EMV Capital (AIM:EMVC) said it was “well-positioned” for a market recovery as it reported a sharp rise in assets under management and a growing mix of revenue streams.
The deep tech and life sciences venture capital firm said total assets under management had climbed to £103 million by the end of May, up from £74 million a year earlier.
The growth follows the launch of its fund management business, which now oversees portfolios including Martlet Capital and an Enterprise Investment Scheme fund.
Dr Ilian Iliev, chief executive, said: “Although the current climate for investment and exits remains difficult both in the UK and globally, we see meaningful opportunity amid the disruption.
"We remain cautious but are confident in our outlook, underpinned by a resilient investment model and operating platform.”
The firm secured authorisation from the Financial Conduct Authority during the year, allowing it to begin earning recurring fund management fees.
That helped drive a 67% rise in core revenue to £2 million, with more than half of the increase coming from the Martlet mandate. Total group revenue rose to £2.5 million, up from £1.4 million in 2023.
Losses widened to £3.7 million from £2.9 million the previous year, reflecting higher operating costs and impairment charges.
Assets under management rose in part due to a 58% jump in third-party holdings, including Martlet’s £24.5 million portfolio and EMV’s newly managed EIS fund.
The firm’s own direct holdings also increased in value, though the balance sheet valuation of some investments, such as Q-Bot and PDS Biotech declined.
Cash on hand was £1 million at the end of December, bolstered by a £1.5 million equity placing completed that month at a 15% premium to the market price. A further £1.4 million in listed securities was also available to the group.
The group now manages or holds stakes in over 70 companies, and said its portfolio companies collectively raised around £276 million during 2024.
Dr Charles Spicer, chair, said: "Our executive team continues to demonstrate its ability to navigate adversity and complexity."