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Marwyn Value InvestorsAnnouncement

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RNS Number : 2978G  Marwyn Value Investors Limited  28 April 2025

LEI: 213800L5751QTTVEA774

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH
AFRICA, JAPAN, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OR ANY
JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO

28 April 2025

 

MARWYN VALUE INVESTORS LIMITED (THE "COMPANY")

 

Annual Report and Financial Statements 2024

 

Marwyn Value Investors Limited announces the publication of its annual results
for the year ended 31 December 2024.

 

The Annual Report and Financial Statements are available on the 'Financial
Reports' section of the Company's website,
http://www.marwynvalue.com/company-information/financial-reports, and will be
uploaded to, and available on, the National Storage Mechanism.

 

HIGHLIGHTS

 

·      Ordinary share NAV Total Return of +19.4% with £5m (9.06p per
share) paid in dividends. Ordinary Share Price Total Return of +26.6%

·      InvestAcc Group: completion of initial platform acquisition and
strong post-acquisition performance. Subsequent acquisition of a book of SIPP
and SSAS customers announced.

·      Zegona: completion of €5bn acquisition of Vodafone Spain and
progression of strategic FibreCo transactions with MasOrange and Telefónica

·      AdvancedAdvT: strong operational performance following platform
acquisition; FY25 Adjusted EBITDA expected to materially exceed expectations

·      Le Chameau: ongoing strategic brand repositioning and
collaborations contributing to double-digit revenue growth in core product
lines

·      Palmer: onboarding of clients and expansion into Jersey, UK,
Spain and Luxembourg

·      £111m net assets attributable to ordinary shares (net asset
value per share ordinary share of 200.3p)

·      Increased Manager alignment: CIO James Corsellis increased
shareholding to over 11%

Robert Ware, Chairman of Marwyn Value Investors Limited, commented:

"After several years of building and refining our portfolio, we believe that
2025 could be a very exciting year with the potential for material growth,
which can drive another strong period of NAV appreciation. With a
well-balanced portfolio, a clear strategy, and a proactive approach to value
creation, the Company is in an excellent position to continue delivering for
shareholders."

Chief Investment Officer - Investment Commentary

The past year saw our portfolio companies execute their respective strategies,
delivering meaningful progress across both operational and financial metrics.
These businesses are now well-positioned to deliver further value in the years
ahead.

AdvancedAdvT continues to strengthen its platform under the leadership of Vin
Murria. Since acquiring its platform business in August 2023, AdvancedAdvT has
relisted the business, completed a carve out, implemented multiple new
systems, improved operating metrics across the business, won numerous large
scale multi-year contracts and completed its first bolt-on acquisition. In a
trading update in February 2025, AdvancedAdvT reported that it anticipated
FY25 Adjusted EBITDA to be materially ahead of market expectations. The
business has built a strong platform from which we expect both continued
organic growth and material upside from M&A.

Zegona's acquisition of Vodafone Spain has been transformational, with
management executing a clear value creation strategy. The share price has
continued its upward trajectory, generating significant gains on our
investment in November 2023, and now constitutes the largest position in the
fund at £31m (ordinary share look-through value as at 31 March 2025). In
addition to improving operational efficiency, Zegona has announced two FibreCo
transactions with MasOrange and Telefónica, which are expected to complete in
the first half of 2025. These transactions will provide Vodafone Spain with
guaranteed access to a future-proof national fibre network under attractive
economic terms, and is expected to unlock substantial cost savings.

Monetising these two FibreCo partnerships is expected to deliver significant
proceeds for Zegona, allowing the business to de-lever and creating the
potential for a return of capital to shareholders. With this strategy
progressing as planned, we are optimistic about the company's ability to
generate further value.

