**Summary of Marwyn Value Investors Limited’s Unaudited Interim Results 2025**
Marwyn Value Investors Limited released its unaudited interim results for the six months ended 30 June 2025, highlighting strong performance across its portfolio. Key achievements include
1. **Financial Performance**
Ordinary share NAV Total Return of +13.4%, with £2.5m (4.53p per share) paid in dividends.
Ordinary Share Price Total Return of +29.7%, outperforming benchmarks like FTSE SmallCap (ex-IC) and FTSE AIM All-Share.
2. **Portfolio Highlights**
**InvestAcc Group** (29.6% of NAV)Acquired AJ Bells Platinum SIPP and SSAS business, strengthening its position in the UK pension administration market. Reported significant revenue and EBITDA growth.
**Zegona** (23.7% of NAV)Expected to complete the monetisation of joint FibreCos with MasOrange in H2 2025, delivering €1.4 billion in proceeds. Progress also noted in the Telefonica FibreCo transaction.
**AdvancedAdvT** (21.7% of NAV)Completed two acquisitions (HFX Limited and Goss Technology Limited) and achieved strong organic revenue and EBITDA growth.
**Le Chameau** (21.2% of NAV)Revenue grew to £18.1 million with expanded gross margins, despite a reduction in carrying value due to broader market challenges.
**Palmer** (5.2% of NAV)Secured Luxembourg regulatory approval, a key milestone in its business plan.
3. **Outlook**
Chairman Robert Ware and CIO James Corsellis expressed confidence in the portfolio’s ability to create value, driven by strategic acquisitions, operational excellence, and strong management teams.
Key opportunities include Zegona’s infrastructure monetisation, InvestAcc’s M&A pipeline, AdvancedAdvT’s strategic growth, Le Chameau’s brand elevation, and Palmer’s technology-led solutions.
4. **Performance Metrics**
Over 3 years, the Ordinary Shares NAV Total Return was +51.1%, significantly outperforming benchmarks.
Since inception (2006), the Ordinary Shares NAV Total Return stands at +302.6%.
5. **Post-Period Performance**
Eight months to 31 August 2025 saw a +30.4% NAV Total Return for Ordinary Shares, further highlighting strong momentum.
The Company remains focused on disciplined capital deployment and partnering with exceptional operators to drive long-term value creation for shareholders.
| Metric | 2024 (H1) | 2025 (H1) | Year-on-Year Change |
|---|---|---|---|
| Ordinary Share NAV Total Return | N/A | +13.4% | N/A |
| Ordinary Share Price Total Return | N/A | +29.7% | N/A |
| InvestAcc Group - Revenue Growth (pro forma) | N/A | +20.3% | N/A |
| Zegona - EBITDAaL Margin | 32% | 34% | +2.0% |
| AdvancedAdvT - Revenue Growth (pro forma) | N/A | +17.8% | N/A |
| AdvancedAdvT - EBITDA Growth | N/A | +90% | N/A |
| Le Chameau - Revenue Growth (5 years) | N/A | +48% | N/A |
| Le Chameau - Gross Margin | 47% | 60% | +13% |
| Debt Information | Not explicitly provided in the text. | ||