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OCI begins 2022 with strong momentum. Its interim results were strong, with i) a total NAV return of 26% for the 12 months ended 30 June 2021 (11% for the six months), ii) average annual portfolio company EBITDA growth of 35% (20% FY20), 12.3x EV/EBITDA (11.8x FY20) and 3.5x net debt/EBITDA (3.9x FY20), iii) £95m investment and £51m realisations in six months, and iv) cash of £172m. Performance since then will reflect the 19p uplift to NAV from the sale of TechInsights, announced on 15 December, as well as the follow-on investment in that company and a new investment in Seedtag. OCI’s next NAV update is due at the end of January.
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