REG - Marwyn Value Inv Ltd Marwyn Value Inv Ltd Marwyn Value - MVR2 Marwyn Value - MVIR - Unaudited Interim Results 2025

Marwyn Value InvestorsAnnouncement

30/09/2025 07:00

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RNS Number : 2891B  Marwyn Value Investors Limited  30 September 2025

LEI: 213800L5751QTTVEA774

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30 September 2025

 

MARWYN VALUE INVESTORS LIMITED (THE "COMPANY")

 

Investment Update and Unaudited Interim Results 2025

 

UNAUDITED INTERIM RESULTS 2025

 

Marwyn Value Investors Limited announces the publication of its interim
results for the six months ended 30 June 2025.

 

The Interim Results are available on the 'Annual Reports and Interim Results'
section of the Company's website,
http://www.marwynvalue.com/company-information/financial-reports
(http://www.marwynvalue.com/company-information/financial-reports) .

 

Highlights

 

·      Ordinary share NAV Total Return of +13.4% with £2.5m (4.53p per
share) paid in dividends. Ordinary Share Price Total Return of +29.7%

·      InvestAcc Group: announced the acquisition of AJ Bell's Platinum
SIPP and SSAS business, with completion expected in November 2025; operating
performance of the acquired business reported significant growth in total
revenues and Trading EBITDA

·      Zegona: monetisation of joint FibreCos with MasOrange expected to
complete in H2 2025 subject to customary regulatory approvals delivering
€1.4 billion upfront proceeds; monetisation of separate joint FibreCo with
Telefonica also well advanced

·      AdvancedAdvT: announced two further acquisitions of HFX Limited
and Goss Technology Limited, with organic revenue and EBITDA growth in the
underlying businesses

·      Palmer: Luxembourg regulatory approval announced, marking a major
milestone in its business plan

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

"We are pleased with the results delivered in the first half of 2025 and
remain confident that the Company is exceptionally well-positioned for further
value creation. The strong performance of the Company in recent years has been
built on careful capital deployment, disciplined management oversight and the
Manager's focus on partnering with exceptional operators. These core
principles remain at the heart of our strategy."

 

CIO Investment Commentary

% of NAV information is based on the ordinary share look-through breakdown as
at 30 June 2025

 

InvestAcc Group (29.6% of NAV)

InvestAcc is building the UK's leading specialist pension administration
business through consolidation of SIPP and SSAS providers. The company
completed its platform acquisition in October 2024, with the underlying
business reporting excellent organic growth in revenue (pro forma revenue up
20.3% in H1 2025 compared to H1 2024), driven by sustained demand for core
pension administrative services, whilst maintaining attractive Trading EBITDA
margin.. The transformational acquisition of AJ Bell's Platinum business (over
3,400 customers, £3.3 billion AUA as at 30 June 2025) for up to £25 million,
due to complete on 3 November 2025, strengthens its market position further.
Management has established a pipeline of high quality acquisitions with a
clear path to delivering £20m+ EBITDA over the next 3 years.

 

Zegona Communications (23.7% of NAV)

Zegona is a specialist TMT investor that acquires and transforms
telecommunications businesses in Europe, focussed principally on Spain. The
company has delivered transformational results in its first year owning
Vodafone Spain. The business generated €1,249 million EBITDAaL and €625
million operating cash flow for the 12 months to March 2025, with EBITDAaL
margins improving from 32% to 34%. Customer momentum has returned with +29k
broadband and +26k mobile lines added in the last three quarters of FY25. The
MasOrange FibreCo transaction is expected to deliver €1.4 billion upfront
proceeds to Zegona (expected Q4 2025), with the monetisation of the Telefonica
FiberCo also progressing.

 

AdvancedAdvT (21.7% of NAV)

AdvancedAdvT is a consolidator of mission-critical software businesses serving
the business solutions, compliance, and human capital management sectors. The
company delivered revenue of £43.3 million (recurring revenue of 80.3%) and
adjusted EBITDA of £11.3 million (ahead of management expectations) for the
year to February 2025. The company achieved 17.8% pro forma revenue growth and
90% EBITDA growth, driven by multi-year contract renewals and new customer
wins. Following three further strategic acquisitions, the company retains over
£109.5 million in cash and realisable investments (as at 28 February 2025)
for further M&A opportunities.

