A trio of listed investors have published their half-year results.
Molten Ventures said total return – that is, net asset value plus the cumulative dividends paid out per share – was 160.3 pence for the six months ended 30th September 2025, compared with 160.8p in the prior year.
The firm, which has invested over £85 million into 49 companies since 2017 – including several market-leading technology businesses – says it “believes the cycle of venture capital markets is improving”.
During the period, the company made two new investments (General Index and Duel) and one follow-on investment (Oliva Health), at a total cost of £3.3m.
“We are reasonably sanguine about the Chancellor’s announcement in the Budget (as we understand it),” it added. “Whereas the Chancellor announced the reduction in VCT upfront income tax relief from 30% to 20%, that is not to have effect until April 2026. Until then 30% relief remains.”
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Mercia Asset Management PLC, which has around £2 billion of assets under its management, has also reported results for the half-year period.
It said revenue was £17.2m, compared with £17.9m in the prior year. Profit before tax was £2.5m (2024: £2.4m) and net assets £187.1m (2024: £187.4m).
EBITDA was £4.2m, up from £3.7m, an increase of 14%.
Completing a hat-trick of results from publicly-quoted investors is Foresight Group, which said revenues for the same period were £81.5m, up 11% from £73.2m in the prior year.
EBITDA before share-based payments was £30.6m, up 6% (2024: £29m). AUM grew 4% from £13.2bn to £13.7bn.
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