Molten Ventures today announces its final results for the year ended 31 March 2025.
Financial highlights
- £1,367m Gross Portfolio Value* (31 March 2024: £1,379m).
- £1,236m Net Assets (31 March 2024: £1,251m).
- 671p NAV per share* (31 March 2024: 662p).
- 5% Gross Portfolio net fair value movement* (31 March 2024: 0%).
- £73m Invested, in addition a further £34m from the managed EIS/VCT funds (31 March 2024: £65m invested and a further £37m from the managed EIS/VCT funds).**
- £135m Cash proceeds from realisations (31 March 2024: £39m).
- 0.6% Admin expenses (net of fee income and exceptional items) (31 March 2024: 0.1%) vs the targeted 1% of year-end NAV.*
- £89m Consolidated Group Cash (31 March 2024: £57m).
- £17m Share buybacks completed during the year, with a further £7m post period-end (31 March 2024: £Nil).
* The above figures contain alternative performance measures (“APMs”) – see Note 35 in the Annual Report and Accounts for reconciliation of APMs to IFRS measures.
** EIS and VCT funds are managed by Molten Ventures plc Group but are not consolidated. See accounting policies on pages 132 to 142 and Glossary on page 179 to 180 of the Annual Report and Accounts for defined terms.
Portfolio and operational highlights
- Fair value increase in the year £72m Net Fair Value increase, exclusive of the impact of FX.
- Well funded Core Portfolio 88% of Core Portfolio companies forecast to be funded for at least 12 months. 71% funded for at least 18 months or operating profitably.
- Strong Core average revenue Average forecast revenue for 2025 of over $400m in the Core Portfolio, including those that are currently earning over $1bn a year in revenue.
- Strong Core gross margin position Core Portfolio companies forecasting average gross margin of 70% for 2025, excluding ISAR Aerospace as a pre-revenue company.
- Increased maturity in the Core 44% of the Core Portfolio forecasting profitability for 2025, excluding ISAR Aerospace as a pre-revenue company.
- Strong Emerging growth Top 15 revenue-generating direct emerging companies forecasting revenue growth of 100% for calendar year 2025.
Post period-end
- Following the year-end, we announced Molten’s delisting from Euronext Dublin. Retaining our listing on the London Stock Exchange will streamline compliance, reduce central costs, and sharpen our operational focus. We remain deeply committed to the Irish market, having launched the Irish Fund in 2023 in partnership with ISIF to invest in leading Irish technology companies.
- Realisations of c.£30 million received from exits in Lyst and Freetrade.
