REG - Marwyn Value Inv Ltd - Annual Financial Report

Marwyn Value InvestorsAnnouncement

30/04/2026 07:02

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RNS Number : 4451C  Marwyn Value Investors Limited  30 April 2026

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
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WHICH IT WOULD BE UNLAWFUL TO DO SO

30 April 2026

 

MARWYN VALUE INVESTORS LIMITED (THE "COMPANY")

 

Annual Report and Financial Statements 2025

 

Marwyn Value Investors Limited announces the publication of its annual results
for the year ended 31 December 2025.

 

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 +35.4% with >£5m (9.06p
per share) paid in dividends. Ordinary Share Price Total Return of +63.6%

·      InvestAcc Group: acquisition of the AJ Bell Platinum SIPP and
SSAS book, adding c.£10 million of high-quality recurring revenue, taking AuA
to £9+ billion and the customer base to c.18,000, along with delivering
organic revenue growth of 28%

·      Zegona: continued to execute its value-creation plan following
the acquisition of Vodafone Spain, completing two FibreCo transactions and
initiating a capital allocation programme, including a special dividend, a
substantial share consolidation, buyback, and deleveraging

·      AdvancedAdvT: robust top-line and margin progression, with
recurring revenue ~80% and significant Adjusted EBITDA growth, supported by
targeted bolt-on M&A and operational improvements. FY26 reporting expected
to exceed expectations

·      Le Chameau: progressed strategic initiatives as it approaches its
centenary in 2027 with continued brand-elevating partnerships and focus on
core hero products

·      Palmer: significant client wins and expansion of operational
capabilities

·      £145 million net assets attributable to ordinary shares (net
asset value per share ordinary share of 260.6p)

·      Increased Manager alignment: CIO James Corsellis increased
shareholding to over 12%

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

 

"After many years of building and refining the portfolio, we believe the
Company has entered a particularly attractive phase of its lifecycle. The
value creation plans across our operational portfolio companies are
progressing strongly, and the operational and strategic milestones delivered
over the last 12-18 months give us confidence on the portfolio's ability to
deliver further NAV growth. With a well-balanced portfolio, proven Management
Partners, and a strategy built on patient, disciplined capital allocation, the
Company is well positioned to continue delivering for shareholders."

 

 

Chief Investment Officer - Investment Commentary and Outlook

2025 has been a highly significant year for the Company, with strong
performance reflecting both the progress made across our operating portfolio
and increasing market recognition of that progress. The Company delivered a
NAV Total Return of +35.4% for the 12 months ended 31 December 2025, with 3
and 5 year NAV TR performance at +69.9% and +104.4% respectively. These are
the outcomes we seek: long-term, compounding value from businesses whose
strategic levers we understand and influence.

 

Global economic and geopolitical conditions remained turbulent through 2025
and into early 2026. Trade policy uncertainty increased, and sentiment toward
artificial intelligence produced real swings in public markets. We kept a
tight focus on risk and portfolio monitoring throughout.

 

Trading across the portfolio held up well. AdvancedAdvT, InvestAcc and Palmer
each run on high levels of recurring revenues - software licences, pension
administration fees and fund services retainers - which gives the Company a
stable base that is largely insulated from short-term macro noise. Zegona has
continued to perform strongly, with operating cash flow compounding materially
since the acquisition of Vodafone Spain and the business tracking well ahead
of its original plan. Le Chameau continues to execute its brand elevation
strategy ahead of its centenary year in 2027.

 

Artificial intelligence remains an important driver of market narratives
around software businesses, shaped by changing views of its impact. In our
portfolio, AdvancedAdvT is most directly exposed to AI-driven sentiment (and
potential product disruption). AdvT management's view, set out in more detail
in the Investment Portfolio section of the Annual Report and Financial
Statements, is that AI is both an opportunity and a risk for the platform: it
raises productivity and expands addressable markets. Our assessment, supported
by operational evidence directly from AdvT, is their mission-critical vertical
software is not materially threatened by current AI capabilities, whilst the
January 2026 acquisition of the MatchingCore intellectual property is a
concrete example of AdvT investing to capture that opportunity. Short-term
valuations will continue to move with sentiment. Our conviction is that
long-term value will be driven by earnings growth and disciplined capital
allocation, not by the month's prevailing narrative.