InvestAcc's objective is to build the UK's leading specialist pensions
administration business with a focus on the SIPP market. This began in June
2024 with the platform acquisition of InvestAcc, a high-quality SIPP/SSAS
provider with a 30-year track record in the space, for £41.5m (representing
an enterprise value of approximately £36m on a cash-free, debt-free basis).
Following regulatory approvals, the acquisition of InvestAcc was completed in
October 2024 and the business has performed extremely well, exceeding market
expectations and resulting in a profit upgrade in December 2024.

Alongside the excellent performance of the underlying business, InvestAcc has
progressed their buy-and-build strategy through accretive M&A. In March
2025, InvestAcc announced the acquisition of a book of Platinum SIPP and SSAS
customers from AJ Bell for a maximum consideration of £25m. The acquisition,
which is expected to complete in H1 2025, consolidates InvestAcc's market
position in "Full" SIPP administration, driving AuA to over £8.5bn across
16,000 SIPP & SSAS accounts, and is expected to be highly accretive. The
acquisition was entirely financed by a long term debt facility with further
ability to scale and support the wider Group acquisition strategy future. It
is worth noting that this type of private credit financing would have been
extremely difficult to secure in the absence of an institutional sponsor such
as Marwyn standing behind the company, which only goes to reinforce our
confidence in the Marwyn model. We hope this is the first of many company and
book acquisitions, with a strong pipeline of future transactions and
significant growth potential ahead. With this combination of organic growth
and strategic M&A, we believe the company is well-positioned to deliver
significant long-term value.

Le Chameau, our premium outdoor footwear brand, as it approaches its centenary
year in 2027, continues to build on the strategic initiatives under Waheed
Alli's leadership. Le Chameau continues to cherish its core professional
customers in the UK and European outdoor and country segments, as well as our
professional customers in the marine segments including oyster fishermen and
professional offshore sailing. In addition, Le Chameau have launched
successful strategic initiatives partnering with some of the world's leading
luxury brands, whilst remaining firmly rooted in their country heritage, with
a view to enhancing its brand value and expand market reach. In 2025 this has
included a collaboration with Loro Piana, owned by LVMH, on a co-branded boot,
and with Le Chameau becoming the official boot supplier to the Chanel J12 Boat
Race.

Over the past five years to 31 December 2024, the company has achieved total
revenue growth of 54%, and in 2024, under Waheed Alli's leadership, the
business has moved to focus on its core continuing premium high margin product
lines which constitute 76% of sales and which grew at 15% in the 12 months to
31 December 2024. Le Chameau has also added to key executive positions and
expect to continue to do so to help the company achieve its potential over the
coming years. Notwithstanding the volatility in the global luxury sector and
trade and tariff uncertainty, our long-term outlook for the business remains
positive.

Palmer, our private fund administration business led by Martin Schnaier,
continues to build its team and infrastructure and we are confident that the
final regulatory approvals will be secured imminently. The business is now
operational in the UK, Jersey, Spain and Luxembourg (subject to final
regulatory approval) and the company continues to win new clients as well as
growing its successful loan agency business in the Spanish market. With its
technology-led approach to private capital administration, Palmer is
well-positioned to capitalise on a significant market opportunity. The
development of its cloud-based administration platform continues to progress,
offering clients enhanced reporting, analytics, and data-driven
decision-making capabilities.

We believe Palmer's differentiated service model will allow it to build a
strong presence in the market, and we look forward to seeing its continued
expansion.

Outlook

The Company is now at a stage where we are close to fully invested with an
extremely exciting portfolio of companies each of which, even though they are
still early in the execution of their strategies, have the potential to have a
material impact on the fund performance over the coming year and we remain
entirely focused on helping them deliver on that potential.

