26th Oct 2026 14:29
(Alliance News) - 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 GBP1.70 billion from GBP1.53 billion at the end of March, and from GBP1.44 billion a year earlier.
The company reported an estimated fair value uplift of GBP244 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 GBP334 million across the portfolio were partly offset by reductions of GBP90 million.
Molten generated approximately GBP109 million in cash proceeds from investment realisations during the six months, up from GBP62 million a year earlier.
This included around GBP71 million from Revolut, at an average multiple on invested capital of 19 times, and GBP22 million from ICEYE, at an average multiple of 14 times.
The company invested GBP44 million during the period, up from GBP33 million a year earlier, alongside a further GBP4 million deployed through its managed Enterprise Investment Scheme and Venture Capital Trust funds.
Molten also completed the GBP175 million first close of its Growth Fund, which includes a GBP75 million cornerstone commitment from the British Business Bank. The fund is targeting a final size of GBP350 million.
The company returned GBP16 million to shareholders through buybacks during the half-year, bringing total repurchases since July 2024 to approximately GBP70 million.
Group cash stood at GBP76 million at September 30, up from GBP52 million at March 31, alongside GBP31 million available for investment through managed funds and an undrawn GBP60 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.
By Eva Castanedo, Alliance News senior economics reporter
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