Molten Ventures plc (LON:GROW), a leading venture capital firm investing in and developing disruptive, high-growth technology companies, has announced 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.
Our Sustainability Report will be published on 24 June 2025 and will be available on our website: investors.moltenventures.com/sustainability
Ben Wilkinson, Chief Executive Officer, Molten Ventures, commented:
“FY25 was an exceptional year of realisations for Molten with exits delivering on average a 1.8x multiple on invested capital. Our exciting, diversified portfolio remains resilient despite market headwinds, and we continued deploying capital while maintaining strong capital allocation discipline and our capital base. We are already making good progress against the clear strategic priorities I set out as Molten’s new CEO in February 2025 and have started FY26 with positive momentum for generating further shareholder value.
“The rise of AI presents the opportunity to fund the next generation of category leaders during one of the most significant generational shifts in technology since the internet. At the same time, the Mansion House reforms could unlock a vital new source of capital for UK innovation. We stand ready to help bridge that gap and ensure UK savers benefit from the growth of Europe’s most ambitious companies.”
