FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2026
Source: EQS|
Molten Ventures plc (“Molten Ventures”, “Molten”, the “Group” or the “Company”)
FINAL RESULTS FOR THE YEAR ENDED
Strong NAV Growth, Compelling Realisations and
Financial highlights
*The above figures contain alternative performance measures (“APMs”) – see Note 34 Annual Report for reconciliation of APMs to IFRS measures. **EIS and VCT funds are managed by
Portfolio and operational highlights
Our Sustainability Report will be published on
Post period end
“FY26 “One enduring feature of Molten has been our focus on the enabling layers of technology, which has been maintained through changing market cycles and has helped us to build a diversified portfolio across multiple subsectors. As AI reshapes the technology landscape, demand for European technological sovereignty grows and more domestic institutional capital is directed towards the asset class, we see these trends creating a favourable backdrop for both Molten and the wider European venture capital landscape. “Looking ahead, we are pleased with the progress we are making in scaling third-party capital alongside our balance sheet. We have secured a cornerstone commitment for our new growth fund, Molten East is progressing towards a first close later this year and our dedicated Secondaries team is building strong momentum. We also continue to see compelling opportunities in areas such as AI infrastructure, space and dual-use technologies. The opportunity to build Molten into the leading platform for European venture capital has never been clearer, and we enter FY27 with a well-positioned portfolio, growing momentum across our fundraising initiatives and confidence in the path ahead.” As previously announced, a live webcast presentation including Q&A will be held today at In addition, Molten will be hosting a presentation for all investors via the The financial information set out in this announcement does not constitute the Company's statutory financial statements for the year ended
About It invests across four sectors: Listed on the For more information, go to https://investors.moltenventures.com/investor-relations/plc
Chairman’s Statement
Dear Shareholders, FY26 has been a year of meaningful strategic progress for This was the first full financial year under Ben Wilkinson’s leadership as Chief Executive, and The strategic refocus Ben set out: concentrating capital at Series A and B, building out our secondaries capability, and scaling third-party capital alongside our evergreen balance sheet, is now well underway and, as the results demonstrate, is delivering. The Board is firmly supportive of this direction and encouraged by the pace of execution. The securing of a cornerstone commitment for our new The policy environment is also moving in a constructive direction. The growing recognition of European technology sovereignty, the Mansion House Accord, and wider efforts to unlock domestic institutional capital into growth companies all create structural opportunities that Molten is well placed to capture. Portfolio and performance Our portfolio companies have continued to demonstrate encouraging fundamentals, and these metrics give the Board confidence that the underlying quality of our investments is strong, even where the broader market environment has constrained some valuations and exit activity. The team has made good progress on realisations during the year and has taken a proactive approach to exit preparation and portfolio management, ensuring that the portfolio is well positioned to benefit as market conditions improve. Our share buyback programme formed part of a clear, Board-endorsed capital allocation discipline that prioritises NAV per share accretive uses of capital, with returns to shareholders through buybacks where they are accretive to NAV per share. As part of this, the Board resolved to allocate an additional People and culture Our people are the foundation of our success, and I am pleased with the progress made during FY26 to strengthen the team and embed a strong, values-driven culture. The investment team has seen thoughtful evolution, with new joiners at Investment Manager and Associate level complementing the experience of the existing team. We welcomed The appointment of Board and governance The Board has continued to evolve its governance framework in line with best practice. During the year, we undertook preparatory work for compliance with the 2024 UK Corporate Governance Code, including the addition of new sections addressing board leadership, purpose, culture and values. We have also enhanced our approach to risk management and internal controls in line with the updated Code’s requirements. Shareholder engagement During the year, the Board undertook a thorough review of the Company’s available strategic opportunities. Having considered each rigorously, the Board unanimously concluded that the current strategy of disciplined primary investment, proactive portfolio management and development, and selective capital return, remains the most compelling path to long-term value creation. I have personally engaged directly with all our large institutional shareholders, and the overwhelming majority expressed clear support for this direction. These conversations have been encouraging and candid, and I remain committed to maintaining an open dialogue with all our shareholders. Separately, our Senior Independent Director and Chair of the Remuneration Committee, Outlook Exit markets remain in recovery, and the Board is conscious that the pace of improvement is not yet fully predictable. Against that backdrop, the Board takes confidence from the foundations established during FY26: a focused investment strategy, a strengthened team, and a capital allocation framework that has delivered meaningful NAV per share growth. The work underway to scale Molten’s third-party capital platform, which Ben describes in detail in his review, represents in the Board’s view the most significant medium-term opportunity for the business. We enter FY27 with clear priorities, a cohesive team, and a Board that is fully supportive of the direction being taken. I look forward to reporting on further progress. I would like to thank our shareholders, portfolio company founders and my fellow Directors for their continued support. I am particularly grateful to the entire Chairman
CEO’s statement Twenty years of Molten FY26 Venture returns are defined by the power-law, where a small number of category-winning companies drive the bulk of returns, and the discipline lies in identifying those companies early, backing them with conviction, and doubling down as they scale. Venture delivers the strongest long-term returns of any private capital strategy. We are committed to delivering shareholder returns, underpinned by our strategic priorities: driving NAV growth through our core investing strength at Series A and B, scaling our third-party asset management platform, putting capital to NAV-accretive use, and narrowing the share price discount to NAV. Our FY26 performance, together with the progress we have made since the period-end, demonstrates strong execution against each of these priorities. FY26 Performance Overview FY26 was a year of meaningful progress. NAV per share grew 13% to 760p, and Gross Portfolio Value rose 13% to around Realisations and Investments The Our direct investments included the leading of rounds in On secondaries, we acquired a stake in Speedinvest Continuation Fund I, building on Molten’s long track record in this market. We’ve realised over European Technology The case for European technology has never been more compelling. Category-defining companies are emerging across artificial intelligence (‘AI’), space, fintech, energy transition, digital health, cyber and quantum. The growing case for European technological sovereignty and the recognition that critical infrastructure like defence applications, payments rails and frontier compute can’t depend wholly on capital outside the region is further compounding strategic interest in European champions. This plays directly to Molten’s positioning as a pan-European Series A and B investor. Capital is being recycled, entrepreneurial talent is starting new businesses, the investor ecosystem is deepening and the European flywheel is turning. Our thesis is consistent, we back the enabling layers, the infrastructure, middleware, data, and governance rails on which whole sectors are built. It is a less crowded part of the market, the unit economics are more durable, and it is where European founders have a genuine right to win. Europe’s strengths play directly into this layer, regulatory proximity to the world’s most demanding customers, a deep opensource and engineering heritage, sovereign procurement tailwinds, and an unrivalled density of technical talent coming out of our