Episodes

37 minutes ago
The Market Call - Week Ending 25th April 2025
37 minutes ago
37 minutes ago
This week, Progressive's Jeremy McKeown and Gareth Evans wonder whether there are signs of life... UK plc is perhaps "priced for failure" and recent share price moves suggest that even in-line performance (or only a small warning!) can lead to material upside.
Severfield is a case in point, but this week has seen a number of examples. Jupiter and AJ Bell are also talking more positively.
Still, risks abound, as the unfortunate Argentex investor base have seen - a canary in the coal mine, showing that volatility or abnormal market activity can lead to unforeseen consequences.
Jeremy wonders whether the attack on US university funding could likewise lead to unexpected outcomes....

3 days ago
3 days ago
Progressive's Jeremy McKeown talks with Lawrence Lam, who invests globally in founder-led companies. Lawrence has run the Lumenary Global Founders Fund since 2017 and is the author of "The Founder Effect - The Three Pillars of Success in Founder-Led Companies." – A great read if you are trying to understand good long-term management decisions and how to spot them.
Jeremy and Lawrence discuss what exactly is the founder effect, and how can investors accurately determine whether a management team has this elusive characteristic?
This is a fascinating conversation with someone who is passionate about his work and carefully studies the world’s stock markets to find his formula.
We learn how he balances the less correlated world for opportunities to buy founder-led companies that offer good value, why China offers a great way to diversify a portfolio, and how BYD is poised to become the next Toyota.
The pair further discuss how meeting management is useful for understanding if the company is likely to do well next quarter, but not so useful for understanding whether it will compound for you over the coming decades.
Brought to you by Progressive Equity.

4 days ago
Talking Tech - Episode 19
4 days ago
4 days ago
Progressive's George O'Connor and Ian Robertson catch up on events in and around the UK small and mid-cap listed tech.
Alphawave’s lack of guidance for 2025 is no great surprise, but in an industry as complex as semiconductors can anyone take forecasts seriously. Ensilica’s recent newsflow suggests not. We can, however, confidently predict that the forecasts are wrong.
Kainos is steadier than it was, but do the cuts mean that it is now out of sync with the rest of the market. George looks to the global picture and raises the long-term question that faces the UK IT services business.
Accesso also looks to be regaining its poise but reminds us that it is not just hardware companies that are subject to customer and supply chain timing issues.
Cirata is growing sales but is it just the old UK small-cap trap (AIM business model) of sales before profits before fund raise. The change in sales strategy in the US keeps the focus on how this company can make and grow profitable sales.
Tiny Build looks to a busy year, with new products – is the games sector in a comeback year?
Finally, we touch upon the Stanford AI report – nearly 500 pages covering everything from models, to hardware, to costs to energy. Thankfully, concisely summarised.

Thursday Apr 17, 2025
The Market Call - Week Ending 18th April 2025
Thursday Apr 17, 2025
Thursday Apr 17, 2025
This week, Progressive's Jeremy McKeown and Gareth Evans consider the ongoing shocks to the global system - and wonder whether the UK (or UK plc at least) is unusually well positioned, as well as attractively priced.
Although Trump's "shock and awe" has calmed this week, gold is rising, the dollar is falling and US government debt is highly volatile...it feels as though we've had "America's Brexit moment", a "global Liz Truss event" and now a re-run of Covid supply chain pressures - as we hear reports of ships halted in ports awaiting instruction, and markets can't tell whether current demand is real or stocking-up for an uncertain future. The UK has had more than its fair share of such volatility - and maybe we can manage it better.
Micro-cap news from Progressive clients tinyBuild and Gear4Music shows that stocks delivering "not worsening" news, having cut their costs and adapted their models, can perform strongly - both up 20% at one point this week.
The Easter weekend weather in the UK is forecast to disappoint - let's hope the UK's broader performance across the rest of the year reflects what we see as quite some potential.

Monday Apr 14, 2025
Monday Apr 14, 2025
David Seaman of Alpha Cygni Asset Management and a seasoned emerging markets investor joins Progressive's Jeremy McKeown for a fascinating discussion with Sean Peche, the manager of the Ranmore Global Equity Fund.
Sean recounts how he honed his value investing credentials at Orbis after qualifying as an accountant in South Africa and before launching Ranmore in London in 2008.
Sean has a first-hand take on how capital flows have shaped equity values and built up today’s imbalances.
While relative value is not sufficient reason for capital to flow, it is a necessary pre-condition. Sean says there are now multiple reasons investors, typically fully loaded in the US market, want to recycle their capital.
He talks about how he looks for value, why he has recently moved overweight in the UK, why emerging markets have many developed market characteristics, and why he doesn’t meet the management of the companies he invests in.
As he says, he can best objectively determine the effectiveness of management by watching what they do, not necessarily by listening to what they say.
Sean delivers a master class on the principles of value investing combined with an acute sense of how the world is changing and how best to load up on asymmetric risk opportunities that will likely operate in his favour as we confront an unforecastable future.

Friday Apr 11, 2025
The Market Call - Week Ending 11th April 2025
Friday Apr 11, 2025
Friday Apr 11, 2025
This week, Progressive's Jeremy McKeown and Gareth Evans talk less about tariffs and more about their impact on capital markets - bonds in particular.
Jeremy makes the point that the USA is now experiencing a Brexit AND "Liz Truss" moment at the same time - resulting in a falling dollar and rising rates. Keep an eye on those two, and the gold price, and you have three metrics which give dashboard of the current situation - and level of trust in the US administration.
While Trump's economic guns are all trained on China, Scott Bessent is on his way to Japan - a major owner and buyer of US treasuries....remember the carry trade unwind panic of mid-last year...?
Closer to home, we hope that the UK is next on Bessent's list, with a trade deal in the offing. Small-cap news was from Nexus Infrastructure, Beeks and SDI Group.
Big data next week includes China GDP (required to be c.5%), UK inflation for March, US retail sales and hopefully a rate-cut from the European Central Bank.

Tuesday Apr 08, 2025
Talking Tech - Episode 18
Tuesday Apr 08, 2025
Tuesday Apr 08, 2025
George and Ian catch up on the jumble of news, both good and bad, for UK-listed tech.
Pinewood.AI and Raspberry Pi deliver – although inventory build at Raspberry Pi is an issue that must be monitored.
BIG Technologies and the broken small and mid-cap due diligence stack. Whilst there’s still an interesting business, there is a far more interesting story that highlights how share-based remuneration can be a useful pointer into the heart of a company and its management.
And Alphawave Semi which has had Qualcomm come sniffing. Could the market be just as confused on Alphawave’s departure as it was on Alphawave’s arrival?

Friday Apr 04, 2025
The Market Call - Week Ending 4th April 2025
Friday Apr 04, 2025
Friday Apr 04, 2025
Jeremy and Gareth react to Donald Trump's tariff pronouncements - major downward moves in US equities, and increased risk of a US slowdown.
But there is some hope that the UK could navigate these choppy waters cleverly - and even a small proportion of the capital currently being reallocated could make a huge difference to the UK markets.
UK stock news from Gear4Music, Pharos, tinyBuild, Intuitive Investments, Peel Hunt and Alphawave.
Next week - in addition to early responses to the US tariffs - we get Chinese inflation data, plus both inflation and sentiment survey info from the USA.
Brought to you by Progressive Equity.

Wednesday Apr 02, 2025
Talking Tech - Episode 17
Wednesday Apr 02, 2025
Wednesday Apr 02, 2025
Progressive analysts George O'Connor and Ian Robertson catch up on small and mid-cap tech news.

