Onward Opportunities reports solid first half

6th Sep 2024 10:55

(Sharecast News) - Onward Opportunities, an investment company focused on smaller UK firms, reported strong unaudited interim results for the six months ended 30 June on Friday.

The AIM-traded company said its net asset value (NAV) per share rose 9.2%, reaching 116.32p.

That performance was bolstered by a 17.7% increase in total net assets, now standing at £20m, while its share price surged 20.9% to 124p.

The company's 12-month net asset value return to 30 June was 20.6%, significantly outpacing the UK AIM All Share Index's return of 3.1% by 17.5 percentage points.

That placed Onward Opportunities in the top quartile of its sector, ranking fourth out of 26 peers in the AIC UK Smaller Companies sector.

The company also achieved its target return of over 15% IRR during the period, further validating its investment strategy.

Onward Opportunities noted that it was recognised at the Small Cap Awards in June, winning 'IPO of the Year.'

The company also conducted two capital raises during the period, adding £4.7m to its capital base, representing a 25% increase.

Post-period performance remained strong, with the NAV per share increasing by an additional 5.3% to 122.51p as of 30 August.

The company's 12-month NAV return to date stood at 23.6%, continuing to outperform the UK AIM All-Share and exceeding its annual target returns.

Since its inception, Onward Opportunities said it had delivered a total NAV return of 28%, surpassing the UK AIM All-Share, which fell by 1.43% over the same timeframe.

Key contributors to the growth included core holdings such as Transense Technologies and Windward.

"The board is pleased with performance over the first half of the current year but is very cognisant of the need to continue to grow the size of the company," said chairman Andrew Henton.

"I look forward to updating you further in that regard when I write again to report on the full year ending 31 December."

At 0929 BST, shares in Onward Opportunities were down 2.01% at 122p.

Reporting by Josh White for Sharecast.com.