EMV Capital’s 2025 trading update: revenue growth, AUM above £100 million
EMV Capital PLC has posted a confident trading and portfolio update for 2025, ahead of full-year results due in May 2026. The headline: revenues grew, assets under management (AUM – assets managed for investors) held above £100 million, and several portfolio names hit important technical and commercial milestones.
There were no big exits, but the business leaned into its fee-earning model, venture building, and syndicated fundraising. In a tough venture market, that kind of operational grind matters.
Key numbers at a glance (unaudited)
| Metric | FY25 (as stated) | FY24 |
|---|---|---|
| AUM at 31 Dec | In excess of £100 million | £98.5 million |
| Group revenue | Approx. £2.8 million (c.16% growth) | £2.5 million |
| EMV Capital core revenue (non-IFRS) | Approx. £3.2 million | £2.4 million |
| Cash at 31 Dec | £0.5 million | £1.0 million |
| Readily realisable quoted securities | Approx. £0.3 million | £1.4 million |
| Syndicated fundraisings | £12.0 million across 14 companies | £10.6 million across 12 companies |
| Venture Building value creation | Direct stakes £11.3 million; £10.4 million fair value created from £0.9 million invested (12.9x) | Not disclosed |
Note: “EMV Capital core revenue” is a non-IFRS measure for the standalone investment platform. It excludes portfolio operating revenues and includes fundraising and other fees.
Operational progress: higher fees, stronger platform
Revenue growth was driven by higher corporate finance fees, more fundraising activity, and recurring fund management fees after fully integrating Martlet Capital. That integration also bolsters the Funds practice and opens up additional carried interest and third-party AUM growth.
The team added depth, appointing Anesh Patel as Group CFO (non-Board) and Stephen Crowe as Portfolio CFO. EMV also kept investing in its digital backbone with automation, AI and data strategies – sensible moves for a platform aiming to scale efficiently.
Venture Building and AMR Bio: capital-efficient value creation
The Venture Building programme remains a differentiator. Over three years, EMV says its direct stakes rose to £11.3 million, reflecting £10.4 million of fair value creation off just £0.9 million invested (cash and in-kind) – a 12.9x multiple. That’s the kind of leverage investors want to see in a lean market.
New addition AMR Bio came via the acquisition of key XF-73 intellectual property and clinical assets from Destiny Pharma Limited in September 2025. The deal used £475,000 upfront cash plus milestone-linked deferred payments, brought in third-party capital, and positions AMR Bio for a Phase 3 plan. EMV holds a 30.0% direct interest (valued at c.£0.6 million) and manages 70.0% for third parties (valued at c.£1.3 million).
Portfolio company highlights: traction across health, recycling, space and robotics
Wanda Health – scaling in US Remote Patient Monitoring
- Operates in a US Remote Patient Monitoring market forecast to reach c.US$110.7 billion by 2033 (CAGR 19.8% from 2025-2033).
- Won multi-million-dollar contracts in the US and delivered double-digit month-on-month revenue growth.
- Raised £0.86 million in 2025, led and syndicated by EMV Capital Partners.
- EMV holds 16.5% direct (c.£1.7 million) and manages 30.2% for third parties (c.£3.5 million).
EpiBone – accelerating clinical development
- US clinical-stage regenerative medicine business focused on skeletal reconstruction.
- Completed a US$4 million raise; EMV syndicated a US$0.75 million co-investment and gained a board observer seat.
- EMV holds 1.7% direct (c.£1.3 million) and manages 5.3% for third parties (c.£4.2 million).
Deeptech Recycling Technologies – moving towards commercial projects
- Patented chemical recycling turning hard-to-recycle plastics into synthetic oil and wax (Plaxx).
- 9,000 tpa (tonnes per annum) Norway plant progressing, supported by c.£11 million of Norwegian government debt, subject to matched funding anticipated from project counterparties.
- Raised c.£1.22 million in 2025 led by EMV Capital Partners.
- EMV holds 18.0% direct (c.£2.8 million) and manages 29.7% for third parties (c.£4.7 million).
Sofant Technologies – technical milestone in satellite communications
- Demonstrated the world’s first fully functioning Ka-band transmit array in October 2025 using RF MEMS beamforming. Ka-band is a satellite frequency range; RF MEMS are micro-electro-mechanical switches used to steer signals efficiently.
- Backed by European Space Agency and UK Space Agency programmes as it moves to early production and sales.
- Completed c.£6.25 million equity fundraising in 2025 led by EMV.
- EMV holds 1.1% direct (c.£0.5 million) and manages 24.1% for third parties (c.£12.5 million).
Q-Bot – leaner model, growth funding secured
- UK robotics and AI for underfloor insulation and surveying.
- Raised c.£1.1 million in 2025 led by EMV to support growth after transitioning to a lean technology business.
- EMV holds 27.1% direct (c.£1.4 million) and manages 53.0% for third parties (c.£3.5 million).
Martlet Capital integration: strengthening fee streams
Martlet Capital Management is now fully integrated. The Martlet portfolio showed resilience and fair value progression, including an initial secondary exit generating approximately £320,000 at a 2.5x return. EMV’s EIS practice (Enterprise Investment Scheme – a UK tax-efficient vehicle for early-stage investing) co-invested in Martlet names Xampla and OctaiPipe and plans to do more, broadening diversity and future carried interest potential.
Outlook: cautious but constructive, with M&A signals
Market conditions for venture and exits remain challenging, and no major exits occurred in the period. However, several companies are engaged in potential M&A and strategic partnership discussions, which hints at a livelier corporate appetite. EMV remains focused on disciplined capital deployment, proactive portfolio management and scaling its Funds and Venture Building platforms.
The Board believes the Group is set up to benefit as capital market sentiment improves. Preliminary results are expected in May 2026.
My take: solid execution, but watch liquidity and exit timing
- Positives: revenue up c.16%, AUM held above £100 million, and “core” revenue of approximately £3.2 million covering a significant chunk of operating costs. Venture Building is delivering impressive fair value creation, and portfolio companies are hitting meaningful milestones.
- Strategic progress: full Martlet integration deepens fee-based resilience and opportunity for carried interest. Leadership hires and digital investment should lift operating leverage over time.
- Watch-fors: year-end cash of £0.5 million and quoted securities of c.£0.3 million are on the light side, putting a premium on continued fee generation, fundraising momentum, and careful capital allocation. No major exits yet, so realising gains remains a key dependency on market conditions.
Overall, this reads as steady, sensible execution in a selective funding environment. If M&A activity in the portfolio translates into actual transactions, the platform is well placed to convert that into cash realisations and future fundraising firepower.