universities and research clusters. Our portfolio is well diversified, with a pipeline of investment, growth and realisation (both full and partial) opportunities, reflecting exposure to areas of tangible demand and commercial traction. Two areas of particular focus, both for the wider market and for Molten, have been AI and Space. AI is the most significant generational shift in technology since the internet. We’re in the sixth wave of technology, and our primary area of focus is the enabling middleware layer, security and governance, workload intelligence, agentic commerce infrastructure, and the data infrastructure for AI memory, rather than the foundational models or the application layer. We continue to invest with discipline and are not chasing the hyped-up applications at stretched valuations; instead we aim to back businesses where AI compounds an existing data, distribution or workflow advantage, and where European founders have a genuine right to win. Thought Machine, the cloud-native core banking provider, sit in the technology infrastructure layer that customers increasingly rely on as the foundation for AI deployment. Aircall, our cloud-based phone platform, has embedded AI into its product and was a standout fair-value contributor in the period. RavenPack supplies AI-driven analytics to financial markets clients. Among our newer FY26 positions, we led a Space has moved from speculative thesis to commercial reality faster than most anticipated. ICEYE, our largest space holding and operator of the world’s largest synthetic-aperture radar satellite constellation, delivered revenues of SatVu, our thermal intelligence holding, secured a As governments rebuild defence and resilience capacity and corporates embrace space-driven commercial opportunities, the momentum in space and launch is structural rather than cyclical, and we have built deliberate exposure across both areas Our model: one platform, multiple pools of capital Molten gives investors institutional-grade, scaled access to European venture and growth-stage technology through a single, integrated platform. Capital flows in through three pools, our listed PLC balance sheet, our managed EIS and VCT funds, and a growing pool of thirdparty institutional capital, deploying through three complementary routes: direct primary investments at Series A and B, where we lead and shape rounds; secondary investments, where we acquire mature, high-quality portfolios with nearer-term liquidity; and a focused Fund of Funds programme, which gives us early visibility on the next generation of category leaders across the European seed ecosystem. Each route reinforces the others. Fund of Funds and seed exposure feed proprietary deal flow into the direct programme. The direct portfolio generates the realisations that recycle capital back into new investments and shareholder returns. Secondaries add duration management and a counter-cyclical entry point, and provide the foundation for our next phase of third-party fundraising. The result is a platform that can deploy through cycles, realise consistently, and offer LPs the rare combination of liquidity, diversification and scale in an asset class. The venture asset-class case is well established, being the most direct route to the structural growth themes such as, AI, space, fintech, climate, digital health and quantum, that are reshaping the global economy. The challenge has always been access at scale, with appropriate governance, at an attractive entry point. Molten’s platform is built precisely to close that gap: a twenty-year track record, a listed evergreen vehicle, and a growing opportunity for co-investment and fund structures alongside it. Strategic Priorities and Capital Allocation In Together, these actions have helped narrow the share price discount to NAV, which remains a key focus for the Board. Building scale Third-party fundraising is now the central pillar of our scaling strategy, and we’re building it on a platform that already works. The operational, governance and reporting infrastructure of an institutional-grade European venture capital investor is in place today. Our task is to layer additional third-party capital onto it. We’re not opportunity constrained, we’re capital constrained and the chance to do more with more is clearly there. We secured a cornerstone commitment for our new growth fund, a significant milestone and a strong endorsement of the strategy. The cornerstone investor validates the proposition, de-risks the path to a first close, and gives us real momentum to bring in further institutional LPs on the back of it. Just as importantly, it enables us to lead and scale Series B+ rounds in The macro backdrop is supportive: Broadening of the Team None of this happens without the people who execute it. During the year we continued to hire into the investment team and strengthen the platform, the technology, finance, communications and operations capabilities that make a public-market venture business work. In The Portfolio The portfolio is scaling nicely, with the Core Portfolio consisting of 17 portfolio companies accounting for 64% of the Gross Portfolio Value. These Core companies are achieving 41% revenue growth with average gross margins of 70%, and 88% of companies being funded for at least 12 months, with seven Core holdings are now profitable. Market backdrop and Policy European venture deal volumes for 2025 were tracking around In the On geopolitics, Molten has no direct exposure to events in the Post-Period End and Outlook Post period-end, we’ve realised a further c. We have entered FY27 with momentum: a well-balanced, robust portfolio with near-term realisation opportunities, a strengthened team, and an expanding pipeline of high-conviction opportunities at Series A and B, supported by structural tailwinds in European technology sovereignty, accelerating demand in AI, Space and Energy transition, and initiatives like the Mansion House Accord unlocking domestic growth capital. Recycling proceeds into this pipeline, not simply returning them, is how we compound NAV per share over the cycle. We’re particularly pleased with recent progress on building scale, which will support consistent deployment and broaden our access to the best European deals, as we continue to assess further initiatives to unlock value and close the NAV discount. Our capital allocation policy is reaffirmed with NAV-accretive deployment first and returns to shareholders through buybacks where accretive to NAV per share. I’d like to thank all our colleagues and stakeholders for their hard work and support.
Chief Executive Officer
Portfolio review FY26 was a year of strong portfolio performance, disciplined capital deployment and continued delivery on realisations. Gross Portfolio Value (“GPV”) increased to Overview Our portfolio valuations process continues to follow the IPEV Guidelines, reflecting both public market comparables and pricing in recent funding rounds. Fair value increased by Our activities in the year Disciplined portfolio management remains a defining feature of how we operate. During FY26 we deployed
Follow-on investments
Core PortfolioThe Core Portfolio comprises 17 companies representing the majority of our Gross Portfolio Value at
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|
Company |
Cost (£m) |
Proceeds (£m) |
Gross MOIC |
|
|
2.1 |
45.6 |
21.0x |
|
ICEYE (partial) |
1.4 |
17.5 |
12.9x |
|
Freetrade (full) |
14.0 |
20.4 |
1.5x |
|
Lyst (full) |
13.2 |
9.4 |
0.7x |
|
Teraview (full) |
0.1 |
5.1 |
51.0x |
|
Fund realisations and secondaries |
4.6 |
13.8 |
– |
|
Other realisations (< |
5.5 |
7.8 |
– |
|
Total FY26 realisations |
41.8 |
119.6 |
3.0x |
Realisations as a percentage of opening GPV equate to 9%, broadly in line with our annual through-the-cycle target of 10%.
Defensibility in the age of AI
Sector and subsector review
Molten’s portfolio is constructed across four core sectors, Enterprise; Hardware and Deeptech; Consumer Technology; and Digital Health , with thematic exposure across fintech, cybersecurity, quantum, energy and climate, spacetech. With £1.5 billion in Gross Portfolio Value and over £1 billion spread across these key subsectors. We see AI as an accelerant of our existing strategies, not a threat to it, and our diversified portfolio construction is designed to deliver resilience through cycles.
A framework for evaluating AI exposure
In our March 2026 thought piece, we set out how we think about AI as investors: whether it shrinks the markets companies operate in, expands them, or redistributes who captures value within them. That framework shapes how we read the portfolio. The businesses AI threatens most are those whose core product is a workflow it can now approximate for a fraction of the cost. That is a real and specific category. It is not a description of how we have built this portfolio.