Wednesday Apr 02, 2025
DF Capital (DFCH) Full Year 2024 results overview - April 2025
Wednesday Apr 02, 2025
Wednesday Apr 02, 2025
DF Capital Holdings CEO, Carl D'Ammassa provides an overview of the group's results for the year ended 31 December 2024.
Carl D'Ammassa, CEO
00:24 Introduction
02:10 FY24 Review
04:57 Strategy update
06:45 Looking ahead
DF Capital was founded in 2016 to support the working capital needs of manufacturers and UK dealers. Today, having received full authorisation as a bank in September 2020, we work with over 90 manufacturers and over 1,250 dealers in the leisure, commercial and powersports sectors. In 2023, we provided over £1.2bn of distribution and inventory finance across these sectors.

Friday Mar 28, 2025
The Market Call - Week Ending 28th March 2025
Friday Mar 28, 2025
Friday Mar 28, 2025
This week, Jeremy and Gareth discuss some home truths about the UK economy - Rachel Reeves has reassured bond investors for now, but the low-growth, stubborn-inflation structural problems persist.
Ironically, Trump's erratic tariff-wielding tactics could drive capital AWAY from the USA, to the benefit of China, Germany and even the UK equity market.
And this week, a couple of UK stocks with "reasonable" news - Xaar and SRT Marine - saw 25%+ price moves suggesting that many stocks are priced for pessimism. Gamma Communications delivered a solid 2024, and we think investors are more wary than they should be of German expansion.
Next week sees Chinese confidence data, European inflation and crucially US jobs...as well as 2 April seeing Trump's tariffs (probably....) come into effect.

Saturday Mar 22, 2025
The Market Call - Week Ending 21 March 2025 - Trade related uncertainty
Saturday Mar 22, 2025
Saturday Mar 22, 2025
Overall the forecasts of GDP growth in the major economies in the world are coming down, but inflation expectations remain heightened. Big US corporates such as Nike and FedEx cited trade uncertainty as a major issue and it’s been referenced increasingly in UK RNS announcements.
With US focus seemingly now more on longer term interest rates than the level of the US stock market, overriding market sentiment is one of capital flight from the US to the rest of the world. A survey documenting the capital allocation intentions of the world's largest asset managers listed the biggest one month allocation away from US equities ever recorded. Some has gone to Germany and the wider European market, some has gone into China and there's also been a big allocation into US treasuries. Although there's no direct evidence of much of this capital finding its way into the UK market yet, Jeremy and Gareth remain hopeful!
In the UK, Gareth talks about Beeks (BKS) and FDM who both had results. Employment data this week was pretty much as expected. However UK government borrowing data was running ahead of expectations,which doesn’t bode well for next week's Spring Statement and the brewing government dispute about whether they should continue to look to raise taxes or to reduce government spending.
Next week we have UK inflation data on Wednesday, and on Friday we get US PCE data (the Federal Reserve’s preferred inflation measure).

Friday Mar 21, 2025
The Pebble Group (PEBB) Full Year 2024 Results Presentation - March 2025
Friday Mar 21, 2025
Friday Mar 21, 2025
The Pebble Group CEO, Chris Lee and CFO, Claire Thomson present the group's results for the year ended 31 December 2024, followed by a Q&A session.
Chris Lee, CEO
00:16 Introduction
01:21 Market opportunity
03:30 Investment case
04:02 FY24 Highlights
Claire Thomson, CFO
06:02 FY24 Financial highlights
06:23 Business models
07:27 Income statement
08:06 Balance sheet
08:34 Cash flow
09:13 Cash utilization
Chris Lee, CEO
10:29 Facilisgroup overview
11:40 Facilisgroup - Market structure & positioning
13:16 Facilisgroup - Financial and operational metrics
15:45 Facilisgroup - Organic growth
16:49 Facilisgroup - Strategies
Claire Thomson, CFO
17:47 Brand Addition - Overview
18:11 Brand Addition - Market structure & positioning
20:01 Brand Addition - Financial & operational metrics
20:14 Brand Addition - Strategies
Chris Lee, CEO
21:01 ESG
22:38 Group outlook
25:13 Q&A
The Pebble Group is a provider of technology, products, and related services to the global promotional products industry, comprising two differentiated businesses, Facilisgroup and Brand Addition, focused on specific areas of the promotional products market.
Facilisgroup: Providing an end-to-end order processing system, combined with a proprietary operating method, market network and community support to growth orientated promotional products distributors in North America
Brand Addition: An end-to-end creative branded merchandise agency that helps global brands build culture, awareness and meaningful connections with their customers, employees and communities

Friday Mar 14, 2025
The Market Call - Week Ending 14th March 2025
Friday Mar 14, 2025
Friday Mar 14, 2025
This week, Jeremy and Gareth mull over the macro situation - the US economy seems to be slowing (but inflation persists) while Europe, especially Germany, has been bullied into spending more than ever.
The UK, and arguably Europe, haven't yet seen much benefit from the outflow of capital from the MAG Seven, but remember, the whole German market cap is not dissimilar to the value of Microsoft - so there's a lot more to go for.
UK companies discussed include STV, Forterra, Van Elle, Secure Trust Bank, Cakebox, Care REIT, Hornby and Science Group/Ricardo.
Next week the big news is around interest rate decisions - in the USA, here in the UK and in Japan. Let’s hope for no surprises (especially from Tokyo).

Thursday Mar 13, 2025
Secure Trust Bank (STB) Full Year 2024 results overview - March 2025
Thursday Mar 13, 2025
Thursday Mar 13, 2025
Secure Trust Bank CEO, David McCreadie provides an overview of the group's results for the 12 months to 31 December 2023.
David McCreadie, CEO
00:29 Introduction
00:49 Vehicle Finance Sector challenges
02:03 Strategic goals & targets
04:31 2024 performance highlights
06:32 Strategic initiatives
08:39 Outlook and conclusion
Founded over 70 years ago, Secure Trust Bank is a leading retail deposit-funded specialist bank operating in four core markets: retail finance, vehicle finance, real estate finance, and commercial finance. Secure Trust Bank’s management has simplified the business through the sale/exit of non-core businesses, repositioning the loan portfolio towards lower-risk loans, and focusing on reducing operating costs to drive efficiency (Project Fusion).

Friday Mar 07, 2025
The Market Call - Week Ending 7th March 2025
Friday Mar 07, 2025
Friday Mar 07, 2025
This week, Gareth and Jeremy try to keep up with the gyrations from across the Atlantic - both around defence alliances and tariff policies.
In terms of the impact on Europe and the UK, Germany is stepping up and spending big, which is driving up both (European) stock markets and (German) borrowing costs. Trump seems to be ignoring the stock market and is probably happy that US borrowing costs are falling - crucial for the upcoming refinancing of a significant chunk of US government debt.
Closer to home, Severfield is seeing tough conditions, which reflect a sluggish broader economy, and XP Power's £41m raise shows that UK markets aren't completely closed.
Next week, we'll discuss US jobs data and inflation...unless Trump 2.0 delivers another surprise!

Thursday Mar 06, 2025
Thursday Mar 06, 2025
Progressive's Gareth Evans recently sat down with Jason Paltrowitz, Executive Vice President, Corporate Services at OTC Markets. The two discuss how the business operates and the opportunities that the OTC offers for companies and investors.
00:00 Opener
00:31 What are OTC Markets, and how do they operate?
02:58 Are there any additional regulatory overheads?
04:50 Is the ability to offer easier-to-manage shares for US employees a motivator for listing?
07:13 How much of the growth in volume trading comes from new companies listing, and how much comes from trading of existing stocks?
08:59 Do you think we'll ever reach overnight trading?
11:37 I see you run a $1billon + index, could you talk about why companies of that scale are interested in having an OTC listing?
13:25 What are the costs of listing on the OTC?
16:51 Closing comments
OTC Markets offers the ability for UK-listed companies to list and trade their shares in the USA. The regulatory structure is almost unbelievably flexible, relying on the UK stock market regulations with little to no additional requirement. The opportunity for additional liquidity and investor interest is significant, and a number of companies - large and small - are looking to the OTC to help them find a new pool of investors.

