Onward Opportunities Limited Portfolio Update (1639Z)

TIDMONWD

RNS Number : 1639Z

Onward Opportunities Limited

10 January 2024

Onward Opportunities Limited

("Onward Opportunities" or the "Company")

Portfolio Update

Onward Opportunities Limited (AIM: ONWD), the investment company targeting opportunities in smaller companies within the UK, provides an update for the financial year ended 31 December 2023 ("FY23").

Company Update

 
 
                *    FY23 unaudited Net Asset Value (NAV) Total Return of 
                     +11.3% to 106.5p/share over the period from 30 March 
                     2023 to 31 December 2023 
 
 
 
                *    Encouraging first financial year ahead of target 
                     returns in difficult market conditions, delivering 
                     investment outperformance (NAV growth) relative to: 
 
 
 
               o Indices - Outperformed UK AIM All Share by 16.6%; +11.3% Company 
               NAV increase versus decline of 5.3% for UK AIM All Share 
               o Peers - Top decile performance in AIC UK Smaller Companies sector 
               since inception; and 
               o The Company's target returns of >15% IRR stated at the time 
               of IPO - The portfolio delivered an aggregated IRR of 22.6% and 
               the invested portfolio as at year-end had generated an unrealised 
               IRR of 40.2% 
 
                *    In March 2023, the Company completed its IPO 
                     notwithstanding challenging market conditions. The 
                     Company successfully completed a further capital 
                     raise in September 2023, increasing the Company's 
                     capital base by 25% and welcoming a number of new 
                     shareholders to the Company. 
 
 
 
               Portfolio Update 
 
                *    Significant early contributions from both the core 
                     stable and nursery holdings; top five contributors to 
                     unrealised return were Angling Direct, MPAC Group, 
                     EKF Diagnostics, Windward and Springfield Properties 
 
 
 
                *    This early IRR performance is indicative of further 
                     upside within the existing portfolio, as well as the 
                     attractive pipeline of portfolio investments the 
                     manager is identifying in current markets over the 
                     medium to long term 
 
 
 
                *    DX Group was the first takeover of an investee 
                     company, generating an IRR of 197% 
 
 
 
                *    Portfolio has captured an income stream, that at FY24 
                     dividend levels, is expected to offset the majority 
                     of the total expense ratio of the Company in the 
                     forthcoming year 
 
 
 
                *    Intense period of investment activity capitalising on 
                     the value opportunity in UK smaller companies; the 
                     Company was over 90% invested by year-end. The top 10 
                     holdings represent 60% of NAV

Laurence Hulse, Investment Director & Founder, said:

"The team is delighted to have delivered a NAV return of +11.3% net of launch costs in our first 9-months of operation, comparing favourably to the rest of the peer group and comparator indices. It was particularly pleasing to quickly earn back the IPO launch costs for shareholders who supported us.

"Onward Opportunities is all about truly active management; we are building a portfolio of specialist investment ideas for existing and prospective shareholders to access. 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 in the coming months. Onwards."

For further information, please contact:

 
 
     Onward Opportunities Limited                     Tel: +44 (0)20 3416 
     Andrew Henton, Chairman                                         9143 
                                                      hello@dowgate.co.uk 
     Dowgate Wealth Limited (Portfolio Manager) 
     Laurence Hulse, Investment Director              Tel: +44 (0)20 3416 
                                                                     9143 
                                                      hello@dowgate.co.uk 
    Apex Administration (Guernsey) Limited               Tel: +44 (0) 203 
     (Company Secretary)                                         5303 150 
     Martin Baxter / Harry Rouillard                ool@maitlandgroup.com 
    Cavendish Capital Markets Limited (Nominated      Tel: +44 (0)20 7397 
     Adviser and Joint Broker)                                       8900 
     Ben Jeynes/Camilla Hume 
    Dowgate Capital Limited (Joint Broker)            Tel: +44 (0)12 9351 
     Russell Cooke / Nicholas Chambers                               7744

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January 10, 2024 02:00 ET (07:00 GMT)

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