Shares of Molten Ventures plc (LSE: GROW) experienced a notable climb, rising over 5% in early trading, following the release of a positive full-year trading update.
The venture capital firm, specializing in high-growth digital technology businesses, reported robust growth in both Net Asset Value (NAV) and Gross Portfolio Value (GPV) for the year ended March 31, 2026 (FY26).
The company anticipates NAV per share to increase by 13% to approximately 760p, building upon the 8% growth reported in the first half of the year. GPV is expected to be 11% higher, reaching around £1,520 million. Excluding foreign exchange impacts, GPV fair value growth amounted to £166 million, a 12% increase. These figures underscore the strength of Molten Ventures’ investment strategy and portfolio management.
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Molten Ventures actively managed its portfolio, realizing £120 million from investments, achieving an average multiple of 3x on invested capital. This included partial realisations from Revolut (21.0x) and ICEYE (12.9x), alongside full realisations from Freetrade (1.5x) and Lyst (0.7x). The company strategically reinvested £89 million into new and follow-on investments, plus an additional £22 million from managed EIS and VCT funds.
A key factor driving the positive performance was the strong revenue growth within the Core Portfolio, which increased by 40%. The core portfolio remains well-funded, with 88% of companies having cash runways for at least 12 months, and seven already achieving profitability. Portfolio companies successfully raised $3.75 billion during the year, highlighting the attractiveness of Molten Ventures’ holdings to external investors.
The company demonstrated its commitment to shareholder value by returning £38 million through share buybacks, extending the buyback program and bringing the total committed since July 2024 to £60 million. This initiative has contributed to narrowing the discount between the share price and NAV. Molten Ventures maintains a solid financial position with £52 million in total Group cash and an undrawn Revolving Credit Facility of £60 million, providing ample flexibility for future investments.
Key Growth Drivers:
- Core Portfolio Performance: Strong revenue growth and successful funding rounds for key assets like ICEYE, Revolut, Ledger, and Riverlane.
- Strategic Realisations: Active portfolio management, delivering strong returns on realised investments and recycling capital into new opportunities.
- Share Buyback Programme: Returning capital to shareholders, supporting the share price and narrowing the discount to NAV.
AskTraders Takeaway: The positive trading update is likely to fuel continued investor confidence in Molten Ventures. The strong growth in NAV and GPV, coupled with active portfolio management and shareholder returns, could drive further share price appreciation in the short term.
Ben Wilkinson, Chief Executive Officer of Molten Ventures, commented: “We achieved a significant amount in FY26, with clear progress and good momentum in terms of performance, execution against our strategic priorities, and strengthening our team. Our clear focus now is on scaling the business and expanding our third-party co-investment structures.”
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