Marwyn Value Investors (MVI) has announced strong results for the year ended 31 December 2024, delivering a NAV total return of +19.4%, significantly ahead of the FTSE SmallCap (ex-IC) Index, which it says returned 13.8%. The share price total return was even stronger at +26.6%. MVI paid £5m of dividends during the year (equivalent to 9.06p per share) and net assets attributable to ordinary shareholders at the year-end stood at £111m, with a NAV per share of 200.3p. MVI has delivered a NAV total return of +255.0% since inception in 2006.
MVI says that its portfolio saw meaningful progress across a number of key holdings. Specifically:
- Zegona Communications completed its €5bn acquisition of Vodafone Spain, with additional FibreCo transactions announced that are expected to unlock substantial cost savings and future value. Zegona is now MVI’s largest position, with the company optimistic about further value creation and potential future capital returns.
- InvestAcc Group completed its platform acquisition in October 2024 and delivered strong post-acquisition performance. In March 2025, it announced the acquisition of a SIPP and SSAS customer book from AJ Bell, consolidating its market position and boosting assets under administration to over £8.5bn.
- AdvancedAdvT reported that FY25 adjusted EBITDA is expected to materially exceed market expectations following platform improvements, new contracts, and its first bolt-on acquisition since relisting.
- Le Chameau continued its brand repositioning strategy, delivering double-digit revenue growth across its core premium outdoor footwear lines. Collaborations with luxury brands, including Loro Piana and Chanel, have enhanced brand value ahead of its 2027 centenary.
- Palmer, the private fund administration platform, continued its international expansion with new operations in Jersey, Spain, Luxembourg and the UK, and is building a technology-led platform targeting the private capital sector.
Chairman Robert Ware described 2024 as a year of portfolio building and strategic progress, setting the stage for what he hopes will be “a very exciting year in 2025.” He believes the portfolio now offers the potential for material NAV growth, supported by organic expansion, strategic acquisitions, and a proactive value creation approach. MVI says that it is now close to being fully invested, with a well-balanced portfolio that is diversified across private equity-style platform investments, strategic minority holdings, and growth-focused businesses.
