Molten Ventures halves first-half losses

Shares in Molten Ventures rose on Wednesday after the tech-focused venture capital firm reported a halving of first-half losses.

The company reported a pre-tax loss for the six months to 30 September of £72m, compared with a £155m loss the year before.

The gross portfolio value stood at £1,299m by the end of the period, down from £1,371m six months earlier, with net asset value per share falling to 735p from 780p.

The company made £17m in investments during the half, and saw £33m in realisations.

"While we are disappointed to report a small decline in gross portfolio value in the period, our long-held and consistent approach to valuations has enabled Molten to demonstrate relative resilience," said chief executive Martin Davis.

"Having acted quickly at the onset of the downturn in early 2022, we are now seeing evidence of greater stability in our valuations, and we anticipate further stabilisation, and in parts, recovery."

Looking ahead, Martin said: "Our platform was built to operate and invest through the cycle, and our focus now, as valuations continue to stabilise, is on positioning ourselves to capture exceptional opportunities at attractive valuations in what is increasingly a buyers’ market for venture capital."

The stock was up nearly 4% at 258.64p by 1032 GMT.