Molten Ventures PLC on Friday reported a lower net asset value, citing challenging market conditions, but said its performance was ‘resilient’.
The tech-focused investor said NAV per share as at September 30 fell 12% to 735 pence from 837p a year prior. Gross portfolio value as at September declined 10% year-on-year to £1.30 billion from £1.45 billion.
Looking ahead, the firm said its portfolio was well-funded and resilient, as it expected follow-on funding to be in line with its guidance published in June. Back then, it said: ‘We believe the cash requirement of the portfolio over the next reporting period will be in the region of £20 million and are continually monitoring how to best fund future investments, including by issuing further debt or similar securities.’
Chief Executive Officer Martin Davis said Friday: ‘Our portfolio continues to perform resiliently against challenging market conditions for disruptive, high-growth technology companies and those who invest in them. While macroeconomic uncertainties continue to weigh on the environment for realisations, we‘re now beginning to see the fundraising market becoming more aligned to the new realities. Our focus for both Molten and our portfolio is on disciplined capital allocation, positioning ourselves to capture exceptional opportunities as the valuation environment stabilises.’
Molten Ventures shares fell 4.0% to 258.74p each on Friday morning in London.
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