How we think about it
For every business we hold, we assess vulnerability and opportunity independently, across workflow replication risk, foundation model absorption, pricing pressure, and the defensibility of the company’s data and infrastructure. The net of those assessments, done company by company, drives our view.
Approximately 75% of the direct investment portfolio, being the Core and Emerging, sits in businesses we assess as net beneficiaries of AI, either structurally amplified by it or carrying a durable tailwind. A further 15% relates to companies where we identify real but manageable headwinds; these receive proportionally greater active management focus. The remainder sits in businesses where AI is not, at this time, a material factor either way. We include the full spectrum of outcomes precisely because we take risk seriously, and because honesty about where the headwinds exist is a prerequisite for managing them.
Backing the enabling layer
A consistent strand of our approach is to gain exposure to a powerful technology theme not by betting on which application wins, but by owning the infrastructure and enabling layer the entire theme has to run on.
The pattern recurs across the portfolio. Ledger provides the security layer that gives us exposure to crypto and blockchain without a view on any single token or protocol. Riverlane builds the error-correction software quantum computing cannot scale without, our way to invest in the quantum thematic at the layer every approach depends on. Thought Machine and Form3 are the critical infrastructure of modern banking, core ledger and payments rails so deeply integrated that the switching cost is operational, not commercial. Aiven is the enabling middle layer developers build on. And Deciphex is the vertical-specific infrastructure for pathology, embedded in a regulated market where trust is earned over years. AI is simply the latest, and largest, theme to follow this logic. Every organisation deploying AI agents at scale hits the same problems immediately: who authorises what the AI does, and what happens when it touches sensitive data or initiates a transaction. These are not future problems, they are the bottlenecks engineering teams are hitting now, and they do not go away regardless of which foundation model wins. AI did not create them; it made them more urgent. The AIpowered banking products being built today will run on infrastructure like Form3’s and Thought Machine’s, not replace it.
There is also a structural tailwind most commentary underweights. Inference now accounts for 80 to 90% of total AI compute costs over a model’s lifetime, a sharp reversal of the assumption that training was the dominant expense, and AI costs grow with every query. This is precisely where we expect the next wave of durable AI value to accrue: not in the models, but in the enabling layer that makes them usable, governable, and affordable at scale.
The build vs. buy question
The companies operating at the application and vertical layer prompt the most questions, and some scrutiny is fair. AI lowers the cost of building a credible first version of almost anything, but not the cost of running a production-grade system in a regulated environment over time, the reality in which FintechOS operates. And what the best vertical software companies sell is not automation but proprietary ground truth. RavenPack’s structured financial dataset is the retrieval layer on which AI-powered financial decision-making depends, and as AI scales its value grows because models need a reliable source of truth; BeZero applies the same principle in carbon markets. SimScale, meanwhile, illustrates genuine market expansion, physics-grade simulation, once affordable only to the largest firms, is now within reach of a mid-market that did not exist at scale before. That is not a threat; it is the market arriving.
From 1 to 10
AI has compressed the cost of going from zero to one. Going from one to ten is a different problem. Domain expertise takes years to accumulate, institutional trust is earned through consistent delivery, regulatory relationships require years of certification, and proprietary datasets compound with every data point. These define the businesses we back, and are precisely the things AI cannot shortcut. The founders we invest in are not worried about AI taking their business; they are using it to widen a lead they have already spent years building, and that is the portfolio we intend to keep building.
Space and European sovereignty
Sector and sub-sector review
Two interlinked themes, space and European technology sovereignty, are among the clearest sources of structural tailwind for the European venture ecosystem in which Molten operates.
Space: from frontier to strategic infrastructure
Space has emerged as a focal point on the geopolitical stage, in terms of both economic prosperity and strategic importance. The
Molten’s space exposure is anchored by investments across the Core and Emerging Portfolio holdings:
- ICEYE (
£101m fair value, 12.95x MOIC), is the world’s leading SAR small-satellite operator, increasingly contracted by European and allied governments for sovereign intelligence, surveillance and reconnaissance capabilities. ICEYE’s data is increasingly viewed as critical national infrastructure. ISAR Aerospace (£39.7m fair value, 25.1x MOIC): sovereign European launch capability. With its first test flight completed and signed commercial contracts, ISAR is among the most credible European answers to the strategic problem of dependency on non-European launch providers.- SatVu (
£1m fair value, 1x MOIC): a British Earth observation company that captures high-resolution infrared thermal imagery from space. The company stands out by offering both still thermal images and up to 60-second video capabilities at a 3.5-meter resolution.
Together, these holdings give Molten exposure to both the downstream services layer (data, intelligence) and the upstream accessto-orbit layer that underpins it, a vertically resilient position in a sector where European demand is both strategically driven and structurally underserved.
European sovereignty as a structural tailwind
The response to European Sovereignty has catalysed a genuine reindustrialisation agenda. The capital backdrop is unprecedented. An estimated €1.5 trillion of incremental investment is set to be deployed across European defence, energy, industry and technology by 2035, with EU defence spending alone on track to reach 2.5% of GDP.
In the UK , the Mansion House Accord and broader efforts to increase domestic institutional participation in growth capital reinforce the same direction of travel, a deeper, more sovereign European capital base for the technologies that matter most.
We believe Europe is particularly well placed for this moment. Its engineering culture runs deep; its regulatory frameworks create fertile ground for security and compliance innovation.
Mapping the portfolio to European sovereignty
|
Sovereignty pillar |
Portfolio exposure |
|
Space & defence-adjacent intelligence |
ICEYE, ISAR Aerospace, SatVu |
|
Cybersecurity & secure compute |
Binalyze, Ledger |
|
Critical financial infrastructure |
Form3, Thought Machine, |
|
Energy transition & industrial decarbonisation |
|
|
Quantum & frontier compute |
Riverlane |
|
Trusted enterprise data & AI infrastructure |
RavenPack, General Index |
Meet the newest companies in the portfolio
We’re excited to welcome five exceptional new companies to our portfolio, each tackling a distinct challenge. From Duel’s customer advocacy platform and General Index’s data-driven commodity pricing, to PolyModels Hub’s biopharma digitisation tools, Modo Energy’s AI-native battery storage analytics, and MAIA Technology’s modern investment operating system, we couldn’t be more excited about what they’re building.
duel: Brand Advocacy Platform for consumer retail brand Sector: Cloud, enterprise & Saas, Molten co-led $16m Series A in September 2025
General Index : Energy pricing provider for global commodity markets Sector: Cloud, enterprise & Saas Molten led $10m Series A extension round in October 2025
Polymodels Hub: Speeding up drug development with smart automation Sector: Digital Health Molten led $25m Series B in December 2025
Maia: Empowering investment managers with cloud-native portfolio management Sector: Cloud, enterprise & Saas Molten led £4m Series A round in January 2026
The Molten Ventures Core portfolio is made up of 17 companies, representing 64% of the Gross Portfolio Value.