Wednesday Mar 05, 2025
Talking Tech - Episode 15
Wednesday Mar 05, 2025
Wednesday Mar 05, 2025
Progressive Analysts, George O'Connor and Ian Robertson’s regular review of the technology sector.
George updates us on PLC awards winners – all well deserved and fingers crossed for none of those traditional subsequent share price declines.
Ian looks to Pinewood.AI and the issue of where the value really lies in AI. It looks to have paid a ‘full’ price for Seez, but it makes strategic sense, and if investors think they themselves can call the quality of the decision now, then they should be placing their bets elsewhere.
This leads George onto how AI is impacting the tech services companies and to where’s the real AI driven growth going to come from for the software providers.
Crash landing back onto planet small-cap, we touch on which stories are truly AI related, KX being a real one, and the damage that can be done to portfolios and companies when management find themselves ‘managing to the broking story’.

Tuesday Mar 04, 2025
Nexteq (NXQ) Capital Markets Day Highlights - February 2025
Tuesday Mar 04, 2025
Tuesday Mar 04, 2025
Nexteq’s recently appointed management team of Duncan Faithfull, CEO, and Matt Straight, CFO, along with senior leaders from across the business present the Group's three-year plan and strategic ambitions for the end of 2027 at its 2025 Capital Markets Event. The presentations also showcase, through practical demonstrations, the Group's innovative new technology solutions which are being launched across Nexteq's focus markets.
Duncan Faithfull, CEO
00:18 One Nexteq & 3-year plan
Matt Staight, CFO
00:57 Financial ambition
01:26 Organic growth plan
Nexteq (AIM: NXQ) is a strategic technology solutions provider to customers in selected industrial markets. Its innovative technology enables the manufacturers of global electronic equipment to outsource the design, development and supply of non-core aspects of their product offering. By outsourcing elements of their technology stack to Nexteq, customers can focus their product development effort on the most critical drivers of their business' success.
Our solutions are delivered through a global sales team and leverage the Group's electronic hardware, software, display and mechanical engineering expertise. Our Taiwan operation is at the heart of Asian supply networks and facilitates cost effective manufacturing and strategic supply chain management.
The Group operates in six countries and services over 500 customers across 47 countries.
Nexteq operates two distinct brands: Quixant, a specialised computer platforms provider, and Densitron, leaders in human machine interface technology, each with dedicated sales, account management and product innovation teams. Founded in 2005, and later floating on the London Stock Exchange's AIM stock market as Quixant plc, the Group rebranded to Nexteq in 2023.
Further information on Nexteq and its divisions can be found here.

Friday Feb 28, 2025
The Market Call - Week Ending 28th February 2025
Friday Feb 28, 2025
Friday Feb 28, 2025
Jeremy and Gareth talk this week about Trump 2.0 launching with a number of "adults in the room" who Trump trusts, and who can get things done.
One thing that might get done is a US/UK trade deal...Jeremy describes how the stars could align, and how the UK's separation from Europe might save us from the worst of Trump's tariffs.
Absent much other UK stock news, Jeremy talks about LSEG, whose results demonstrate just how small the London Stock Exchange actually is, relative to the rest of the group's business. This leads to discussion of the US, where the OTC is generating real interest, and Singapore, where the authorities are actively promoting local investment and local listings.
Next week is jobs week in the USA...fingers crossed that all is well.

Wednesday Feb 26, 2025
Wynnstay Group (WYN) Full Year results presentation - February 2025
Wednesday Feb 26, 2025
Wednesday Feb 26, 2025
Wynnstay Group CEO, Alk Brand and CFO, Rob Thomas present the group's results for the year ended 31 October 2024, followed by Q&A.
Alk Brand, CEO
00:16 Introduction
Rob Thomas, CFO
01:19 Business Summary
02:36 FY24 highlights
Alk Brand, CEO & Rob Thomas, CFO
06:10 Feed and Grain
10:54 Fertiliser & Seed
13:41 Depot merchanting
Rob Thomas, CFO
17:18 Income statement
19:09 Balance sheet
20:30 Cash flow statement
21:07 Net cash
22:03 Capital allocation policy
Alk Brand, CEO
24:03 Growth strategy
26:51 Introducing Project Genesis
Rob Thomas, CFO
29:45 Driving value
Alk Brand, CEO
32:06 Initiatives to enhance returns
Alk Brand, CEO & Rob Thomas, CFO
35:14 Summary & outlook
37:01 Q&A
Wynnstay is a leading UK provider of agricultural supplies and services to farmers, mainly in England and Wales. The Group’s wide range of agricultural inputs includes feed, seeds and fertiliser. It also provides grain marketing services to arable farmers and its specialist teams offer farmers advice on animal health and nutrition products as well as on soil health, environmental measures, and the latest farming techniques. Wynnstay supplies direct-to-farm and via its network of depots, which sell an extensive range of farm supplies, including hardware, feed and dairy hygiene products. The depots also cater for rural dwellers.
Wynnstay manufactures a range of branded feeds, trades feed raw materials, operates a modern seed processing facility and is the second largest fertiliser blender in the UK. Based in Wales, Wynnstay originated as a farmers’ co-operative in 1918 and joined AIM in 2004. It has established a strong record of rising dividends.

Friday Feb 14, 2025
The Market Call - Week Ending 14th February 2025
Friday Feb 14, 2025
Friday Feb 14, 2025
This week, Progressive's Gareth Evans and Jeremy McKeown tackle the investment implications of Trump 2.0. After shocking the world with his suggestion of turning Gaza into the Riveria of the Middle East, Trump has moved on to Ukraine. Such events illustrate how the accepted World order has broken down. Where is the UN in all of this?
One outcome has been a new all-time high in the gold price, indicating heightened risks and uncertainties for global investors. The US inflation data also came in hot. Yet, counter-intuitively, it didn't dent the gold bull market, indicating perhaps investor concerns over policy errors or breakdown in the relationship between the Treasury and the Fed.
Relative to other monetary metals, gold looks expensive, and silver or platinum might offer better opportunities to protect against fiat money debasement. Not advice; do your own research.
China's equity values have recovered strongly after the Deep Seek AI revelations. Alibaba's stock has risen over 40% in less than a month, indicating the impact of the dispersal trade.
The UK economy unexpectedly grew in Q4 last year. While negative sentiment surrounds the economy, UK assets remain relatively attractive to global investors.
This week, one example of how the UK government prioritises economic growth is emerging in the newsflow of the motor finance and retail sectors.
With significant exposure to car loans, Close Brothers and SU made constructive updates this week, indicating that motor finance might avoid the protracted drag on consumer lending that PPI became.
Gareth covers the impact of government policy on Progressive clients Secure Trust Bank and Vertu Motors.
Looking ahead, we will get UK inflation data next week, which is likely to indicate a flat annual rate of 2.5%.
Also, we get Japanese inflation data, and the accompanying risk of the yen carry-trade unwind.

