11 July 2024
Onward Opportunities Limited
("Onward Opportunities" or the "Company")
Half-Year Update
Onward Opportunities Limited (AIM: ONWD), the investment company targeting opportunities in smaller companies within the UK, provides an update in respect of the six-month period ended 30 June 2024 ("HY24"), ahead of publication of the Company's unaudited HY24 interim results in September 2024.
Company Update
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· 30 June 2024 net asset value ("NAV") per share of 116.32 pence, equating to a total return of +9.2% over the six-month period from 31 December, creating another encouraging period of NAV outperformance
· 12-month NAV return to 30 June 2024 of +20.6%:
o Outperformed the UK AIM All Share index Total Return by +17.5% (UK AIM All Share: +3.1%)
o Top quartile performance amongst peers in the sector over 12-months with Onward Opportunities ranked 4th/26 peers in the AIC UK Smaller Companies sector
o Delivering the Company's stated target returns of >15% IRR during the period
· In June 2024, the Company was pleased to have been awarded 'IPO of the Year' award at the Small Cap Awards
· The Company completed two additional capital raises during the period, totalling £4.7m, increasing Onward Opportunities' capital base by 25% and welcoming a number of new shareholders to the Company's share register
Portfolio Update
· Significant contributions from both core positions and nursery holdings; top five contributors to unrealised return in the period were MPAC Group, Vianet Group, Team17, Northcoders, and Transense Technologies
· The Manager has identified further upside opportunities within the existing portfolio and has an attractive pipeline of additional prospective investments
· The Portfolio has captured an income stream, that at current dividend levels, is expected to offset the majority of the total expense ratio of the Company in the forthcoming year
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Laurence Hulse, Lead Fund Manager, said:
"The team is delighted to have continued its early performance with a NAV return of +9.2% for the first half of this financial year, contributing to our +21.6% in the 15-months since launch. It was particularly pleasing to see the work and support of colleagues and shareholders recognised recently with the 'IPO of The Year' award.
Onward Opportunities is all about truly active management; Company resource is deployed analysing high conviction opportunities and then engaged to help unlock the value identified. We look forward to the portfolio developing further with the additional funds raised this year. Onwards."
For further information, please contact:
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Onward Opportunities Limited Andrew Henton, Chairman
Dowgate Wealth Limited (Portfolio Manager) Laurence Hulse, Investment Director
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Tel: +44 (0)20 3416 9143 hello@dowgate.co.uk
Tel: +44 (0) 20 3416 9143 hello@dowgate.co.uk
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| Apex Administration (Guernsey) Limited (Company Secretary) Martin Baxter / Harry Rouillard
| Tel: +44 (0) 203 5303 150 ool@apexgroup.com |
| Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker) Ben Jeynes / Camilla Hume - Corporate Finance Michael Johnson / Chris West / Charlie Combe - Sales and ECM
| Tel: +44 (0)20 7397 8900 |
| Dowgate Capital Limited (Joint Broker) Russell Cook / Nicholas Chambers
| Tel: +44 (0)20 3903 7715 |
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