Molten Ventures reports solid full-year performance

(Sharecast News) - Molten Ventures reported a solid performance for the financial year ended 31 March on Thursday, with unaudited net asset value per share rising to 671p from 662p a year earlier. The FTSE 250 technology-focused venture capital firm said its gross portfolio value stood at £1.37bn, broadly flat year-on-year, with a 5.2% underlying fair value uplift driven by strong performers including Ledger, Aircall and Revolut.

That was partly offset by adverse foreign exchange movements, resulting in a total fair value gain of around 4% or £50m.

The group said it achieved £135m in cash realisations during the year, including exits from M-Files, Endomag, Perkbox, Graphcore, and a partial sale of Revolut shares at a 25% premium to the September valuation.

Molten invested £73m from its own balance sheet and an additional £34m through its EIS and VCT strategies.

It also returned £15m to shareholders through share buybacks, with a further £15m programme initiated in March.

Molten ended the year with £89m in cash, rising to £110m after year-end proceeds from Freetrade, and retains a £60m undrawn credit facility.

With 88% of core portfolio companies funded for at least 12 months, and strong revenue growth of 51% across the core holdings, the firm said its portfolio remained resilient.

Looking ahead, Molten said it would continue to prioritise realisations above reported net asset value, disciplined investment into series A and B rounds, and cost efficiency measures including its delisting from Euronext Dublin.

"It is pleasing that the portfolio and net asset value have continued to grow, demonstrating the robust performance within the portfolio," said chief executive officer Ben Wilkinson.

"We've maintained a strong level of activity this year, with significant realisations that have provided capital to pursue attractive new and follow-on opportunities supporting European tech companies at critical growth stages.

"Recent macro events serve as a reminder of how quickly market dynamics can change."

Wilkinson said while such events had added short-term volatility, particularly in the public markets, the company's portfolio remained focused on capturing long-term opportunities driven by disrupting global industries.

"Molten's strong cash position and experienced team ensure we remain resilient and able to course correct when needed.

"Molten is driven by exceptional people and our unique investment platform.

"We remain focused on what we can control and continue to invest with discipline, finding opportunities in changing environments, backing businesses that are building for the long term and creating value for our shareholders."

Molten Ventures said it would publish its full-year results on 11 June.

At 1112 BST, shares in Molten Ventures were up 5.6% at 279p.

Reporting by Josh White for Sharecast.com.