Wednesday Feb 12, 2025
SDI Group (SDI) Investor Q&A Session - February 2025
Wednesday Feb 12, 2025
Wednesday Feb 12, 2025
SDI Group’s CEO, Stephen Brown, CFO, Amitabh Sharma and Head of Corporate Development, James Dimitriou, answer investor questions following the Group’s recent December Interims.
Read the latest research here: https://progressive-research.com/company/sdi-group-plc/
00:00 Opener
00:16 Introduction
00:45 Can you talk about opportunities going forward, and can you outline how you are encouraging collaboration between the businesses?
04:17 Are there any larger one-off acquisitions?
07:09 Are you starting to see these synergies between the businesses drive margin or sales revenue?
08:30 What further comfort can you give on the ability to hit FY25 forecasts, and did the order book at the end of October give you similar levels of cover that you've seen in past years?
09:23 Is the orderbook strong across all three segments, and could you give some detail on the drivers of that?
10:43 Are you seeing any further weakness in China, and will this market be a focus going forward?
12:00 Can you talk about potential tariffs and the opportunities for geographical expansion?
15:23 Just looking at momentum, you've mentioned that trading has continued strongly into H2. Is the sequentially month-on-month?
15:56 Can you give us a sense of how much business is repeated, recurring revenues vs one-off capital equipment?
16:16 And we've seen generally tougher, challenging trading conditions, but as to your portfolio, where do you see the most growth come from, and what are you doing to address the opportunities?
18:08 You've had a strong track record in terms of free cash flow, and you've successfully funded acquisitions from cashflow, do you see a change to this strategy going forward?
19:39 Could you give a bit more colour around cost-cutting and investment in the business in capex?
21:35 When do you expect business growth to re-accelerate, and in particular, when did life sciences start picking up again?
22:54 Do you think the existing portfolio can generate growth between 5 and 10 percent?
24:00 What's the longer-term sustainable margin target?
24:55 Are there any other big operational or management structure changes that we should expect?
25:39 Are you happy with the structure in terms of managing the operations and driving growth through acquisitions?
26:40 Could you say any more about the M&A opportunities and your EBIT multiple opportunities for those?
28:07 You've outlined that there are benefits for companies that join SDI, can you just outline why companies become part of the SDI group?
28:38 Outro
SDI Group is an AIM-quoted group specialising in the acquisition and development of a portfolio of companies that design and manufacture niche analytical technology products for use within digital imaging and sensing and control applications in science, technology and medical markets. The group operates a well-established 'buy and build' strategy, supplementing organic growth with earnings-accretive acquisitions of complementary businesses that have sustainable profits and cash flows. Targets are primarily UK businesses with established reputations, capable of achieving significant organic growth through developing export markets. SDI Group takes a decentralised approach, with seasoned local management given broad discretion to run group businesses within defined limits. SDI Group typically acquires businesses generating up to ?1m EBIT for around 4-6 times EBIT plus net assets, including earnout payments.

Monday Feb 10, 2025
Made Tech (MTEC) Interim Results FY25 presentation - February 2025
Monday Feb 10, 2025
Monday Feb 10, 2025
Made Tech CEO, Rory MacDonald and CFO, Neil Elton present the group's results for the six months ended 30 November 2024, followed by a Q&A session.
Rory MacDonald, CEO & Founder
00:16 Introduction
00:59 H1 FY25 Highlights
Neil Elton, CFO
04:55 H1 FY25 Financial highlights
06:39 Revenue and Gross Profit
10:17 Sales bookings
11:01 Adjusted EBITDA bridge
12:24 Balance sheet
13:55 Cash flow
Rory MacDonald, CEO & Founder
14:53 Market opportunity
19:17 Clients and Industries
20:37 Case studies
25:02 Service Lines
28:03 Software products
29:02 People
31:20 ESG
32:49 Outlook
34:45 Q&A
Made Tech is a provider of digital, data and technology services, which enable central government, healthcare, local government organisations and other regulated industries to digitally transform.
Made Tech's purpose is to "positively impact the future of society by improving public services technology". To achieve this the company has four key strategic missions: Modernise legacy technology and working practices; Accelerate digital service and technology delivery; Drive better decisions through data and automation; and Enable technology and delivery skills to build better systems.
The Group operates from four locations across the UK - London, Manchester, Bristol, and Swansea.
More information is available at https://investors.madetech.com/

Friday Jan 31, 2025
The Market Call - Week Ending 31st January 2025
Friday Jan 31, 2025
Friday Jan 31, 2025
Progressive’s Gareth Evans is joined by tech analyst George O'Connor as they glance back at the week’s macro events and market themes and discuss the impact on investors and companies. They discuss selected UK company news and let us know what to look out for in the week ahead…
00:00 Introduction
01:12 Global Macro News
01:29 DeepSeek and its global impact
07:02 OpenAI's Operator and AI agents
07:55 Recruitment in the tech sector
10:07 Computacenter (CCC) & Sage (SGE)
12:27 Global Market news
13:10 Progressive client news: Idox (IDOX) & Van Elle Holdings (VANL)
13:52 Upcoming Macro news:
- EU Inflation figures (Mon 3 Feb)
- US PMI data (Weds 5 Feb)
- Bank Of England Rate Decision (Thurs 6 Feb)
- US Employment Metrics (Fri 7 Feb)
Gareth Evans has 25 years’ research experience covering the Technology sector. An Oxford University graduate, Gareth qualified as an accountant before starting his research career covering the Pan European Chemicals sector at the American Investment Bank Donaldson Lufkin & Jenrette (DLJ), later acquired by Credit Suisse. He then moved to cover the Technology sector at ABN AMRO, Canaccord and at Investec for eleven years, where he was Joint Head of Research. Gareth has received numerous awards for his work, including being voted techMark Analyst of the Year.
George O’Connor has been a financial analyst covering London-listed Software & IT Services, e-comm and hardware companies for the past 25 years. George has worked for a variety of firms including Albert E. Sharp, Panmure Gordon and Stifel where he researched and communicated investment cases, conducted IPOs, secondary placings and the odd rescue rights. George started his career at IT industry analysts IDC where over nine years he rose to become Research Manager.

Friday Jan 24, 2025
The Market Call - Week Ending 24th January 2025
Friday Jan 24, 2025
Friday Jan 24, 2025
Progressive’s Jeremy McKeown and Gareth Evans glance back at the week’s macro events and market themes and discuss the impact on investors and companies. They discuss selected UK company news and let us know what to look out for in the week ahead…
00:00 Introduction
01:02 Trump's first week back in office
04:05 The Stargate Project & the US Tech Industry
05:26 Trump & The World Economic Forum
06:14 Trump & Interest Rates/Oil Prices
07:47 UK Government Regulatory easing
10:07 UK Economic data
10:59 Progressive Client news:
- Nexus Infrastructure (NEXS)
- Watkin Jones (WJG)
- Forterra (FORT)
- Gear4music (G4M)
- Sanderson Design Group (SDG)
- Intuitive Investments (IIG)
- Beeks Financial Cloud (BKS)
- SRT Marine Systems (SRT).
12:44 Upcoming Macro News:
- Fed Rates Decision (Weds 29 Jan)
- ECB Rate Decision (Thurs 30 Jan)
- Eurozone GDP & Employment data (Thurs 30 Jan)
- US PCE inflation data (Fri 31 Jan)
14:03 Outro
About:
Gareth Evans has 25 years’ research experience covering the Technology sector. An Oxford University graduate, Gareth qualified as an accountant before starting his research career covering the Pan European Chemicals sector at the American Investment Bank Donaldson Lufkin & Jenrette (DLJ), later acquired by Credit Suisse. He then moved to cover the Technology sector at ABN AMRO, Canaccord and at Investec for eleven years, where he was Joint Head of Research. Gareth has received numerous awards for his work, including being voted techMark Analyst of the Year.
Jeremy McKeown has a degree in economics and an MBA. He has been working in the City for over forty years, both as an investment manager and at a number of leading investment banks including Merrill Lynch and Investec. His passion is for meeting, investing in and advising small and mid-sized businesses – and his previous roles give him a vast array of experience on which to draw. Jeremy’s role at Progressive includes helping clients with their investment cases, providing high quality content to our subscriber base and giving the team a valuable macro “framework” within which to evaluate and position our customers’ propositions.