 

Le Chameau (21.2% of NAV)

Le Chameau is a premium outdoor footwear brand specialising in handcrafted
wellington boots and continues to execute the next phase of Waheed Alli's
5-year strategy as the company approaches its centenary in 2027. The company
grew revenue to £18.1 million (48% growth over five years) with gross margins
expanding from 47% to over 60%. Under Waheed's leadership, the luxury brand
has secured partnerships with Loro Piana and the CHANEL J12 Boat Race, while
building its direct-to-consumer e-commerce channel to 33% of revenue. However,
with comparable multiples and valuations contracting amid the challenges faced
in the broader market environment, most notably softer luxury consumer
sentiment and the impact of tariffs, these movements have been reflected in
the Le Chameau valuation, resulting in a reduction in carrying value in the
period.

 

Palmer (5.2% of NAV)

Palmer provides cloud-native fund administration services to the private
capital industry, offering modern alternatives to legacy providers. Having
secured regulatory approvals in UK, Jersey and Luxembourg, the business is
gaining traction with private capital funds and fund managers seeking
technology-led solutions.

 

Outlook

As we look ahead to the remainder of 2025 and beyond, I am energised by the
multiple pathways to value creation visible across our portfolio in spite of
the mixed economic backdrop. What makes this particularly exciting is that
these opportunities are not dependent on any single outcome or market
condition. Zegona's infrastructure monetisation will provide significant
capital for reinvestment or returns, while InvestAcc's robust M&A pipeline
offers clear visibility on near-term growth. AdvancedAdvT continues to
demonstrate the power of operational excellence combined with strategic
acquisitions, Le Chameau's journey toward its centenary promises further brand
elevation, and Palmer are building an exciting platform with multiple avenues
to value generation.

 

Perhaps most importantly, each of these businesses is led by exceptional
management teams who have demonstrated their ability to execute complex
strategies while adapting to changing market conditions. This combination of
strategic clarity, operational capability, and financial flexibility gives me
great confidence that we will continue to deliver strong returns for our
shareholders. The portfolio we have assembled today represents, in my view,
the most compelling set of opportunities in our history.

 

We remain immensely grateful for the ongoing support of our shareholders and
the Board of MVI and look forward to what should be an exciting period of
further progress across our portfolio.

 

James Corsellis, Chief Investment Officer

 

PERFORMANCE

 

Ordinary Shares

                                                        NAV Total Return(1)  FTSE SmallCap (ex-IC)  FTSE AIM All-Share
 Six months to 30 June 2025                             +13.4%               +7.6%                  +8.2%
 3 Years to 30 June 2025                                +51.1%               +33.6%                 -7.0%
 Since inception(2) (23 February 2006 to 30 June 2025)  +302.6%              +220.6%                -15.7%
 Post period end
 Eight months to 31 August 2025                         +30.4%               +4.9%                  +7.5%

 

 

2016 Realisation Shares

                                                                Shareholder Total Return(3)  FTSE SmallCap (ex-IC)  FTSE AIM All-Share
 Six months to 30 June 2025                                     -3.3%                        +7.6%                  +8.2%
 Since inception(4) (23 February 2006 to 30 June 2025)          +204.8%                      +220.6%                -15.7%
 Since creation of class(5) (30 November 2016 to 30 June 2025)  +4.8%                        +85.5%                 +6.4%

 

 

2021 Realisation Shares

                                                                Shareholder Total Return(3)  FTSE SmallCap (ex-IC)  FTSE AIM All-Share
 Six months to 30 June 2025                                     +11.4%                       +7.6%                  +8.2%
 Since inception(4) (23 February 2006 to 30 June 2025)          +284.6%                      +220.6%                -15.7%
 Since creation of class(5) (30 November 2021 to 30 June 2025)  +42.4%                       +18.2%                 -30.8%

 

 

(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 Unaudited Interim Results for the
six months ended 30 June 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 AdvancedAdvT Limited, the operating
business of Le Chameau, 450 plc, Marwyn Acquisition Company II Limited, Palmer
Street Limited, Zegona Communications plc, 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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