 

The people we back matter as much as the businesses. Eamonn O'Hare and Robert
Samuelson at Zegona, Mark Hodges and Will Self at InvestAcc, and Vin Murria
OBE at AdvancedAdvT are among the most experienced operators in their
respective sectors, with track records of value creation through prior Marwyn
vehicles and beyond. Waheed Alli at Le Chameau and Martin Schnaier at Palmer
are building businesses with long runways ahead. That depth of partnership, on
top of the recurring-revenue foundation across most of the portfolio, is why I
expect MVI to keep delivering NAV growth and sustainable returns through
whatever the next 12-24 months bring.

 

Zegona

Since completing the acquisition of Vodafone Spain in May 2024 at 3.9x
EV/EBITDAaL, Zegona has executed at pace on three fronts. First, revenue
stabilisation: +29k broadband and +26k contract mobile lines added across the
last three quarters of FY25, reversing years of decline. Second, efficiency:
organisational simplification and cost actions lifted the EBITDAaL margin from
34% to 37% and the cashflow margin from 18% to 23%. Third, infrastructure
monetisation, through two FibreCo joint ventures - PremiumFiber with MasOrange
(GIC taking c.25%) and FiberPass with Telefónica (AXA IM Alts taking c.40%).
In 2025 Zegona commenced its capital allocation programme - a €1.4 billion
special dividend, a c.69% reduction in share count through the cancellation of
c.523 million shares, a €200 million buyback, and €200 million of debt
reduction - while continuing to push on operations. There is still room for
operating cash flow to expand, and further value to come from network
partnerships and wholesale.

 

InvestAcc

2025 was the year InvestAcc moved from a platform to a scaled consolidator.
Completing the AJ Bell Platinum SIPP & SSAS book in November 2025 added
around 3,400 customers and £10 million of recurring revenue, taking AuA above
£9 billion across c.18,000 accounts and strengthening the Group's lead in
"full" SIPP administration. The Kartesia relationship provides additional
M&A capacity. Underlying trading was strong: organic revenue growth of
28%, Trading EBITDA up 62% to £6.9 million at margins above 40%, and AuA +82%
year-on-year. We remain confident in the three-year plan to reach £20
million+ of EBITDA, supported by disciplined execution and a visible pipeline.

 

AdvancedAdvT

AdvT reported revenue of c.£53 million for the period to 28 February 2026, a
22% increase on the prior year, with recurring revenue at around 80% and
Adjusted EBITDA of not less than £14.4 million (FY25 £11.3 million) at an
Adjusted EBITDA margin above 27%. The improvement reflects operating gains,
the SaaS mix shift, and nine acquisitions completed since July 2023 (c.£45
million deployed net of cash acquired) - most recently the bolt-ons of
Celaton, GOSS and HFX, and, post period, the MatchingCore intellectual
property in January 2026. With c.£96 million of cash on the balance sheet as
at 28 February 2026, AdvT has the capacity to keep executing accretive
M&A. The £10 million buyback programme launched in March 2026 is, in my
view, a clear signal from management that the current price does not reflect
the underlying value of the software businesses. The strategy is
straightforward: operational excellence and targeted acquisitions to compound
recurring revenue and margins.