Friday Jan 17, 2025
The Market Call - Week Ending 17th January 2025
Friday Jan 17, 2025
Friday Jan 17, 2025
Progressive’s Jeremy McKeown and Gareth Evans discuss the week’s macro picture, the impact on investors, companies reporting & what to look out for next week.
00:00 Introduction
01:04 The Return of Bond Vigilantes
04:05 UK market news
06:24 National insurance rises
07:55 Progressive client news - Petro Matad (MATD), Xaar (XAR) and Gamma (GAMA)
11:04 Upcoming macro news
- UK Unemployment figures (Tues 21 Jan)
- UK Average earnings (Tues 21 Jan)
- Japanese inflation data (Thurs 23 Jan)
- Bank of Japan interest rate decision (Fri 24 Jan)
13:21 Outro
About:
Gareth Evans has 25 years’ research experience covering the Technology sector. An Oxford University graduate, Gareth qualified as an accountant before starting his research career covering the Pan European Chemicals sector at the American Investment Bank Donaldson Lufkin & Jenrette (DLJ), later acquired by Credit Suisse. He then moved to cover the Technology sector at ABN AMRO, Canaccord and at Investec for eleven years, where he was Joint Head of Research. Gareth has received numerous awards for his work, including being voted techMark Analyst of the Year.
Jeremy McKeown has a degree in economics and an MBA. He has been working in the City for over forty years, both as an investment manager and at a number of leading investment banks including Merrill Lynch and Investec. His passion is for meeting, investing in and advising small and mid-sized businesses – and his previous roles give him a vast array of experience on which to draw. Jeremy’s role at Progressive includes helping clients with their investment cases, providing high quality content to our subscriber base and giving the team a valuable macro “framework” within which to evaluate and position our customers’ propositions.

Wednesday Jan 15, 2025
Tern (TERN) Portfolio Update - January 2025
Wednesday Jan 15, 2025
Wednesday Jan 15, 2025
Tern hosted an investor presentation and Q&A session on 9 January 2025. Presentations were given by the portfolio companies, which reinforced that all three businesses have made significant progress with major key accounts and important strategic partnerships.
Read Progressive’s latest research note here or visit Tern's website here.
Tim Metcalfe, Managing Director, IFC Advisory
00:16 - Introduction
Richard Vincent, CEO & Co-Founder, Fundamental Surgery
01:59 - Fundamental Surgery
Darren Antill, CEO, Device Authority
14:43 - Device Authority
Susant Patro, CEO & Co-Founder, Vortex IQ
33:39 - Vortex IQ
Jo Haliday, CEO & Founder, Talking Medicines
49:50 - Talking Medicines
01:07:11 - Q&A
Tern provides access to disruptive Internet of Things (IoT) start-ups with proven technology, not generally available to AIM investors. It operates a hybrid venture capital (VC) model, with shareholders acting as Limited Partners. This business model change was actioned in early 2017 following the acquisition of Device Authority Inc and Al Sisto becoming Tern CEO. Tern supports software companies that develop IoT security, enablement, and analytics solutions for the healthcare and industrial sectors. Tern is focused on accelerating the growth of portfolio companies from the point of investment to Series A or B, gaining external verification on valuations and maximising exit multiples. Tern has investments in: Device Authority (IoT security), Fundamental VR (VR haptic 'simulators' for surgery), Konektio, formerly InVMA (Industrial IoT), Wyld Networks AB (LoRa and Mesh), Talking Medicines (capturing the patient voice) and less than 1% of DiffusionData Ltd, formerly Push Technology (mission critical data). Tern has also committed to invest up to ?5m, over the 10-year life of the SVV UK Software Technology Fund.

Friday Jan 10, 2025
The Progressive/PIWORLD Market Call - Week ending 10th January 2025
Friday Jan 10, 2025
Friday Jan 10, 2025
Progressive’s Jeremy McKeown and Gareth Evans discuss the week’s macro picture, the impact on investors, companies reporting & what to look out for next week.
00:00 Opener
00:52 Uncertainty around Trump
04:38 UK macro backdrop for 2025
06:38 UK news: Trading updates from Retailers & Christmas consumer spending
08:03 Investing in the UK with the current macro backdrop
12:37 Upcoming macro news:
- US Non-Farm Payrolls (Fri 10 Jan)
- UK Inflation Data (Weds 15 Jan)
- US Inflation Data (Weds 15 Jan)
- UK GDP Data (Thurs 16 Jan)
14:27 Outro
About:
Gareth Evans has 25 years’ research experience covering the Technology sector. An Oxford University graduate, Gareth qualified as an accountant before starting his research career covering the Pan European Chemicals sector at the American Investment Bank Donaldson Lufkin & Jenrette (DLJ), later acquired by Credit Suisse. He then moved to cover the Technology sector at ABN AMRO, Canaccord and at Investec for eleven years, where he was Joint Head of Research. Gareth has received numerous awards for his work, including being voted techMark Analyst of the Year.
Jeremy McKeown has a degree in economics and an MBA. He has been working in the City for over forty years, both as an investment manager and at a number of leading investment banks including Merrill Lynch and Investec. His passion is for meeting, investing in and advising small and mid-sized businesses – and his previous roles give him a vast array of experience on which to draw. Jeremy’s role at Progressive includes helping clients with their investment cases, providing high quality content to our subscriber base and giving the team a valuable macro “framework” within which to evaluate and position our customers’ propositions.

Thursday Jan 09, 2025
SDI Group (SDI) Management Interview - January 2025
Thursday Jan 09, 2025
Thursday Jan 09, 2025
An Interview with SDI Group CEO, Stephen Brown, providing an overview of the business, its refreshed strategy and insight into the acquisition of InspecVision.
Read the research here.
00:00 - Introduction
00:28 - Can you give a brief overview, and tell us about the breadth of the business and the technological expertise that sits within the SDI Group?
01:21 - Despite the difficult end markets, particularly in lab equipment how have you navigated these external challenges?
01:50 - What is the strategy of SDI and how is that translated into a sustainable operational reality?
02:34 - Can you tell us a bit more about what you did as part of the Strategic review that has now completed and what has been Implemented as part of the new strategic framework?
03:45 - What are the Long-term growth drivers for SDI and which businesses are best placed?
04:07 - One of the key attractions has been the levels of cash generation in the business and the ability to fund acquisition, can you say any more on this?
04:40 - Tell us what you are seeing M&A wise and what are you looking for when you buy a business?
05:15 - Tell us more about your most recent acquisition, InspecVision? Where does it sit and what opportunities do you see going forward?
06:02 - You clearly have strong access to capital and a healthy balance sheet to support the active M&A pipeline. Can you talk more about acquisition opportunities?
06:44 - You have recently resegmented the group and introduced a very clear mandate to grow the business both via organic growth and acquisition. Can you tell us more about how this is progressing?
07:30 - Can you expand on any of the operational efficiency initiatives to support margin growth?
08:05 - What are the benefits for portfolio companies, being part of SDI Group? Why would a management team decide to sell their business to SDI?
08:56 - We’ve touched on what sets SDI apart as a preferred buyer but some of your recent acquisitions have given you a broader geographic reach also. Can you say anymore about further geographic expansion opportunities?
09:28 - Just to finish off with the conundrum between M&A and organic growth, can you just end with your thoughts on this and any closing comments on SDI?
SDl Group is an AIM-quoted group specialising in the acquisition and development of a portfolio of companies that design and manufacture niche analytical technology products for use within digital imaging and sensing and control applications in science, technology and medical markets. The group operates a well-established 'buy and build' strategy, supplementing organic growth with earnings-accretive acquisitions of complementary businesses that have sustainable profits and cash flows. Targets are primarily UK businesses with established reputations, capable of achieving significant organic growth through developing export markets. SDI Group takes a decentralised approach, with seasoned local management given broad discretion to run group businesses within defined limits. SDI Group typically acquires businesses generating up to £1m EBIT for around 4-6 times EBIT plus net assets, including earnout payments.

