REG-Molten Ventures Plc Full year trading update and notice of results

Molten VenturesAnnouncement

24/04/2025 07:02

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   Molten Ventures Plc (GROW; GRW)
   Full year trading update and notice of results

   24-Apr-2025 / 07:00 GMT/BST

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                              Molten Ventures plc

                 ("Molten Ventures", "Molten", or the “Group”)

                                        

                Full year trading update and notice of results 

                                        

      Strong level of activity throughout the year, including significant
                                  realisations

                                        

                                        

   Molten Ventures  (LSE:  GROW,  Euronext Dublin:  GRW), a  leading  venture
   capital firm investing  in and developing  high-growth digital  technology
   businesses, today announces an update on  its Net Asset Value (“NAV”)  per
   share  (unaudited),  Gross   Portfolio  Value   (“GPV”)  (unaudited)   and
   highlights for the financial year,  ahead of announcing full year  results
   for the 12 months ended 31 March 2025 on 11 June 2025.

    

   Highlights:

    

     • NAV per share (unaudited) is expected to be circa 671p (31 March 2024:
       662p).
     • GPV (unaudited) is expected to be circa £1,367 million (31 March 2024:
       £1,379 million).
     • Excluding foreign  exchange,  GPV fair  value  uplift of  £72  million
       (5.22%) for the financial year (H1: £20 million and H2: £52  million),
       driven by strong performers in the portfolio, notably Ledger,  Aircall
       and Revolut.
     • Total cash  realisations  for  the financial  year  of  £135  million,
       including significant  realisations  from M-Files,  Endomag,  Perkbox,
       Graphcore and a partial realisation of Revolut. 
     • Secondary transaction  in  Revolut  generated  proceeds  of  circa  £7
       million at  a  headline  valuation  of $45  billion  as  part  of  the
       company-led secondary share sale, 25%  above the last reported NAV  at
       30 September 2024.
     • Invested £73 million from own balance sheet (year to 31 March 2024:
       £65 million) across new, follow-on and secondary investments, with a
       further £34 million from the managed EIS and VCT strategies.
     • Completed £15 million of share buybacks during the financial year and
       commenced an additional £15 million share buyback programme on 13
       March 2025 (of which £3.8 million has been repurchased to date).
     • Molten cash balance as at 31 March 2025 of £89 million, with a further
       £23 million available for investment from the managed EIS/VCT funds.
       Undrawn Revolving Credit Facility of up to £60 million provides
       further funding flexibility.
     • Molten cash balance as at 23 April 2025 of £110 million, following
       receipt of Freetrade proceeds post year-end.

    

   Portfolio performance and fair value movements:

    

     • Overall underlying  fair  value  growth  (excluding  foreign  exchange
       impact) of circa  5% or £72  million during the  year, which has  been
       offset by adverse  foreign exchange  movements of  £22 million.  Total
       fair value uplift of circa 4% or £50 million, demonstrates  resilience
       and a  strong overall  performance on  a diversified  portfolio.  Fair
       value movement reflects the  net of £180  million increases offset  by
       reductions of £108 million.
     • Portfolio  company  cash  runway  remains  robust  with  88%  of  core
       companies funded for at least 12 months and 71% have over 18 months of
       runway or are operating profitably.
     • Portfolio companies continue to maintain revenue growth momentum,
       demonstrating the strong underlying value of the portfolio, the
       underlying resilience of these businesses and the structural demand
       for their products across their respective end-markets.

          ◦ The core portfolio achieved an average value-weighted revenue
            growth of 51% in FY24. This growth highlights the maturity and
            scale of these businesses, which now represent 61% of the overall
            portfolio value.

     • In the period following year-end, geopolitical developments, notably
       the introduction and subsequent pause of tariffs by the US government,
       have contributed to an increasingly uncertain global trading
       environment. Our preliminary assessment indicates that our portfolio,
       being technology and software focused, is less exposed to the direct
       impact of tariffs.

