4th Aug 2016 08:57
LONDON (Alliance News) - Oakley Capital Investments Ltd on Thursday said it expects to achieve growth in net asset value in the first half of 2016.
The investment company said its NAV is expected to be in the range of GBP2.12 and GBP2.15 per share in the first half, which would be a 6% increase on its NAV at December 31.
Oakley said approximately 13 pence of the NAV uplift is attributable to the weakening of sterling, while the underlying performance of its portfolio contributed an uplift of 9p per share.
"I am extremely pleased with the underlying performance of the funds which has been good in uncertain market conditions. A key achievement of the period was the IPO of Time Out Group PLC in which the company has a significant direct and indirect stake. That asset now benefits from a strong balance sheet and our continued interest in that business is consistent with our view of its long-term prospects," Managing Partner Peter Dubens said in a statement.
"The last few weeks have witnessed high volatility in the sterling exchange rates against the US dollar and euro, which has had a highly beneficial impact on our NAV in the first half," he added.
Shares in Oakley were trading up 2.0% at 128.85p on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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