Revolut
|
Location: |
Sector: Consumer |
|
Year Invested: 2018 |
Subsector: Fintech |
Updates from the Year
Reported record profit of
Why are we excited about them?
The opportunity extends well beyond payments or consumer accounts. Across hundreds of millions of users,
As financial services shift toward platform models,
Ledger
|
Location: |
Sector: Ai, Deeptech & Hardware |
|
Year Invested: 2018 |
Subsector: Cybersecurity |
Ledger provides industry-leading hardware wallets and software for securely buying, storing, and managing cryptocurrencies and NFTs, protecting users from sophisticated cyber threats and hacks.
Updates from the year
The company introduced Ledger Enterprise HSM On-Premise for institutional clients and launched tokenized investment strategies with partner Midas in
Why are we excited about them?
Ledger holds a structural position in digital asset security that will be difficult to replicate as on-chain infrastructure matures. When central banks deploy digital currencies, institutions tokenise securities, and governments move treasury management on-chain, the due diligence burden will favour proven providers over new entrants.
Ledger’s moat is not hardware alone. It is proprietary secure element technology, a decade of institutional trust, and a platform already validated at both consumer and institutional scale. That combination is rare.
In an environment where AI accelerates software vulnerabilities, hardware-rooted security becomes foundational rather than optional. We believe Ledger is well-positioned to be the security layer that the next generation of financial infrastructure is built on.
Aircall
|
Location: |
Sector: Cloud, |
|
Year Invested: 2016 |
Subsector: Telecomms |
Aircall is a leading cloud-based phone system, trusted by over 20,000 businesses globally. Their AI-powered platform transforms business communications, automating repetitive tasks, optimizing call routing, and delivering actionable customer insights.
Updates from the Year
Aircall was named HubSpot’s 2025 Co-selling Partner of the Year for the third consecutive year and designated a Premier partner in HubSpot’s newly launched Technology Partner Program in
Why are we excited about them?
Voice remains one of the few enterprise workflows yet to be meaningfully digitised, and Aircall is well-positioned to own that transition. As AI converts calls from ephemeral conversations into structured data and autonomous action, the platform routing those calls becomes the value layer.
Aircall is not a casualty of the AI shift. It is the infrastructure AI voice agents run on. With 20,000 businesses already on the platform, a growing data flywheel reinforces model quality, improves routing, and deepens retention over time.
The business is operationally disciplined, scaling profitably while maintaining strong retention metrics. We see a credible path to Aircall becoming the default voice infrastructure layer for enterprise.
CoachHub
|
Location: |
Sector: Cloud, |
|
Year Invested: 2020 |
Subsector: EdTech |
CoachHub empowers organizations to deliver personalized, scalable, and measurable coaching programs, unlocking the potential of employees at every level and driving real business results.
Updates from the Year
CoachHub launched AIMY 1.0 in
Why are we excited about them?
As AI absorbs more routine work, human judgment and adaptability become the differentiators that organisations cannot automate. Investing in people development is shifting from discretionary to strategic.
CoachHub’s thesis is well-constructed: coaching delivered as software scales in ways a consulting model cannot, and the data generated across thousands of enterprise sessions has the potential to become a genuinely valuable asset over time.
The platform makes personalised coaching accessible beyond the executive layer, which matters as skills obsolescence accelerates across every function. The market opportunity is real and the structural tailwinds are clear.
We are working closely with the team to sharpen execution and demonstrate measurable outcomes at scale.
ICEYE
|
Location: |
Sector: Ai, Deeptech & Hardware |
|
Year Invested: 2018 |
Subsector: SpaceTech |
ICEYE operates the world’s largest synthetic aperture radar (SAR) satellite constellation, providing near real-time, high-resolution Earth monitoring for disaster response, insurance, and government.
Updates from the Year
ICEYE announced its unaudited 2025 financial results on
Why are we excited about them?
Most Earth observation companies sell images. ICEYE is building something closer to a live, continuously updated record of the physical world, and that difference is what makes the business compelling.
The core advantage is time. Every satellite pass adds another layer to an archive that grows more valuable the longer it runs. A competitor launching the same constellation today would still be years behind, because ICEYE’s data has already been collected and cannot be recreated from scratch.
For customers making high-stakes decisions around flood risk, infrastructure, or defence, access to that historical depth is what makes the product essential rather than useful. The radar technology also works through cloud cover, darkness, and poor weather, where optical satellites go dark entirely.
Thought Machine
|
Location: |
Sector: Cloud, |
|
Year Invested: 2019 |
Subsector: Fintech |
Thought Machine’s Vault platform gives banks full control to build, launch, and run any financial product or payment scheme, replacing legacy infrastructure with modern, cloud-native technology.
Updates from the Year
Thought Machine announced strategic partnerships throughout the period to expand its cloud-native banking platform. In
Why are we excited about them?
The legacy systems and IT architectures that are still used by many banks are maintained at great cost but still have a limited future and will need root and branch replacement. Thought Machine provides the means to do that and is building a position as the technology leader in this space. Additional drivers of change that are accelerating the take up of new, forward looking IT architectures as provided by Thought Machine are the rise of regulated neo-banks (who do not have the historical baggage of legacy IT infrastructure), new product launches and initiatives including embedded finance, banking-as-a-service, and AI-native financial tools.
What separates Thought Machine from a conventional vendor is what its architecture makes possible for the teams building on top of it. Thought Machine’s product Vaults cloud-native, API-first foundation allows existing and AI capabilities to be integrated rather than engineered from scratch. In practice, that compresses both the time and the talent required to bring the next generation of financial products to market.
Aiven
|
Location: |
Sector: Cloud, |
|
Year Invested: 2018 |
Subsector: Ai & Data, Cloud |
Aiven delivers fully managed, open source data infrastructure on all major clouds, enabling developers to deploy, manage, and scale their data systems quickly and securely.
Updates from the Year
Aiven announced a strategic partnership with Ververica in
Why are we excited about them?
Open source has effectively won the data infrastructure wars. Kafka, ClickHouse, PostgreSQL, and OpenSearch are the tools that the world’s best engineering teams reach for, not because they are free, but because they are genuinely superior to proprietary alternatives. The challenge is that operating them reliably in production, across multiple cloud environments and at enterprise scale, demands a level of resource that most organisations cannot sustain.
That is the problem Aiven solves, making the best open source data tools available as simply and seamlessly as a utility. As data volumes continue to grow and multi-cloud architectures become the norm, the operational complexity Aiven removes only becomes more pronounced. We believe the real value to customers isn’t just recovered engineering time, it’s the ability to redirect that capacity toward work that genuinely differentiates their business.