 

Le Chameau

The five-year centenary plan continues to progress. FY25 revenue was £18.5
million, with the range focused on premium products, direct-to-consumer now
33% (£5.0 million) of continuing lines revenue, and gross margin of 67.8%.
Strategic collaborations (for example Loro Piana and the CHANEL J12 Boat Race)
are lifting brand equity ahead of 2027. During 2025 Le Chameau also separated
from its previous strategic partner to re-establish as a standalone business
and moved its direct-to-consumer operation onto Shopify in time for the
centenary. Luxury sector multiples eased in 2025 on softer demand and tariff
effects, and our valuation reflects that. Our view remains that product
quality, margin discipline and brand elevation are the right drivers of
long-term shareholder value.

 

Palmer

Palmer continues to build out its private capital servicing platform,
expanding regulatory coverage and investing in its team and infrastructure to
support pipeline conversion, consistent with the "better-by-design" strategy
established at launch. With all significant regulatory approvals now received,
most recently Luxembourg CSSF clearance in June 2025, a larger prospective
client pipeline has been unlocked. Effective 1 January 2025, Palmer also took
over the administration of the Marwyn Funds across both listed and private
vehicles, providing external validation of the platform's operational
capabilities.

 

Acquisition companies (MAC III, MAC Alpha, 450)

We retain optionality through the listed acquisition vehicles. MAC Alpha
appointed Avril Palmer-Baunack as Chair in 2025, which widens the origination
reach. MAC III and Palmer mutually agreed to stop discussions on a potential
combination given Palmer's commercial progress and its focus on organic
growth; the vehicle continues to consider other transactions. 450 plc is still
in discussion with Silvercloud Holdings on a potential acquisition. With Le
Chameau's 2027 centenary approaching, the 450 Board concluded that any
transaction would be better pursued as a private company so that Le Chameau's
management can stay focused on the business. 450 accordingly cancelled its AIM
admission in April 2026.

 

Outlook

The portfolio now consists of operating businesses with several clear value
drivers. Zegona's operational improvements and potential for re-rating,
InvestAcc's consolidation strategy and platform scaling, and AdvancedAdvT's
operating momentum and M&A capacity each offer room for further NAV
growth, whilst the businesses being built at Palmer and Le Chameau offer
longer-term growth potential. We will remain disciplined with capital and
focused on long-term value, and will continue to back the Management Partners
running these businesses.

 

Thank you for your continued support, and thank you to the Board of MVIL for
its stewardship.

 

James Corsellis, Chief Investment Officer

 

 

PERFORMANCE

 

Ordinary Shares

                                                            NAV Total Return(1)  FTSE SmallCap (ex-IC)  FTSE AIM All-Share
 Year to 31 December 2025                                   +35.4%               +10.9%                 +8.5%
 3 Years to 31 December 2025                                +69.9%               +39.3%                 -2.4%
 Since inception(2) (23 February 2006 to 31 December 2025)  +380.8%              +230.6%                -15.4%
 Post year-end
 3 months to 31 March 2026                                  -0.9%                -4.7%                  -6.2%

 

 

2016 Realisation Shares

                                                                    Shareholder Total Return(3)  FTSE SmallCap (ex-IC)  FTSE AIM All-Share
 Year to 31 December 2025                                           -6.5%                        +10.9%                 +8.5%
 Since inception(4) (23 February 2006 to 31 December 2025)          +203.3%                      +230.6%                -15.4%
 Since creation of class(5) (30 November 2016 to 31 December 2025)  +4.3%                        +91.3%                 +6.7%
 Post year-end
 3 months to 31 March 2026                                          +4.5%                        -4.7%                  -6.2%

 

 

2021 Realisation Shares

                                                                    Shareholder Total Return(3)  FTSE SmallCap (ex-IC)  FTSE AIM All-Share
 Year to 31 December 2025                                           +28.8%                       +10.9%                 +8.5%
 Since inception(4) (23 February 2006 to 31 December 2025)          +344.7%                      +230.6%                -15.4%
 Since creation of class(5) (30 November 2021 to 31 December 2025)  +64.7%                       +21.9%                 -30.6%
 Post year-end
 3 months to 31 March 2026                                          -0.7%                        -4.7%                  -6.2%

 

 

(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 2025.

 

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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