(Alliance News) - Oakley Capital Investments Ltd on Wednesday said its bet asset value per share rose in the first half of the year as the valuation of its Inspired and Time Out Group PLC investments rose.
As at June 30, Oakley Capital Investments' NAV per share stood at GBP3.18, up 13% from GBP2.81 the year before.
This was driven by a GBP71.1 million gain from unrealised appreciation on investments, swinging from a GBP23.9 million unrealised loss on investments the year before.
Oakley said this was: "Driven predominantly by the uplift in the valuation in the company's direct investment in Inspired and Time Out and of the uplift of those and other portfolio companies in the Oakley Funds.
The company has declared an interim dividend of 2.25 pence per share, flat year-on-year.
Chair Caroline Foulger 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. We are pleased that the ongoing enhancement of the company's governance, in combination with these returns, has been reflected in the share price, with a total shareholder return of 33% in the period."
Foulger added: "The board, the company and our investment adviser remain acutely aware of the current uncertainty in the geopolitical landscape and global economic outlook. However, we remain confident that the composition of our assets is reflective of a prudent and dynamic investment strategy that will continue to create sustainable value. This confidence is underpinned by OCI's long-term, strong and consistent performance, demonstrated by a ten-year NAV compound growth rate of 16%."
Shares in Oakley Capital Investments were down 0.3% at 235.80p in London on Wednesday morning.