Molten Ventures PLC on Wednesday said it is positioned to surpass guidance provided at its full-year results as it anticipates a more stable investment climate.

The London-based venture capital firm reported a decline in net asset value per share of 12% to 646 pence from 735p a year prior in its half-year results to September 30.

The FTSE 250-listed firm’s gross portfolio value grew 3.0% to £1.34 billion from £1.30 billion the previous year.

Molten shares were down 6.2% at 310.00 pence on Wednesday morning in London.

Molten achieved £76 million in cash proceeds from realisations in the first half of its financial year, more than doubling year-on-year from £33 million, with the firm noting it would rise to £124 million upon completion of M-Files which is pending regulatory approval due in the fourth-quarter of 2024.

The firm previously guided £100 million in realisations for the full-year and noted that cash proceeds will allow the firm to take advantage of further attractive opportunities.

Molten’s pretax loss narrowed in the first half to £25.2 million from £72.4 million the prior year.

Newly appointed Chief Executive Ben Wilkinson said: ‘I am pleased to report that realisations have been a highlight in the first half of the year and we have already surpassed the guidance provided at our full-year results, further validating the quality of our portfolio and the robustness of our valuation methodology.

‘Since IPO Molten has realised in excess of £600 million providing us with further capital to both support founders and grow and scale our business.’

‘We anticipate a more stable investment climate as visibility over the cost of capital improves, which should support stronger market valuations and increased fund deployment, both from private VCs and through our own capital.

‘As interest rates stabilise, we expect to see more aligned views between buyers and sellers, leading to greater market activity.’

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