The Candystripes midfielder believes that the signing of Simon Madden and Paddy Kavanagh represent a signal of intent from the FAI Cup winners ahead of the 2013 season
Speaking to the Derry Journal, the 28-year-old hailed the talents of former Dundalk and Shamrock Rovers defender Simon Madden, saying that he is 'the best right-back in the country'.
"I think the signings of Simon Madden and Paddy Kavanagh sends out a good signal all over Ireland that we are looking to strengthen and push on and push forward," he said.
"I think he’s the best right-back in the country and it shows how much he thinks of Derry City Football Club and it shows how much he thinks of Declan Devine and Paul Hegarty because he obviously had other offers," added Molloy.
The Candystripes managed to win the FAI Cup last season, defeating St Patrick's Athletic 3-2 in the final at the Aviva Stadium, but Molloy believes that the club's 2012 league position of fifth was ultimately disappointing.
"The league position doesn’t lie," he said. "We finished in fifth last season and to be honest it’s something that I and the rest of the team were not completely happy with."
He continued: "There are five competitions for us to play in next season so we want to do well in every one of them.
"Obviously we are the FAI Cup holders so we will be keen to defend it and we will be determined to improve upon our league form," said the midfielder.