FY25 trading update – key takeaways

Molten’s FY25 trading update (to end-March 2025) showed a positive uptick in portfolio valuations in the second half of the company’s financial year, resulting in a c 4% increase in NAV per share to 671p in H225, and in turn a marginally positive NAV per share total return for FY25 of 1.4%. Molten delivered a strong level of realisation proceeds in FY25 of c £135m (above original management guidance of £100m) and has seen continued traction in recent months with further expected proceeds of £30m (despite the overall soft European VC exit market in Q125), supporting its share buybacks. Molten’s cash balance at end-March 2025 stood at £89m (which further improved to £110m as of 23 April 2025 following the receipt of Freetrade proceeds). To...