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Molten Ventures expects gross portfolio growth, net asset value fall

ALN

Molten Ventures PLC on Wednesday said it expects its gross portfolio value to grow but net asset value to fall on lower realisations as the technology sector declines.

The London-based venture capital firm focused on technology companies anticipates a gross portfolio value of not less than £1.45 billion as at September 30, up 7.4% from £1.35 billion a year prior. Revenue for its core portfolio grew on average by 60%.

However, it expects its net asset value per share to fall by about 6.4% to around 830 pence from 887p a year ago and by 11% from 937p at March 31.

Molten explained its half-year underlying portfolio fell in fair value by around 17%.

Cash on the balance of sheet fell to £28 million from £156 million, while cash proceeds from realisations fell to £13 million from £67 million a year ago. The firm added it anticipates its cost base to be 20% below budget for financial year 2023 ending March 31.

"The first six months of the financial year have been against the backdrop of a challenging market environment, with inflation and rising global interest rates feeding through to a decline in the value of publicly listed high growth technology companies. Nasdaq has declined 25% in the past six months, while technology sub-sectors such as semi-conductors and e-commerce have declined further. In the private markets, deployment of investment capital has slowed while companies, and investors, adapt to an environment with a higher cost of capital," the company said.

Molten Ventures shares were 2.7% higher at 356.40 pence each in London on Wednesday morning.

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