Molten Ventures (LSE: GROW, Euronext Dublin: GRW), a leading venture capital firm investing in and developing high growth digital technology businesses, today announces its final results for the year ended 31 March 2023.
Financial highlights
- £1,371m Gross Portfolio Value (31 March 2022: £1,532m)
- £1,194m Net Assets (31 March 2022: £1,434m)
- 780p NAV per share (31 March 2022: 937p)
- -16% Gross Portfolio fair value movement (31 March 2022: 37%)
- £138m Cash invested in the year, and a further £41m from EIS/VCT funds (year to 31 March 2022: £311m from plc and £45m from EIS/VCT funds)
- £48m Cash proceeds from realisations (year to 31 March 2022: £126m)
- £23m Consolidated Group cash (31 March 2022: £78m)
- £150m Expanded debt facility (£90m drawn at 31 March 2023)
- <0.1% Operating costs (net of fee income) continue to be substantially less than the targeted 1% of year-end NAV (31 March 2022: <0.1%)
- -£243m Loss after tax (year to 31 March 2022: Profit of £301m)
The above figures contain alternative performance measures (“APMs”) - see Note 33 for reconciliation of APMs to IFRS measures.
Highlights
- Cash investments of £138m during the year from the Molten Ventures balance sheet (year to 31 March 2022: £311m), with a further £41m from EIS/VCT funds (year to 31 March 2022: £45m).
- Made eight primary investments with a combined funding of £61m; and £44m in 17 companies for follow-on deals and secondaries (direct).
- Successful first close and syndication of part of our Fund of Funds programme.
- Committed to 18 new seed funds via our Fund of Funds programme, bringing the overall Fund of Funds portfolio to 75 funds.
- Cash proceeds from realisations during the year of £48m.
- Portfolio remains well funded with more than £1bn of capital raised by investee companies in the last 12 months, of which over 90% have been at higher or equivalent valuations than our holding value.
- Over 80% of companies in the Core portfolio with at least 18 months of cash runway as at 31 March 2023 (based on existing budgets and growth plans).
- Reported weighted average revenue growth of our Core portfolio of 39% in the calendar year 2022 and forecast to be over 65% for calendar year 2023.
ESG highlights
- Delivered on ESG targets as part of a broader ESG roadmap, including our first Climate Disclosure Project (CDP) submission.
- Strategic and tactical support through portfolio engagement events, focusing on ESG-related risks and opportunities; and toolkit resources to assist with development of portfolio companies’ own ESG strategies.
- Implemented a Climate Strategy which defines the Group’s greenhouse gas reduction targets, KPIs and roadmap to net zero.
- Developed and formalised Molten’s Corporate Purpose, in alignment with the Group’s ESG Policy.
- Developed and published a Group Human Rights Policy.
Post period-end highlights
- As part of our portfolio management and to generate additional liquidity, we have agreed a secondary sale for 10% of our Earlybird Fund VI investment on 28 April 2023, realising €14 million (£13 million).
