Molten Ventures - Green shoots of recovery

Molten Ventures saw a stabilisation and recovery in portfolio valuations in H224, as well as a pick-up in realisation processes, with two agreed exits (Endomag and Perkbox) at valuations modestly above last carrying values. Consequently, management now expects around £100m of realisation proceeds in FY25 (to end-March 2025). Its updated capital allocation policy assumes a focus on attractively priced primary and secondary investments (with an emphasis on the latter), as well as a minimum of 10% of realisation proceeds earmarked for share buybacks.