Molten Ventures sees gross portfolio value contract

Venture capital firm Molten Ventures said on Thursday that both its gross portfolio and net asset values had fallen in the twelve months ended 31 March but said its portfolio companies continued to maintain "strong revenue growth momentum".

Molten Ventures, formerly known as Draper Esprit, said its gross portfolio value was expected to be roughly £1.37bn, down from £1.53bn a year earlier, while net asset value per share was seen dropping from 929.0p to 775.0p.

The FTSE 250-listed group stated its underlying gross portfolio decrease in fair value was approximately 19% at constant currency, reflecting stabilisation in markets during the second half, and said its core portfolio remained "well funded", focused on capital efficiency, and trading "strongly".

Molten added that realisations generated cash proceeds for Molten in the year of £48.0m, down from £126.0m twelve months prior, with realisations exceeding new investments in the second half of the year.

Chief executive 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 and in doing so deliver for shareholders."

As of 1000 BST, Molten Ventures shares were up 1.20% at 270.0p.

Reporting by Iain Gilbert at Sharecast.com