Ocean Wilsons (OCN) H1 2025 earnings summary

Executive summary

• Completed sale of 56% interest in Wilson Sons S.A. on 4 June 2025, generating net cash proceeds of $594m and a gain on sale of $224.4m.

• Announced and completed a 20% share buyback via tender offer, returning £109m to shareholders.

• Proposed all-share merger with Hansa Investment Company Limited, approved by shareholders but delayed in court for further review.

• Investment portfolio delivered a 5.1% gross return and 4.6% net return in H1 2025, outperforming its benchmark.

Financial highlights

• Profit for the period rose to $311.6m (2024: $38.4m), driven by the gain on sale of Wilson Sons and improved investment returns.

• Profit from continuing operations increased to $10.4m (2024: $8.4m); profit from discontinued operations was $301.2m (2024: $30.0m).

• Net cash inflow from continuing operations was $543.6m (2024: outflow of $28.8m), reflecting the Wilson Sons sale.

• Net assets at 30 June 2025 were $944.2m, up from $839.4m at 31 December 2024.

• Dividend declared per share was 181c (2024: 85c); earnings per share were 785.0c (2024: 71.1c).

Outlook and guidance

• Portfolio remains focused on capital growth, diversification, and disciplined risk management amid global market volatility.

• Directors have reasonable expectation of adequate resources to continue operations for the foreseeable future.