PERFORMANCE

 

Ordinary Shares

                                                            NAV Total Return(1)  FTSE SmallCap (ex-IC)  FTSE AIM All-Share
 Year to 31 December 2024                                   +19.4%               +13.8%                 -4.0%
 3 Years to 31 December 2024                                +27.3%               +3.8%                  -37.7%
 Since inception(2) (23 February 2006 to 31 December 2024)  +255.0%              +198.1%                -22.1%
 Post year-end
 3 months to 31 March 2025                                  +5.6%                -6.5%                  -4.9%

 

 

2016 Realisation Shares

                                                                    Shareholder Total Return(3)  FTSE SmallCap (ex-IC)  FTSE AIM All-Share
 Year to 31 December 2024                                           +4.6%                        +13.8%                 -4.0%
 Since inception(4) (23 February 2006 to 31 December 2024)          +206.3%                      +198.1%                -22.1%
 Since creation of class(5) (30 November 2016 to 31 December 2024)  +5.4%                        +72.5%                 -1.7%
 Post year-end
 3 months to 31 March 2025                                          -3.9%                        -6.5%                  -4.9%

 

 

2021 Realisation Shares

                                                                    Shareholder Total Return(3)  FTSE SmallCap (ex-IC)  FTSE AIM All-Share
 Year to 31 December 2024                                           +17.8%                       +13.8%                 -4.0%
 Since inception(4) (23 February 2006 to 31 December 2024)          +245.2%                      +198.1%                -22.1%
 Since creation of class(5) (30 November 2021 to 31 December 2024)  +27.8%                       +9.9%                  -36.1%
 Post year-end
 3 months to 31 March 2025                                          +5.0%                        -6.5%                  -4.9%

 

 

(1) NAV Total Return assumes the reinvestment of dividends paid to
shareholders into the Company at NAV and is calculated on a cum-income basis.

(2) For the ordinary shares, inception to date movement is based on the
combined weighted average NAV of Marwyn Value Investors I, II and B shares
prior to their amalgamation, using the conversion ratio published on 17 April
2008.

(3) For the realisation share classes, shareholder total return is calculated
as the movement in total shareholder value, including all distributions made
to Realisation shareholders over the relevant period.

(4) Realisation class inception to date is calculated based on the Ordinary
share performance up to the date the Ordinary shares were converted to the
relevant Realisation class, then shareholder total return of the relevant
Realisation Class from that date.

(5) Realisation Class shareholder total return from creation of class
represents total shareholder return for the relevant class from the date that
ordinary shares were converted to realisation shares for each class.

 

Capitalised terms used in this announcement and not otherwise defined have the
same meaning as detailed in the Company's Annual Report and Audited Financial
Statements for the year ended 31 December 2024.

 

Company enquiries:

Marwyn Value Investors Limited

Scott Danks

scottdanks@marwyn.com

 

Company Secretary - Palmer Fund Services (Jersey) Limited

marwyn@palmerfs.com

1 Grenville Street

St Helier

Jersey JE2 4UF

 

Investor Relations - KK Advisory Limited

Kam Bansil

020 7039 1901

 

PR Adviser - FGS Global

Rollo Head 07768 994987

Chris Sibbald 07855 955531

 

Corporate Broker - Panmure Liberum Limited

Chris Clarke

0203 100 2200

 

The Company is a closed-ended investment company, trading on the London Stock
Exchange's Specialist Fund Segment - a fully regulated market for
professional, institutional and sophisticated investors. Current investments
through its underlying funds include InvestAcc Group Limited, AdvancedAdvT
Limited, Zegona Communications plc, the operating business of Le Chameau, 450
plc, Palmer Street Limited, Marwyn Acquisition Company III Limited and MAC
Alpha Limited.

 

Shares in the Company are not designed or intended for retail investors.
Marwyn Investment Management LLP, the Manager, does not promote shares in the
Company to retail investors and they should not be offered to retail
investors.

 

Cautionary Statement

This announcement contains forward-looking statements which are made in good
faith based on the information available at the time of its approval. Such
forward-looking statements involve known and unknown risks, uncertainties and
other important factors beyond the Company's control that could cause the
actual results, performance.

 

Neither the content of the Company's website (or any other website) nor the
content of any website accessible from hyperlinks on the Company's website (or
any other website) is incorporated into, or forms part of, this announcement.

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