Onward Opportunities Ltd said in its interim results on Friday that net asset value had increased, despite markets remaining ‘challenging’.
The London-based investment firm is focused on small UK companies with market capitalisations below £100 million.
Net asset value per share increased by 9.2% to 116.32 pence each in the six months ended June 30 from 106.50p on December 31.
NAV total return stood at 21% for the twelve months to June 30, with the company outperforming the benchmark UK AIM All Share index which returned 18% over the same period.
Since June 30, Onward Opportunities’ net asset value has risen further to 122.51p, generating an additional 5.3% total return over the two month period.
Lead Portfolio Manager Laurence Hulse said: ‘In its first 18 months, the company has made a pleasing start on its three core KPIs: demonstrated an ability to raise capital repeatedly, deploying that capital using a high-touch investment style, and invest profitably to deliver strong absolute and relative returns for shareholders. The team is now focused on consistently meeting these targets on an ongoing basis.
‘Whilst the markets have remained challenging, we have demonstrated that we can perform under such circumstances and the team has channelled its energy into continuing to identify pockets of value amongst them.’
In June, the company announced it had won the ’IPO of the Year’ award at the Small Cap Awards.
Shares in Onward Opportunities fell 2.0% to 122.00 pence each in London on Friday morning.
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