Molten Ventures expects 14% rise in NAV as portfolio valuations grow

Molten Ventures PLC on Monday said it expects a double-digit increase in net asset value per share for the first half of its financial year, supported by strong portfolio performance and investment realisations.

The London-based venture capital investor said it expects net asset value per share to rise 14% to approximately 869 pence at September 30, from 760p at March 31. This compares with 724p a year earlier.

Gross portfolio value is expected to increase 11% to around £1.70 billion from £1.53 billion at the end of March, and from £1.44 billion a year earlier.

The company reported an estimated fair value uplift of £244 million, or 16%, excluding foreign exchange movements, driven primarily by strong performances from ICEYE and Revolut, alongside its fund-of-funds programme.

Gross valuation increases of £334 million across the portfolio were partly offset by reductions of £90 million.

Molten generated approximately £109 million in cash proceeds from investment realisations during the six months, up from £62 million a year earlier.

This included around £71 million from Revolut, at an average multiple on invested capital of 19 times, and £22 million from ICEYE, at an average multiple of 14 times.

The company invested £44 million during the period, up from £33 million a year earlier, alongside a further £4 million deployed through its managed Enterprise Investment Scheme and Venture Capital Trust funds.

Molten also completed the £175 million first close of its Growth Fund, which includes a £75 million cornerstone commitment from the British Business Bank. The fund is targeting a final size of £350 million.

The company returned £16 million to shareholders through buybacks during the half-year, bringing total repurchases since July 2024 to approximately £70 million.

Group cash stood at £76 million at September 30, up from £52 million at March 31, alongside £31 million available for investment through managed funds and an undrawn £60 million revolving credit facility.

Chief Executive Ben Wilkinson said: "We have made strong progress in the first half of the financial year, building on our FY26 performance, with continued growth, a strong level of realisations, and importantly ongoing momentum."

He added that the company was increasingly well positioned to support technology businesses across the UK and Europe, particularly as demand for growth-stage investment increases.

Wilkinson added: "With the UK budget due in two days, we will be looking for measures that target growth not just redistribution. As UK Private Capital highlighted last week, we have seen only a minor uptick in new investment in private capital by Mansion House Compact signatories - meaning we are still well short of what is needed to realise the potential benefits for savers and the growth stage economy. Our growth fund is one of the ways to help to deliver those benefits."

Molten expects to announce its full half-year results on November 24.

Shares in the company were 5.4% higher at 704.50 pence in London on Monday afternoon.

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