Form3
|
Location: |
Sector: Cloud, |
|
Year Invested: 2018 |
Subsector: Fintech |
Form3 provides an enterprise-grade, cloud-native payments platform, enabling banks and fintechs to process payments in real-time, across multiple schemes, with unparalleled reliability and scalability.
Updates from the Year
Form3 secured additional funding with investment from BlackRock in
Why are we excited about them?
Payment infrastructure is one of the last places enterprises take risks, which is precisely what makes Form3’s position so defensible. Their cloud-native, real-time payments platform sits at the core of some of the UK’s largest banks, with switching costs defined by regulatory complexity and years of integration work.
What compounds that position is data. Every transaction processed enriches Form3’s fraud signals, settlement patterns, and anomaly detection, creating a feedback loop that deepens with scale. With a strong foothold in the UK’s emerging account-to-account payments fabric, a growing US presence through channel partnerships, and consistent ARR growth, Form3 is mission-critical infrastructure at the centre of a structural shift to real-time payments globally.
RavenPack
|
Location: Marbella, |
Sector: Cloud, |
|
Year Invested: 2017 |
Subsector: Fintech |
RavenPack transforms unstructured data into actionable insights for financial institutions, enabling better investment, risk, and compliance decisions through advanced analytics and AI.
Updates from the Year
Ravenpack’s major new product “BigData” hit the market in 2025 and has delivered very meaningful customers wins and revenue in its first year from customers integrating Ravenpack into AI analysis and workflows. RavenPack secured a strategic investment from
Why are we excited about them?
Financial markets are among the highest-value applications for AI, and RavenPack has spent over two decades building the data layer to support them. Their platform transforms unstructured news and financial data into machine-readable signals used by the world’s largest banks, hedge funds, and asset managers. That proprietary, time-series dataset takes decades to accumulate and grows more valuable as institutions accelerate AI deployment across trading, risk, and portfolio management.
Newer enterprise data products are gaining early traction, broadening the addressable market beyond core quantitative finance. As AI adoption in financial services moves from experimentation to deployment, RavenPack’s combination of data depth, institutional trust, and expanding product surface positions it as essential infrastructure for intelligent finance.
FintechOS
|
Location: |
Sector: Cloud, |
|
Year Invested: 2021 |
Subsector: Fintech |
FintechOS empowers banks and insurers to create, onboard, and manage financial products rapidly and cost-effectively, using a no-code/low-code, AI-driven platform that integrates with core systems.
Updates from the Year
FintechOS announced FintechOS 8, described as the world’s first Unified AI ProductOps Platform, in
Why are we excited about them?
Every bank and insurer looking to deploy AI faces the same structural obstacle: data locked in legacy systems built decades ago. FintechOS addresses that problem directly. Their low-code platform enables financial institutions to build unified data layers and launch digital products in weeks, without replacing core infrastructure.
That positions them as a prerequisite for AI adoption in financial services, not a casualty of it. Insurance is emerging as a second major growth engine alongside banking, with strong NRR reflecting deep workflow integration and meaningful switching costs. Channel partnerships with Finastra and TechMahindra are opening US distribution. The logic is straightforward: before a bank can be AI-native, it needs to be digitally modern, and FintechOS is how they get there.
Isar Aerospace
|
Location: |
Sector: Ai, Deeptech & Hardware |
|
Year Invested: 2022 |
Subsector: SpaceTech |
Updates from the year
Why are we excited about them?
HiveMQ
|
Location: |
Sector: Cloud, |
|
Year Invested: 2022 |
Subsector: Cloud |
HiveMQ is an enterprise-grade MQTT platform enabling secure, real-time, and reliable IoT data movement, empowering businesses to unlock value from connected devices and drive digital transformation.
Updates from the year
HiveMQ announced a strategic intent to become the leading Industrial AI Platform in
appointment of
Why are we excited about them?
Every connected device needs a reliable way to communicate with the cloud. HiveMQ’s MQTT platform has become the enterprise standard for doing that at scale. MQTT is the de facto protocol for IoT messaging, and HiveMQ built the dominant commercial implementation, deeply embedded in mission-critical systems across industrial manufacturing, energy, and logistics.
The platform was developed in some of the most demanding production environments in the world, and that heritage is reflected in software designed for real-world conditions rather than controlled ones. With IoT device deployments continuing to accelerate and the industrial data economy still in its early stages, HiveMQ occupies a critical layer of the infrastructure stack.
HiveMQ’s strategic direction is to build upon Data Streaming with the addition of Data Intelligence and Agentic AI.
Riverlane
|
Location: |
Sector: Ai, Deeptech & Hardware |
|
Year Invested: 2021 |
Subsector: Deeptech, Quantum |
Riverlane is developing Deltaflow, the quantum error correction stack that enables quantum computers to scale and tackle problems intractable for classical supercomputers.
Updates from the year
Riverlane published a Quantum Error Correction (QEC) Technology Roadmap in
Why are we excited about them?
Riverlane published a Quantum Error Correction (QEC) Technology Roadmap in
SimScale
|
Location: |
Sector: Cloud, |
|
Year Invested: 2021 |
Subsector: Software |
SimScale is a cloud-native simulation platform enabling engineers worldwide to run high-fidelity simulations for fluid dynamics, thermodynamics, and structural mechanics directly in their browser.
Updates from the year
Over the past year, SimScale strengthened its position as a leader in AI-powered cloud-based engineering simulation, announcing a partnership with nTop to enable the direct import of advanced geometry for faster engineering simulations, launching the general availability of advanced structural analysis capabilities alongside Hexagon (eliminating the need for expensive on-site hardware), and announcing a partnership with
Why are we excited about them?
Engineering simulation has historically required expensive on-premises software and specialised hardware, limiting access for large enterprises. SimScale changes that by delivering CFD, FEA, and thermal analysis through a browser, at a fraction of the cost.
What sharpens our conviction is the emergence of the Engineering AI category. SimScale’s cloud-native architecture gives it a structural advantage over legacy incumbents, which are attempting to retrofit AI onto on-premise foundations. Synopsys’
N26
|
Location: |
Sector: Cloud, Consumer |
|
Year Invested: 2018 |
Subsector: FinTech |
N26 is a fully digital bank offering personal and business accounts, cards, and money management via a mobile app, making banking simple, transparent, and accessible for millions worldwide.
Updates from the year
N26 announced significant leadership changes: co-founder and co-CEO
Why are we excited about them?
Europe’s retail banking infrastructure is overdue for replacement, and N26’s cloud-native architecture gives it a structural advantage in delivering that. Built without legacy constraints from day one, N26 can launch products, enter markets, and iterate on customer experience at a pace incumbent banks cannot match.
That speed compounds into a broader platform position. What began as a current account has expanded into investments, insurance, and embedded financial services, deepening customer relationships with each addition. With over 8 million customers across 24 markets, N26 is operating at a scale where data and retention reinforce one another. The infrastructure advantage that enabled early growth is the same one that supports what comes next.
