Molten Ventures Reports Strong Realisations and Reduced Losses in FY25 Results
Why we think this is good
The results for Molten Ventures show significant improvement in several key areas. The company has dramatically reduced its losses from £41 million in FY24 to just under £1 million in FY25, demonstrating a clear path towards profitability. Realisations were particularly strong at £135 million, far exceeding the guidance of £100 million, which indicates successful exits from portfolio companies. The cash position has also improved substantially, rising to £89 million from £57 million, providing a solid foundation for future investments. While the Gross Portfolio Value saw a slight decrease, the NAV per share increased, suggesting overall value creation for shareholders. The company's cautious optimism about future opportunities, particularly in AI and potential changes in pension fund investments, also bodes well for future growth. However, it's important to note that the company is still not profitable and faces ongoing market uncertainties. Despite these challenges, the overall trajectory appears positive, with strong execution on realisations and improved financial metrics across the board.
Key Points
- Loss after tax reduced to just under £1 million from £41 million in FY24
- Realisations of £135 million, exceeding £100 million guidance
- Cash position improved to £89 million from £57 million
- NAV per share increased to 671p from 662p
- £73 million invested during the year
- Cautiously optimistic outlook, focusing on AI opportunities and potential pension fund investment changes
- Acknowledges ongoing market uncertainties and geopolitical tensions
Summary
Molten Ventures has reported its final results for the year ended 31 March 2025, showing significant improvements across key metrics. Losses were reduced from £41 million to just under £1 million, indicating progress towards profitability. Realisations were exceptionally strong at £135 million, far exceeding the £100 million guidance. The cash position improved to £89 million from £57 million, bolstered by an undrawn £60 million revolving credit facility. While the Gross Portfolio Value slightly decreased to £1,367 million, the NAV per share increased to 671p from 662p. The company invested £73 million during the year and maintains a cautiously optimistic outlook, particularly regarding opportunities in AI and potential changes in pension fund investments. However, the company acknowledges ongoing market uncertainties and geopolitical tensions.