The FTSE-250 listed venture capital firm has this morning published a portfolio update including news of an exit from its stake in M-Files. Molten first invested in a series A round of funding for the business just over a decade ago. The stake was recently valued at £48m, representing a 7.4x multiple on the investment and putting the company well ahead of the year’s target of realising more than £100 worth of cash through exits. The Molten Ventures share price added as much as 7.5% after the open although some of those gains have already ebbed away.
The world leading online sports betting and iGaming operator has published Q2 results this morning, showing a 17% increase in average monthly players and a 20% jump in revenues. Full year guidance has now been raised to reflect the strong performance over the period and the fact that momentum here is being sustained into Q3. Management also note the success of the Euros football tournament with over four million bets being placed and the results being very favourable for the business. The Flutter share price was up around 12% shortly after the open.
A trading statement from the premium spirits brand Distil was issued this morning covering the April-July period. Sales are down by 55% and the board has revised its full year expectations lower, although revenue growth is still expected against 2023. Critically the poor performance here has created an immediate short-term funding need and that’s rattling sentiment. Distil’s share price fell by as much as 50% shortly after the open before recovering a little to trade down around 30% at 8.45am.
Headlines we expect on Thursday
ITM Power Final Results
This time last year Revenue £5.2m, EBITDA loss £94.2m, Net cash £283m
OSB Group Interim Results
This time last year Pre-tax profit £117m, Underlying net interest margin 203bps, interim dividend 10.2p
