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Molten Ventures NAV per share and portfolio value expected to fall

27th Apr 2023 12:27

(Alliance News) - Molten Ventures PLC on Thursday said it expects a fall in net asset value per share at March 31, and its gross portfolio value is also projected to decrease.

The tech-focused venture capital firm said it anticipates an NAV per share at March 31 of around 775 pence, down 17% from 929p a year ago.

The gross portfolio value is also expected to fall by 10% to GBP1.37 billion, from GBP1.53 billion the year prior, which Molten Ventures said reflects market stabilisation during the second half of the year.

The firm said its portfolio companies are maintaining strong revenue growth momentum, which it said displays their resilience, as well as structural demand for their products. Portfolio company revenues increased by an average of 40% in financial 2022 the firm said, with predicted growth of 65% for financial 2023.

Looking ahead, Molten Ventures noted that it is "increasingly optimistic that markets have now begun to stabilise," and that lower levels of fundraising and dealmaking won't last for the entirety of financial 2024.

Chief Executive Officer Martin Davis said: "Our focus for the year has been on adaptation for our business and active management of the portfolio. The strength of our model and expertise of Molten’s people has enabled us to do this, providing relative resilience throughout a period of challenging macroeconomic conditions.

"While economic uncertainties persist, we are beginning to see signs of stabilisation. Molten is well positioned to manage through a recovery and capitalise on any opportunities presented."

Molten Ventures shares rose 1.1% to 269.71 pence each in London on Thursday afternoon.

By Harvey Dorset, Alliance News reporter

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