid on 20 October 2023 to shareholders on the register on or before 22 September 2023.
The portfolio of tech-enabled businesses in the company's portfolio continued to perform well, with an average organic EBITDA growth of 21%. The average valuation multiple (EV/EBITDA) of the portfolio was 16.9x, and the average net debt/EBITDA ratio was 4.0x. The key drivers of NAV growth were valuation gains in the underlying investments, with Idealista and Time Out being the largest contributors.
During the period, the company made several investments, including reinvestment in IU Group, Thomas's London Day Schools, vLex, and Affinitas Education. The company's net cash grew 126% to £248 million, and it renewed and expanded its revolving credit facility to £175 million. The company's total outstanding commitments to the Oakley Funds amounted to £893 million.
Looking ahead, the company expects the global economy to remain uncertain, presenting both challenges and opportunities. Oakley's active management and proven value creation strategies are expected to continue driving NAV growth.