Friday Jan 03, 2025
Friday Jan 03, 2025
Progressive's Jeremy McKeown is joined by Robert Marstrand, an author and investor who writes the investment stack OfWealth. They discuss Javier Milei, Argentina's 'Maverick President', covering Argentina's political and economic background and the effects of Milei's reforms.
00:00 Introduction - About Argentina and Javier Milei
08:07 Robert’s background
14:32 Argentina’s political background
17:24 How has Javier Milei met his goals?
20:17 What’s the evidence on the ground of the supply side response?
21:58 What’s the current political landscape?
24:07 Potential risks
28:01 What have been the effects of Milei’s changes to tariffs and taxes?
34:02 How fast will Milei move in his reforms?
35:31 Miliei’s relationship with Trump and the US
38:03 What’s been driving his popularity?
39:38 What does the future look like?
42:21 What does Argentina look like from an investor's perspective?
47:06 Conclusion
About:
Jeremy McKeown has a degree in economics and an MBA. He has been working in the City for over forty years, both as an investment manager and at a number of leading investment banks including Merrill Lynch and Investec. His passion is for meeting, investing in and advising small and mid-sized businesses – and his previous roles give him a vast array of experience on which to draw. Jeremy’s role at Progressive includes helping clients with their investment cases, providing high quality content to our subscriber base and giving the team a valuable macro “framework” within which to evaluate and position our customers’ propositions.

Friday Dec 20, 2024
The Progressive/PIWORLD Market Call - Week ending 20th December 2024
Friday Dec 20, 2024
Friday Dec 20, 2024
Progressive’s Jeremy McKeown and Gareth Evans discuss the week’s macro picture, the impact on investors, companies reporting & what to look out for next week.
00:50 US rate reductions
04:44 UK Inflation and interest rates
06:53 Japanese interest rates
07:36 Other news: China, Russia, Trump
09:18 Idox (IDOX) and Petro matad (MATD)
10:48 Artisanal Spirits (ART)
14:01 Outro
About:
Gareth Evans has 25 years’ research experience covering the Technology sector. An Oxford University graduate, Gareth qualified as an accountant before starting his research career covering the Pan European Chemicals sector at the American Investment Bank Donaldson Lufkin & Jenrette (DLJ), later acquired by Credit Suisse. He then moved to cover the Technology sector at ABN AMRO, Canaccord and at Investec for eleven years, where he was Joint Head of Research. Gareth has received numerous awards for his work, including being voted techMark Analyst of the Year.
Jeremy McKeown has a degree in economics and an MBA. He has been working in the City for over forty years, both as an investment manager and at a number of leading investment banks including Merrill Lynch and Investec. His passion is for meeting, investing in and advising small and mid-sized businesses – and his previous roles give him a vast array of experience on which to draw. Jeremy’s role at Progressive includes helping clients with their investment cases, providing high quality content to our subscriber base and giving the team a valuable macro “framework” within which to evaluate and position our customers’ propositions.
About Progressive Research.
Produced by Progressive Research, Distributed by PIWORLD

Monday Dec 16, 2024
Monday Dec 16, 2024
Progressive's Jeremy McKeown and David Seaman of Alpha Cygni Investment Management are joined by Richard Stuckey, the manager of the Ennismore Global Equity Fund, to discuss the management of a long-short strategy in smaller global companies.
00:22 - Introduction
09:49 - Managing risk in a long-short strategy
22:30 - How does shorting affect the overall portfolio structure?
24:11 - Genus (GNS)
33:38 - Paradox Interactive
40:51 - Geographic diversity & considering macro risks
43:18 - Managing market inefficiency driven by mega-cap tech stocks, passive investment and meme-driven markets
47:10 - Investing mistakes and learnings
50:32 - Conclusion
About:
Jeremy McKeown has a degree in economics and an MBA. He has been working in the City for over forty years, both as an investment manager and at a number of leading investment banks including Merrill Lynch and Investec. His passion is for meeting, investing in and advising small and mid-sized businesses – and his previous roles give him a vast array of experience on which to draw. Jeremy’s role at Progressive includes helping clients with their investment cases, providing high quality content to our subscriber base and giving the team a valuable macro “framework” within which to evaluate and position our customers’ propositions.
Produced by Progressive Research, Distributed by PIWORLD

Friday Dec 13, 2024
The Progressive/PIWORLD Market Call - Week ending 13th December 2024
Friday Dec 13, 2024
Friday Dec 13, 2024
Progressive’s Jeremy McKeown and Gareth Evans discuss the week’s macro picture, the impact for investors, companies reporting & what to look out for next week.
01:00 Overview: Middle East Uncertainty, Trump
01:41 China’s monetary policy
02:31 USA
05:40 Springfield Properties (SPR) and VanElle Holdings (VANL)
06:36 UK - Ashtead and Games Workshop (GAW)
12:29 Forthcoming news:
- Chinese production data (Mon 16 Dec)
- UK inflation data (Weds 18 Dec)
- US interest rates (Weds 18 Dec)
- Bank of Japan interest rates (Thurs 19 Dec)
- UK Interest rates (Thurs 19 Dec)
About:
Gareth Evans has 25 years’ research experience covering the Technology sector. An Oxford University graduate, Gareth qualified as an accountant before starting his research career covering the Pan European Chemicals sector at the American Investment Bank Donaldson Lufkin & Jenrette (DLJ), later acquired by Credit Suisse. He then moved to cover the Technology sector at ABN AMRO, Canaccord and at Investec for eleven years, where he was Joint Head of Research. Gareth has received numerous awards for his work, including being voted techMark Analyst of the Year.
Jeremy McKeown has a degree in economics and an MBA. He has been working in the City for over forty years, both as an investment manager and at a number of leading investment banks including Merrill Lynch and Investec. His passion is for meeting, investing in and advising small and mid-sized businesses – and his previous roles give him a vast array of experience on which to draw. Jeremy’s role at Progressive includes helping clients with their investment cases, providing high quality content to our subscriber base and giving the team a valuable macro “framework” within which to evaluate and position our customers’ propositions.
Produced by Progressive Research, Distributed by PIWORLD