Manna
|
Location: |
Sector: Ai, Deeptech & Hardware |
|
Year Invested: 2021 |
Subsector: Consumer |
Manna operates autonomous drone fleets delivering food and essentials directly to homes in minutes, revolutionizing last-mile logistics with safe, sustainable, and scalable solutions.
Updates from the year
Manna secured a
Why are we excited about them?
Last-mile delivery is among the most expensive and carbon-intensive parts of the supply chain, and ground-based logistics has no obvious fix. Manna is building the alternative: a drone delivery network that is faster, cheaper per delivery at scale, and significantly cleaner than any road-based equivalent.
What distinguishes Manna is the commercial infrastructure around the technology. Live partnerships with DoorDash, UberEats, Just Eat, and Deliveroo provide distribution that would take years to replicate, with aggregators already driving a growing share of order volume. EASA and IAA approvals are in place, and US market access is progressing faster than anticipated. Manna sits at the centre of a
Modo Energy
|
Location: |
Sector: Cloud, |
|
Year Invested: 2024 |
Subsector: Ai & Data |
Updates from the year
Between
Why are we excited about them?
Energy markets are growing in complexity faster than most operators and investors can manage. Grid-scale battery storage is expanding rapidly, but the data infrastructure to value, trade, and optimise these assets has not kept pace. Modo is building it.
The platform provides forecasting, benchmarking, and analytics tools that are becoming the default reference point for asset owners, investors, and utilities across the energy value chain. Strong gross margins and a customer base that includes Tesla, Macquarie, and Schroders reflect both product quality and institutional trust. With a roadmap expanding into new geographies and asset classes, and electrification continuing to add complexity, the case for a single system of record across energy assets strengthens. Modo is positioned to be that.
Financial review
The Group delivered strong growth in Gross Portfolio Value and NAV per share in FY26, with effective execution across our strategic priorities and continued momentum across realisations, portfolio performance, and capital returns to shareholders.
Overview
The financial year was characterised by global headlines continuing to be dominated by macroeconomic uncertainty, geopolitical tensions, and evolving trade dynamics. While this caused some pressure on valuations through public market comparables in some sectors, strong performance and positive funding rounds in the portfolio more than offset this.
Against this backdrop, we remain focused and confident in our strategy and exciting portfolio of technology businesses. Positive industry tailwinds are emerging from the move towards European technology sovereignty and resilience, and from initiatives such as the Mansion House Accord, as well as broader efforts to increase domestic institutional participation in growth capital.
Looking ahead, our optimism is grounded in the strength of our portfolio. Our companies are innovative, future-focused, and aligned with the investment themes shaping tomorrow’s economy – including AI, space, energy transition, fintech, quantum and digital health. We believe this positions us strongly to deliver long-term value in today’s environment and beyond.
Financial Performance Highlights
In the financial year to
At
Our evergreen balance sheet model allows us to use this liquidity to maintain a strong capital position and support a balanced capital allocation policy. In the year to
We also returned
As at
Molten remains focused on cost discipline and operational efficiency. Operating costs (net of fee income) were 0.5% of NAV, comfortably below the 1% target, reflecting continued efforts to streamline operations and improve the cost-to-NAV ratio, while maintaining investment in key growth areas to support scaling and generate additional fee income.
Statement of comprehensive income
We recognised a profit after tax of
This was primarily driven by an investment fair value increase of
We anticipate that income generated from management of third-party funds, including the scaling of our co-investment structures, will provide an additional positive contribution to further offset our cost base and enhance future profitability.
General and administrative costs totalled
Statement of financial position
The Gross Portfolio Value at
Two companies in the Emerging Portfolio,
Portfolio companies successfully raised
The Gross Portfolio Value is subject to adjustments for the fair value of any accrued carried interest and deferred tax liabilities that can arise at the investment vehicle level, to generate the Net Portfolio Value, which is recognised at fair value through profit and loss (FVtPL) in the consolidated statement of financial position.
The net fair value movement on investments, including foreign exchange movements, is reflected in the consolidated statement of comprehensive income. Carried interest balances are accrued to current and former employees and consultants of the Group based on the current fair value at the period end, and deducted from the Gross Portfolio Value. The Gross Portfolio Value table below reconciles the Gross to Net Portfolio Values and the movements between
Deferred tax liabilities arising on the investment portfolio at group level were
Net assets in the Consolidated Statement of Financial Position at
Valuations
Our robust portfolio valuations process follows the IPEV Guidelines, and we are committed to ensuring that our valuations are as accurate and responsive to the evolving business environment as possible.
This disciplined valuation approach has been borne out by our strong track record of realisations at or above NAV holding value despite challenging market conditions. See Note 29 for further detail on the valuation techniques and a breakdown of how they have been applied to the portfolio. Our investment holdings typically benefit from the protective structure of preference shares to mitigate downside risk, without limiting our ability to capture significant upside as valuations grow. The governance surrounding our valuation process ensures objectivity, with external audit and validation adding further scrutiny to our approach.
Liquidity, Debt Facility and Capital Allocation Policy
During the period, we received cash proceeds from portfolio realisations of
Molten manages liquidity risk by maintaining adequate reserves and ongoing monitoring of forecast and actual cash flows. Capital resources are managed to ensure that there is sufficient headroom for 18 months’ rolling operating expenses. The Group’s Extended Debt Facility, agreed in
Drawdown of the RCF component of the Extended Debt Facility is subject to a maximum loan-to-value ratio of 12.5%, while the interest rate remains at SONIA plus a margin of 5.5% per annum. The value of the portfolio continues to be subject to periodic independent third-party valuation at the discretion of our lenders.
We have been compliant with all relevant financial covenants throughout the period and at period-end.
As at
The Company’s capital allocation policy, as announced in
The programme was financed through cash resources, acquiring a total of 10,049,610 ordinary shares for the year ended
Summary
In summary, our exciting, resilient, and diversified portfolio has delivered strong growth in Gross Portfolio Value and NAV per share, with continued delivery on realisations and shareholder returns.
Looking forward, our clear focus is on maintaining this performance, and scaling the business by expanding our third-party co-investment strategies. As well as giving us further capital to deploy alongside the plc balance sheet these strategies are expected to contribute to our fee income and investment returns over the mid to long term, while further limiting any cost drag on investment returns and in due course becoming net income generative.
