Molten Ventures Reports Solid Net Asset Value Growth

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venture capital company Merging companies said in an update on Thursday that its unaudited net asset value per share is expected to be at least 929p for the financial year just ended, up from 743p a year ago.

The FTSE 250 company said the gross value of its portfolio is expected to reach no less than £1.53 billion, up from £984 million, with the increase in fair value of its gross portfolio expected to be at least £360m, or 35% excluding currency movements, on the year, in line with the £359m it reported for 2021.

Following the growth in investments and additional capital raised during the year, the platform’s assets under management totaled £1.8 billion for the 12 months to 31 March.

A total of £311m was invested from the group’s balance sheet during the year, with a further £45m coming from EIS and VCT co-investment, bringing the total for the year to £356m of pounds sterling, against 162 million pounds sterling.

Achievements, meanwhile, generated cash proceeds of £126m in the year, compared to £206m in 2021.

Cash on hand at 31 March was £174 million, comprising cash on the group balance sheet of £78 million, £35 million undrawn from the existing credit facility and £61 million additional pounds sterling available for investment in EIS and VCT funds.

Net proceeds for the year were £108 million, from a successful capital increase in June.

“Last year was an exceptional year for investing in technology companies, supported by a healthy market environment for transactions,” Chief Executive Martin Davis said.

“The 35% growth in fair value reflects the continued strength of the group and the judgment of our investment team in identifying and developing the technology entrepreneurs who are inventing tomorrow.

“We achieved our goals for the past year, and we remain focused on pursuing our strategy and strengthening our portfolio of next-generation technology companies.”

Molten Ventures announced that it will release its final results for the fiscal year ended March 31 on June 13.


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