                   Six Months
                           to          Six Months
                                    % to 31 March       %                   %
                           30  change        2025  change  Year to 31  change
                    September      to                  to  March 2025      to
                         2024 opening (unaudited) opening             opening
                                  GPV                 GPV (unaudited)     GPV
                  (unaudited)                    

                             
                    £’million           £’million           £’million     
   Opening Gross
   Portfolio            1,379               1,343               1,379        
   Value
   Investments             51                  22                  73        
   Realisations          (76)                (59)               (135)     
   Movement in
   Foreign               (31)  -2.25%           9   0.67%        (22)  -1.60%
   Exchange (a)
   Movement in             20   1.45%          52   3.87%          72   5.22%
   Fair Value (b)
   Total Fair
   Value                 (11)  -0.80%          61   4.54%          50   3.62%
   Movements
   (a+b)
   Closing Gross
   Portfolio            1,343               1,367               1,367        
   Value

    

    

   Ongoing strategic focuses:

    

     • Continued focus on capital allocation,  balancing the pipeline of  new
       investment  opportunities  with  the  ability  to  drive  returns   to
       shareholders  through  share  buyback  programmes,  while  maintaining
       sufficient reserves.
     • Focusing on  delivering  an  ongoing pipeline  of  realisations  above
       reported NAV, starting FY26 with  good momentum with a combined  circa
       £30 million of proceeds from Lyst and Freetrade exits.
     • Growing the  value  of  the  portfolio  through  support  of  existing
       companies  and  new  investments,  particularly  into  Molten's   core
       business of Series A and B investments.
     • Driving increased efficiencies, including  through building scale  and
       co-investment structures, as well as disciplined management of  costs,
       with announced delisting from Euronext Dublin supporting this.

    

   Ben Wilkinson, Chief Executive Officer, commented:

    

   “It is pleasing that the portfolio and NAV have continued to grow,
   demonstrating the robust performance within the portfolio. 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. While these events have added short-term
   volatility, particularly in the public markets, our portfolio remains
   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.”

    

   Notice of Results:

    

   Molten Ventures’ full-year results for the  year ended 31 March 2025  will
   be announced on 11 June 2025.

    

    

   -ENDS-

    

   Enquiries
    

   Molten Ventures plc
                                                +44 (0)20 7931 8800
   Ben Wilkinson (Chief Executive Officer)
                                                 1 ir@molten.vc
   Andrew Zimmermann (Chief Financial Officer)
   Deutsche Numis

   Joint Financial Adviser and Corporate Broker

   Simon Willis                                 +44 (0)20 7260 1000

   Jamie Loughborough

   Iqra Amin
   Goodbody Stockbrokers

   Joint Financial Adviser and Corporate Broker

   Don Harrington                               +44 (0) 20 3841 6202

   Tom Nicholson

   William Hall
   Sodali
                                                +44 (0)7970 246 725/
   Public relations
                                                +44 (0)771 324 6126
   Elly Williamson
                                                 2 molten@sodali.com  
   Jane Glover

   About Molten Ventures

    

   Molten Ventures is a leading venture capital firm in Europe, developing
   and investing in high growth technology companies.

    

   It invests across four sectors: Enterprise & SaaS; AI, Deeptech &
   Hardware; Consumer; and Digital Health & Wellness with highly experienced
   partners constantly looking for new opportunities in each.

    

   Listed on the London Stock Exchange, Molten Ventures provides a unique
   opportunity for public market investors to access these fast-growing tech
   businesses, without having to commit to long term investments with limited
   liquidity. Since the IPO in June 2016, Molten has deployed over £1bn
   capital into fast growing tech companies and has realised over £600m to 30
   September 2024.

    

   For more information, go
   to  3 https://investors.moltenventures.com/investor-relations/plc

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   ISIN:           GB00BY7QYJ50
   Category Code:  TST
   TIDM:           GROW; GRW
   LEI Code:       213800IPCR3SAYJWSW10
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   384233
   EQS News ID:    2122800


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:ir@molten.vc
   2. mailto:molten@sodali.com
   3. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=4de7826a86afe2f8924e951ebd831e27&application_id=2122800&site_id=reuters~~~6aa99418-46f7-48b9-89fd-959a8d2e4912&application_name=news


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