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24 Jul 2025 07:00
24 July 2025
Onward Opportunities Limited
("Onward Opportunities" or the "Company")
Half-Year Update
Onward Opportunities Limited (AIM: ONWD), the investment company that invests in UK smaller companies, provides an update in respect of the six-month period ended 30 June 2025 ("HY25"), ahead of publication of the Company's unaudited HY25 interim results in September 2025.
Company Update
· 30 June 2025 net asset value ("NAV") per share of 128.41 pence, equating to a total return of +10.39% over the 12-month period from 30 June 2024 (NAV: 116.32p), maintaining the encouraging record of NAV outperformance since launch and during a period of significant market volatility
· 27-month NAV per share return in the period since inception to 30 June 2025 of +28.41%:
o Outperformed the UK AIM All Share index Total Return by +31.6% (UK AIM All Share: -3%)
o Top decile performance amongst peers in the sector over 2-years with the Portfolio Manager ranked second out of all peers on Citywire Ratings Table for UK Smaller Companies IT
o Delivered the Company's stated target returns of >15% IRR during the period
· Successfully completed two capital raises year to date, raising additional proceeds of in excess of £4.1m from new and existing investors, increasing the Company's capital base by more than 10% and providing it with additional resources with which to apply towards identified attractive investment opportunities
· Cash balances peaked at c.22% in the latter part of the first quarter, with the majority profitably invested during April
· The Portfolio Manager was nominated for Fund Manager of the Year at both the City AM Awards 2025 and the PLC Awards, in recognition of the Company's strong early performance
Portfolio Update
· Proceeds from the takeover of Windward received, generating cash profits of £2.4m, an IRR of 141.1% and a 2.5x multiple on invested capital
· Significant progress at a number of holdings in spite of global macroeconomic headwinds; Angling Direct (record trading), Likewise (record trading), Venture Life Group (material disposal), The Mission Group (material disposal), Frenkel Topping (indicative takeover offer), Audioboom Group (record trading), Synectics (upgrades and contract wins), Alumasc (international expansion). Performance detractors at MPAC Group (US division slowdown since liberation day), Northcoders (government contract lost), REACT Group (profits warning)
· The depth of the investment pipeline is the healthiest it has been in 12-months, with a number of new core and nursery investments expected in the third quarter, with recent capital raises providing the necessary resources. Recent new nursery holdings include Boku, Light Science Technologies and Venture Life Group
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Laurence Hulse, Lead Fund Manager, said:
"Onward has navigated its first market crisis since launch in 2023. Cash balances had been patiently built up by the Manager at the start of the year and a disciplined approach held liquid reserves back during the first few months of volatility. These were then deployed profitably during April, setting the portfolio up for recovery and growth in the second half of the year. The team is focussed on capturing the near-term pipeline in order to extend our emerging track record of material outperformance."
For further information, please contact:
Onward Opportunities Limited Andrew Henton, Chairman
Dowgate Wealth Limited (Portfolio Manager) Laurence Hulse, Lead Fund Manager
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Tel: +44 (0) 203 5303 150 ool@maitlandgroup.com
Tel: +44 (0) 203 5303 150 ool@maitlandgroup.com
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Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker) Ben Jeynes / Hamish Waller - Corporate Finance Chris West / Matt Lewis - Sales and ECM
| Tel: +44 (0)20 7220 0500 |
Dowgate Capital Limited (Joint Broker) Nicholas Chambers / Daniel Ingram
| Tel: +44 (0)12 9351 7744 |
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