Andrew Zimmermann
Chief Financial Officer
Gross portfolio value table
|
Investments |
Fair value of |
Investments |
Realisations |
Non- Investment |
Movement |
Fair value |
Fair value |
Fair value of |
Cost of investments 31-Mar-26 |
Multiple of |
Ownership |
|
|
157.1 |
– |
(49.7) |
– |
(3.3) |
71.1 |
67.8 |
175.2 |
7.8 |
22.5x |
A |
|
Ledger |
75.6 |
– |
– |
– |
3.1 |
36.0 |
39.1 |
114.7 |
28.5 |
4.0x |
B |
|
ICEYE |
43.2 |
– |
(17.5) |
– |
(0.9) |
76.2 |
75.3 |
101.0 |
21.1 |
4.8x |
A |
|
Aircall |
70.7 |
– |
– |
– |
(1.5) |
14.4 |
12.9 |
83.6 |
14.3 |
5.8x |
B |
|
Aiven |
71.8 |
– |
– |
– |
2.9 |
(3.5) |
(0.6) |
71.2 |
4.5 |
15.9x |
B |
|
Thought Machine |
70.1 |
– |
– |
– |
– |
0.7 |
0.7 |
70.8 |
36.5 |
1.9x |
A |
|
Coachhub |
86.9 |
– |
– |
– |
3.5 |
(27.6) |
(24.1) |
62.8 |
31.3 |
2.0x |
C |
|
Form3 |
59.4 |
– |
– |
– |
– |
– |
– |
59.4 |
30.1 |
2.0x |
B |
|
ISAR Aerospace |
22.3 |
– |
– |
– |
0.9 |
16.5 |
17.4 |
39.7 |
3.9 |
10.1x |
D |
|
RavenPack |
39.2 |
– |
– |
– |
(0.8) |
0.5 |
(0.3) |
38.9 |
7.5 |
5.2x |
D |
|
Riverlane |
19.8 |
– |
– |
– |
– |
18.9 |
18.9 |
38.7 |
5.1 |
7.5x |
B |
|
FintechOS |
29.0 |
2.2 |
– |
– |
1.2 |
2.2 |
3.4 |
34.5 |
31.8 |
1.1x |
D |
|
HiveMQ |
24.9 |
– |
– |
– |
1.0 |
4.0 |
5.0 |
29.9 |
25.1 |
1.2x |
C |
|
Manna |
13.1 |
2.2 |
– |
– |
(0.3) |
0.1 |
(0.2) |
15.1 |
12.9 |
1.2x |
C |
|
Modo Energy |
1.1 |
12.5 |
– |
– |
– |
1.3 |
1.3 |
14.9 |
13.5 |
1.1x |
C |
|
Simscale |
11.3 |
– |
– |
– |
0.5 |
1.8 |
2.3 |
13.6 |
10.5 |
1.3x |
A |
|
N26 |
11.9 |
– |
– |
– |
0.5 |
(1.9) |
(1.4) |
10.5 |
10.6 |
1.0x |
A |
|
Remaining |
560.0 |
72.6 |
(52.4) |
– |
9.4 |
(38.8) |
(29.4) |
550.9 |
615.1 |
0.9x |
|
|
Gross portfolio value |
1,367.4 |
89.5 |
(119.6) |
– |
16.2 |
171.9 |
188.1 |
1,525.4 |
910.3 |
1.7x |
|
|
Carry external |
(87.5) |
– |
7.8 |
– |
– |
(31.0) |
(31.0) |
(110.7) |
– |
– |
|
|
Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
deferred tax |
– |
– |
– |
– |
– |
(1.4) |
(1.4) |
(1.4) |
– |
– |
|
|
Trading carry & |
|
|
|
|
|
|
|
|
|
|
|
|
co–invest |
– |
– |
– |
– |
– |
– |
– |
– |
|
|
|
|
Non–investment |
|
|
|
|
|
|
|
|
|
|
|
|
cash movement |
– |
– |
– |
14.1 |
– |
(14.1) |
(14.1) |
– |
|
|
|
|
Net portfolio |
1,279.9 |
89.5 |
(111.8) |
14.1 |
16.2 |
125.4 |
141.6 |
1,413.3 |
|
|
|
* Fully diluted interest categorised as follows: Cat A: 0–5%, Cat B: 6–10%, Cat C: 11–15%, Cat D: 16–25%, Cat E: >25%.
Statement of Directors’ responsibilities in respect of the financial statements
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the group financial statements in accordance with
Under company law, directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of the profit or loss of the Group and Company for that period. In preparing the financial statements, the Directors are required to:
- select suitable accounting policies and then apply them consistently;
- state whether applicable
UK -adopted international accounting standards have been followed for the group financial statements and United Kingdom Accounting Standards, comprising FRS 101 have been followed for the company financial statements, subject to any material departures disclosed and explained in the financial statements; - make judgements and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.The Directors are responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for safeguarding the assets of the Group and Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the Group’s and Company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements and the Directors’ Remuneration Report comply with the Companies Act 2006.
The Directors are responsible for the maintenance and integrity of the Company’s website. Legislation in the
Directors’ confirmations
The Directors consider that the Annual Report and Financial Statements, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group’s and Company’s position and performance, business model and strategy.
Each of the Directors, whose names and functions are listed in Board of Directors section on pages 84 and 85 confirm that, to the best of their knowledge:
- the Group financial statements, which have been prepared in accordance with
UK -adopted international accounting standards give a true and fair view of the assets, liabilities, financial position and loss of the Group; - the Company financial statements, which have been prepared in accordance with United Kingdom Accounting Standards, comprising FRS 101, give a true and fair view of the assets, liabilities, financial position of the Company; and
- the Strategic Report includes a fair review of the development and performance of the business and the position of the Group and Company, together with a description of the principal risks and uncertainties that it faces.
By order of the Board
Andrew Zimmermann
Chief Financial Officer
Financial statements
Consolidated statement of comprehensive income
For the year ended 31 March 2026
|
|
Notes |
Year ended 31 March 2026 £m |
Year ended 31 March 2025 £m |
|
Movements on investments held at fair value through profit or loss |
6 |
141.6 |
22.7 |
|
Fee income |
7 |
17.7 |
20.9 |
|
Total investment gain |
|
159.3 |
43.6 |
|
Operating expenses General administrative expenses Depreciation and amortisation Share-based payments – resulting from Company share option scheme |
8 15, 18 14 |
(24.5) (0.5) (2.6) |
(28.4) (0.3) (4.9) |
|
Total operating expenses |
|
(27.6) |
(33.6) |
|
Gain from operations |
|
131.7 |
10.0 |
|
Finance income Finance expense |
11 11 |
2.1 (12.2) |
2.9 (12.7) |
|
Profit before tax |
|
121.6 |
0.2 |
|
Tax expense |
|
(1.3) |
(1.0) |
|
Profit/(loss) for the year |
|
120.3 |
(0.8) |
|
Other comprehensive income |
|
– |
– |
|
Total comprehensive profit/(loss) for the year |
|
120.3 |
(0.8) |
|
Profit/(loss) per share attributable to owners of the parent: |
|
|
|
|
Basic profit/(loss) per weighted average share Diluted profit/(loss) per weighted average share |
13 13 |
69p 69p |
(0p) (0p) |
The consolidated financial statements should be read in conjunction with the accompanying notes.
Consolidated statement of financial position
As at 31 March 2026
|
|
Notes |
Year ended 31 March 2026 £m |
Year ended 31 March 2025 £m |
|
Non-current assets |
|
|
|
|
Intangible assets |
15 |
10.4 |
10.4 |
|
Financial assets held at fair value through profit or loss |
16 |
1,413.3 |
1,279.9 |
|
Property, plant and equipment |
18 |
1.5 |
1.8 |
|
Total non-current assets |
|
1,425.2 |
1,292.1 |
|
Current assets |
|
|
|
|
Trade and other receivables |
21 |
4.1 |
1.9 |
|
Cash and cash equivalents |
20 |
51.7 |
89.0 |
|
Total current assets |
|
55.8 |
90.9 |
|
Current liabilities |
|
|
|
|
Trade and other payables |
22 |
(13.2) |
(13.1) |
|
Financial liabilities |
23 |
(10.4) |
(0.3) |
|
Total current liabilities |
|
(23.6) |
(13.4) |
|
Non-current liabilities |
|
|
|
|
Deferred tax |
24 |
(13.0) |
(12.7) |
|
Provisions |
|
(0.1) |
(0.1) |
|
Financial liabilities |
23 |
(120.5) |
(121.0) |
|
Total non-current liabilities |
|
(133.6) |
(133.8) |
|
Net assets |
|
1,323.8 |
1,235.8 |
|
Equity |
|
|
|
|
Share capital |
25 |
1.9 |
1.9 |
|
Share premium account |
25 |
671.2 |
671.2 |
|
Own shares reserve |
26(i) |
(62.7) |
(27.8) |
|
Other reserves |
26(ii) |
77.3 |
79.6 |
|
Retained earnings |
|
636.1 |
510.9 |
|
Total equity |
|
1,323.8 |
1,235.8 |
|
Net assets per share (pence) |
13 |
760 |
671 |
The consolidated financial statements on pages 145 to 181 were approved by the Board of Directors on
Chief Financial Officer
Consolidated statement of cash flows
For the year ended
|
|
Notes |
Year ended 31 March 2026 £m |
Year ended 31 March 2025 £m |
|
Cash flows from operating activities |
|
|
|
|
Profit/(Loss) after tax |
|
120.3 |
(0.8) |
|
Adjustments to reconcile profit/(loss) to net cash outflow in operating activities |
27 |
(130.2) |
(2.9) |
|
Purchase of investments |
16 |
(79.5) |
(72.6) |
|
Proceeds from disposals of investments |
16 |
119.6 |
134.6 |
|
Net loans made to underlying investment vehicles and Group companies |
16 |
(21.8) |
(27.1) |
|
Interest received |
11 |
2.1 |
2.7 |
|
Net cash inflow from operating activities |
|
10.5 |
33.9 |
|
Cash flows from investing activities Purchase of property, plant and equipment |
18 |
(0.2) |
(0.4) |
|
Net cash outflow from investing activities |
|
(0.2) |
(0.4) |
|
Cash flows from financing activities |
|
|
|
|
Loan proceeds |
23 |
– |
30.0 |
|
Fees paid on issuance of loan |
23(i) |
– |
(0.9) |
|
Interest paid |
11 |
(12.2) |
(11.3) |
|
Disposal or transfer of shares by the Trust |
26(i) |
3.1 |
– |
|
Acquisition of own shares |
26(i) |
(38.0) |
(19.0) |
|
Cost of acquisition of own shares |
|
(0.1) |
(0.2) |
|
Repayments of leasing liabilities |
23 |
(0.4) |
(0.3) |
|
Net cash outflow from financing activities |
|
(47.6) |
(1.7) |
|
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents |
|
(37.3) |
31.8 |
|
Cash and cash equivalents at beginning of year |
20 |
89.0 |
57.0 |
|
Exchange differences on cash and cash equivalents |
11 |
– |
0.2 |
|
Cash and cash equivalents at end of year |
|
51.7 |
89.0 |
|
Total cash and cash equivalents and restricted cash at year end |
20 |
51.7 |
89.0 |
The consolidated financial statements should be read in conjunction with the accompanying notes.
Consolidated statement of changes in equity
For the year ended 31 March 2026
Year ended 31 March 2026
|
£m |
Note |
Share capital |
Share |
Own shares reserve |
Other |
Retained |
Total equity |
|
Brought forward as at |
|
1.9 |
671.2 |
(27.8) |
79.6 |
510.9 |
1,235.8 |
|
Comprehensive income for the year |
|
|
|
|
|
|
|
|
Income for the year |
|
– |
– |
– |
– |
120.3 |
120.3 |
|
Total comprehensive income for the year |
|
– |
– |
– |
– |
120.3 |
120.3 |
|
Contributions by and |
|
|
|
|
|
|
|
|
Share based payment expenses |
14, 26 |
– |
– |
– |
2.6 |
– |
2.6 |
|
Options granted and awards |
26 |
– |
– |
– |
(1.7) |
1.7 |
– |
|
Options lapsed and expired |
26 |
– |
– |
– |
(3.2) |
3.2 |
– |
|
Disposal or transfer of shares by the Trust |
26 |
– |
– |
3.1 |
– |
– |
3.1 |
|
Acquisition of treasury shares |
26 |
– |
– |
(38.0) |
– |
– |
(38.0) |
|
Total contributions by and |
|
– |
– |
(34.9) |
(2.3) |
4.9 |
(32.3) |
|
Balance as at |
|
1.9 |
671.2 |
(62.7) |
77.3 |
636.1 |
1,323.8 |
|
Year ended 31
|
|||||||
|
£m |
Note |
Share capital |
Share premium |
Own shares reserve |
Other |
Retained |
Total equity |
|
Brought forward as at |
|
1.9 |
671.2 |
(8.8) |
74.7 |
511.7 |
1,250.7 |
|
Comprehensive expense for the year |
|
|
|
|
|
|
|
|
Loss for the year |
|
– |
– |
– |
– |
(0.8) |
(0.8) |
|
Total comprehensive expense |
|
– |
– |
– |
– |
(0.8) |
(0.8) |
|
Contributions by and |
|
|
|
|
|
|
|
|
Options granted and awards |
14, 26 |
– |
– |
– |
4.9 |
– |
4.9 |
|
Acquisition of treasury shares |
26 |
– |
– |
(19.0) |
– |
– |
(19.0) |
|
Total contributions by and |
|
– |
– |
(19.0) |
4.9 |
– |
(14.1) |
|
Balance as at |
|
1.9 |
671.2 |
(27.8) |
79.6 |
510.9 |
1,235.8 |
The consolidated financial statements should be read in conjunction with the accompanying notes.
Dissemination of a Regulatory Announcement, transmitted by
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View original content:
| ISIN: | GB00BY7QYJ50 |
| Category Code: | FR |
| TIDM: | GROW |
| LEI Code: | 213800IPCR3SAYJWSW10 |
| Sequence No.: | 430595 |
| EQS News ID: | 2341818 |
| End of Announcement | |
|
|