Thursday Dec 12, 2024
Begbies Traynor (BEG) Half year results presentation - December 2024
Thursday Dec 12, 2024
Thursday Dec 12, 2024
Begbies Traynor Executive Chairman, Ric Traynor and Group Finance Director, Nick Taylor present the group's results for the six months ended 31 October 2024, followed by Q&A.
Ric Traynor, Executive Chairman
00:16 - Introduction
01:05 - H1 highlights
Nick Taylor, Group Finance Director
03:04 - H1 financial highlights
06:45 - Reconciliation of adjusted EBITDA to statutory profit
07:38 - Financial position
11:02 - Financial summary & outlook
Ric Traynor, Executive Chairman
12:22 - Insolvency levels
14:08 - Property market transaction levels
15:23 - Divisional growth
17:24 - Case studies
18:25 - Organic growth
19:58 - Growth strategy
20:43 - Growth in property advisory
21:33 - Historic performance
22:06 - Summary & outlook
22:48 - Q&A
Begbies Traynor Group plc is a leading UK advisory firm with expertise in business recovery, advisory and corporate finance, valuations, asset sales and property consultancy.
We have 1,300 colleagues operating from 45 locations across the UK, together with four offshore offices. Our multidisciplinary professional teams include insolvency practitioners, accountants, lawyers, funding professionals and chartered surveyors.
- Business recovery
- Corporate and personal insolvency; contentious insolvency; creditor services
- Advisory and corporate finance
- Debt advisory and finance broking; corporate finance; special situations M&A; financial advisory
- Valuations
- Property, business and asset valuations
- Asset sales
- Property, plant and machinery auctions; property and business sales agency
- Property consultancy
- Building consultancy; transport planning; commercial property management; insurance and protection
Further information can be accessed via the group's website at https://ir.begbies-traynorgroup.com/.

Thursday Dec 12, 2024
SThree (STEM) Trading Update - December 2024
Thursday Dec 12, 2024
Thursday Dec 12, 2024
SThree CEO, Timo Lehne and CFO, Andrew Beach give a trading update.
Timo Lehne, CEO
00:16 - Introduction
Andrew Beach, CFO
01:46 - Financial performance
02:24 - Contract order book
02:51 - Balance sheet
Timo Lehne, CEO
03:14 - Summary & Outlook
SThree plc brings skilled people together to build the future. We are the only global specialist talent partner focused on roles in Science, Technology, Engineering and Mathematics ('STEM'), providing permanent and flexible contract talent to a diverse base of around 6,000 clients across 11 countries. Our Group's c.2,700 staff cover the Technology, Life Sciences and Engineering sectors. SThree is part of the Industrial Services sector. We are listed on the London Stock Exchange's Main Market, trading with ticker code STEM.

Wednesday Dec 11, 2024
Talking Tech – Episode 13: Oxford Metrics (OMG) & FD Technologies (FDP)
Wednesday Dec 11, 2024
Wednesday Dec 11, 2024
Progressive Analysts, George O'Connor and Ian Robertson’s regular review of the technology sector, including an overview of Oxford Metrics full-year results, reported last week, and FD Technologies focussing on its KX database business.
00:00 - Introduction
01:15 - Oxford Metrics (OMG)
07:38 - FD Technologies (FDP)
View Oxford Metrics (OMG) research here.
About: George O'Connor has been a financial analyst for the past 25 years, covering London-listed Software & IT Services, e-comm and hardware companies. George has worked for a variety of firms including Albert E. Sharp, Panmure Gordon and Stifel where he researched and communicated investment cases, conducted IPOs, secondary placings and the odd rescue rights. George started his career at IT industry analysts IDC where over nine years he rose to become Research Manager.
Ian Robertson has over two decades of experience in the smaller companies and technology sectors working as investor, analyst and advisor. Ian Started his career by qualifying as a chartered accountant before moving onto roles in corporate finance at EY and then fund management at Gartmore and RSA. Ian then moved across to sell-side equity research at HSBC and subsequently worked at a number of UK small-cap specialist brokers, including Altium, Evolution and Seymour Pierce.
Find out more about Progressive Research here.
Produced by Progressive Research, Distributed by PIWORLD

Thursday Dec 05, 2024
MindGym (MIND) Half Year results presentation - December 2024
Thursday Dec 05, 2024
Thursday Dec 05, 2024
MindGym CEO, Christoffer Ellehuus and CFO, Emily Fyffe present the group's results for the six months ended 30 September 2024.
Christoffer Ellehuus, CEO
00:16 - Introduction
04:04 - Market opportunity & dynamics
Emily Fyffe, CFO
07:11 - HY FY25 financial highlights
Christoffer Ellehuus, CEO
10:00 - Global energy framework case study
12:15 - Finastra case study
14:33 - Vision for growth
15:50 - Packaged solutions
17:43 - Technology platform partnerships
18:56 - New product launches
22:01 - Diagnostics & analytics products
26:16 - Summary & outlook
MindGym is a company that delivers business improvement solutions using scalable, proprietary products which are based on behavioural science. The Group operates in three global markets: business transformation, human capital management and learning & development.
MindGym is listed on the London Stock Exchange Alternative Investment Market (ticker: MIND) and headquartered in London. The business has offices in London, New York and Singapore.
Further information is available at www.themindgym.com

Wednesday Dec 04, 2024
Cerillion (CER) Full Year 2024 results presentation - November 2024
Wednesday Dec 04, 2024
Wednesday Dec 04, 2024
Cerillion CEO, Louis Hall and CFO, Andrew Dickson present the company's results for the year ended 30 September 2024, followed by Q&A.
Louis Hall, CEO
00:16 - Introduction
01:31 - About Cerillion
08:32 - FY24 Highlights
Andrew Dickson, CFO
11:24 - FY24 financial highlights
14:30 - Cash generation
17:02 - Income statement
18:53 - Balance sheet
19:20 - Cash flow statement
Louis Hall, CEO
19:31 - Operations
24:55 - Summary & Outlook
26:15 - Q&A
Cerillion has a 25-year track record in providing mission-critical software for billing, charging and customer relationship management ("CRM"), mainly to the telecommunications sector but also to other markets, including utilities and financial services. The Company has c. 80 customer installations across c. 45 countries.
Headquartered in London, Cerillion also has operations in India and Bulgaria as well as a sales presence in the USA, Singapore and Australia.
The business was originally part of Logica plc before its management buyout, led by CEO, Louis Hall, in 1999. The Company joined AIM in March 2016.

Wednesday Dec 04, 2024
Tracsis (TRCS) Full Year 2024 results presentation - November 2024
Wednesday Dec 04, 2024
Wednesday Dec 04, 2024
Tracsis CEO, Chris Barnes and CFO, Andrew Kelly present the group's results for the year ended 31 July 2024, followed by Q&A.
Chris Barnes, CEO
00:16 - Introduction
03:31 - FY 2024 highlights
07:42 - UK Market
10:54 - US rail market
Andrew Kelly, CFO
13:20 - FY2024 financial highlights
16:41 - Divisional performance
18:43 - Cash position
19:53 - Operating model transformation
22:33 - Growth strategy
Chris Barnes, CEO
24:03 - Contract wins & pipeline growth
Andrew Kelly, CFO
34:41 - Summary & outlook
37:34 - Q&A
Tracsis plc is a technology company and a leading provider of software and hardware products, data capture and data analytics/GIS services for the rail, traffic data and wider transport industries.
Tracsis's products and services are widely used to increase efficiency, reduce cost and risk, improve operational and asset performance, improve safety management and decision making capabilities and improve the overall end-user experience for clients and customers.
The Group is split into two principal operating areas built around detailed industry knowledge and expertise:
- Rail Technology & Services: A software, technology and product led business. It develops and supplies software that solves complex resource, asset optimisation and control problems for Train Operators, and smart ticketing, delay repay and other retail software to improve the customer experience for rail users. It also develops remote condition monitoring hardware, data acquisition software, and safety and risk management software for rail infrastructure providers.
- Data, Analytics, Consultancy & Events: A largely services led business that focuses on data capture, data analytics, GIS, earth observation, data insights, consultancy and event traffic management within a range of transport and pedestrian rich environments. The business provides technology and bespoke products and data that underpin large scale intelligent transport systems, smart city planning and positive environmental decision making.
Tracsis has a blue-chip client base which includes all major UK transport owning groups, Network Rail, Passenger and Freight Train Operating Companies, the Department for Transport, TfL, multiple local authorities, major outdoor music and sporting event organisers, and a wide variety of large engineering and infrastructure companies. In North America our clients include Class 1 rail freight companies, transit operators, shortline railroads and several large rail served ports and industrials.
The business drives growth both organically and through acquisition and has made seventeen acquisitions since 2008.
For more information on Tracsis please visit http://www.tracsis.com

Tuesday Dec 03, 2024
Creightons (CRL) Interim results presentation - November 2024
Tuesday Dec 03, 2024
Tuesday Dec 03, 2024
Creightons Group Managing Director, Pippa Clark and Director of Finance, Qadeer Mohammed present the group's results for the six months ended 30 September 2024, followed by a Q&A session with them both and Paul Forster, Non-Executive Chairman.
Pippa Clark, Group Managing Director
00:16 - Introduction
00:43 - About Creightons
02:48 - Operational highlights
04:45 - Financial highlights
Qadeer Mohammed, Director of Finance
05:13 - Revenue streams
06:30 - Gross profit margin
07:44 - Operating profit before exceptional costs
08:40 - Cashflow movement
Pippa Clark, Group Managing Director
09:35 - Strategy summary
10:12 - Building brands
12:34 - Growing private label share
13:52 - Team & people development
15:32 - Maintaining business foundations
16:16 - R&D
18:04 - Manufacturing capability & investment
19:51 - Summary
21:54 - Q&A
Creightons plc is engaged in the development, marketing and manufacture of toiletries and fragrances. The Company operates through three business streams: private label business, contract manufacturing business and branded business. Its private label business focuses on private label products for high street retailers and supermarket chains. Its contract manufacturing business develops and manufactures products on behalf of third party brand owners. Its branded business develops, markets, sells and distributes products it has developed and owns the rights to. Its product portfolio includes bath and shower care, haircare, body care, baby and maternity, and fragrances, among others. Its services include market analysis, creative concept generation, product development, brand development, manufacturing and logistics. Its brands include Frizz No More, Volume Pro, Argan Body, Argan Smooth, Keratin Pro, Perfect Hair, Bronze Ambition, Sunshine Blonde, Beautiful Brunette and Just Hair.

Monday Dec 02, 2024
DSW Capital (DSW) Half Year results presentation - November 2024
Monday Dec 02, 2024
Monday Dec 02, 2024
DSW Capital CEO, James Dow, CEO Designate, Shru Morris and CFO & COO, Pete Fendall present the group's results for the six-month period ended 30 September 2024, followed by Q&A.
James Dow, CEO
00:16 - Introduction
01:39 - H1 FY25 highlights
03:15 - The DSW licence model
05:47 - Current service lines
Pete Fendall, CFO & COO
06:25 - H1 FY25 financial highlights
08:48 - Income statement
10:21 - Balance sheet
11:08 - Cashflow
12:01 - Network KPI's
14:15 - Recriutment
Shru Morris, CEO designate
15:51 - Growth opportunities
18:39 - Acquisition of DR Solicitors Limited
James Dow, CEO
21:45 - Management changes
23:19 - Summary & Outlook
26:17 - Q&A
DSW Capital, owner of the Dow Schofield Watts and DR Solicitors brands, is a profitable, mid-market, challenger professional services network with a cash generative business model and scalable platform for growth. Originally established in 2002, by three KPMG alumni, Dow Schofield Watts is one of the first platform models disrupting the traditional model of accounting professional services firms. DSW Capital operates licensing arrangements with its businesses and has over 130 fee earners across 12 offices in the UK. These businesses trade primarily under the Dow Schofield Watts and DR Solicitors brands.
DSW Capital's vision is for our brands to become the most sought-after destinations for ambitious, entrepreneurial professionals to start and develop their own businesses. Through a licensing model, DSW Capital gives professionals the autonomy and flexibility to fulfil their potential.
Being part of the DSW Capital group brings support benefits in recruitment, funding and infrastructure. DSW Capital's challenger model attracts experienced, senior professionals, predominantly with a "Big 4" accounting firm or "Magic Circle" legal background, who want to launch their own businesses and recognise the value of DSW Capital's brands and the synergies which come from being part of the network.
DSW Capital aims to scale its agile model through organic growth, geographical expansion, additional service lines and acquisitions. The Directors are targeting high margin, complementary, niche service lines with a strong synergistic fit with the existing network.

Wednesday Nov 27, 2024
Sosandar (SOS) Half Year results presentation - November 2024
Wednesday Nov 27, 2024
Wednesday Nov 27, 2024
Sosandar Co-CEOs, Julie Lavington and Ali Hall, and CFO, Steve Dilks, present the company's results for the six months ended 30 September 2024, followed by Q&A.
Julie Lavington, Co-CEO
00:16 - Introduction
00:56 - H1 highlights
Steve Dilks, CFO
02:17 - H2 Outlook
Ali Hall & Julie Lavington, Co-CEOs
03:58 - Store rollout
05:33 - Halo effect of stores
07:19 - First 10 weeks since opening
Steve Dilks, CFO
08:06 - Increasing margin
10:26 - H1 FY25 Financial highlights
11:27 - Income statement
12:34 - Balance sheet
13:32 - Cashflow
Ali Hall & Julie Lavington, Co-CEOs
14:28 - Product sucess
15:19 - New product categories
16:13 - Next homeware licencing partnership
17:17 - Summary & Outlook
18:19 - Q&A
Sosandar is a women's fashion brand in the UK targeting style conscious women who have graduated from lower quality, price-led alternatives. The Company offers this underserved audience fashion-forward, affordable, quality clothing to make them feel sexy, feminine, and chic. The business sells predominantly own-label exclusive product designed and tested in-house.
Sosandar's product range is diverse, providing its customers with an array of choice for all occasions across all women's fashion categories. The company sells through Sosandar.com and its own stores, and has a number of high value brand partnerships including with NEXT and Marks & Spencer.
Sosandar's success has been built on an exceptional product range, seamless customer experience and impactful, lifestyle marketing, all of which is underpinned by combining innovation with data analysis. Our growth strategy is focused on continuing to grow brand awareness and expand our addressable market and routes to market, reaching customers wherever they wish to shop. This is achieved both through direct to consumer channels and through chosen third-party partners.
Sosandar was founded in 2016 and listed on AIM in 2017. More information is available at www.sosandar-ir.com

Tuesday Nov 26, 2024
IG Design Group (IGR) Half Year 2025 results presentation - November 2024
Tuesday Nov 26, 2024
Tuesday Nov 26, 2024
IG Design Group CEO, Paul Bal and CFO, Rohan Cummings present the group's results for the six months ended 30 September 2024, followed by Q&A.
Paul Bal, CEO
00:16 - Introduction
00:20 - HY2025 highlights
04:36 - HY2025 Financial summary
06:15 - Category performance
07:04 - DG Americas
12:27 - DG International
Rohan Cummings, CFO
15:40 - Group revenue
18:04 - Adjusted operating profit
19:55 - Profit & Loss
21:57 - Cash flow
Paul Bal, CEO
23:34 - Strategy
25:15 - Summary and outlook
28:21 - Q&A
IG Design Group plc is a United Kingdom-based company that is engaged in the design manufacture and distribution of celebration, craft & creative play, stationery, gifting and not-for-resale consumable products. The Company is a producer of Celebrations products, including greetings cards, gift wrap, