Molten Ventures makes 'huge progress', gross portfolio value rises

Venture capital firm Molten Ventures said on Monday that it had made "huge progress" from both an operational and financial perspective in the year ended 31 March, with the group's gross portfolio value rising significantly during the period.

Molten Ventures said its gross portfolio value had risen from £984.0m at the end of the previous trading year to £1.53bn twelve months later, while its net asset value per share shot up from 743.0p in 2021 to 937.0p in 2022.

However, Molten's gross portfolio fair value growth of 37% was a deceleration from the prior year's 51% print.

The FTSE 250-listed firm posted a full-year pre-tax profit of £301.0m, up from £267.0m at the same time a year earlier, while cash proceeds from realisations slipped from £206.0m to £126.0m and net funds were broadly flat year-on-year at £108.0m.

Molten also said it had invested £311.0m in cash during the year, up from £128.0m in 2021, and a further £45.0m from EIS/VCT funds, up from £34.0m a year earlier.

Chief executive Martin Davis said: "This year, we made huge progress across the business from both an operational and financial perspective.

"Despite recent volatility in world markets caused in part by the tragic events in Ukraine, VC remains resilient, and the European technology market continues to be an area of growth. We have successfully navigated several market cycles and our adaptable and scalable business model, combined with the significant progress made this year, puts us in an advantaged position within the current market context.

Reporting by Iain Gilbert at Sharecast.com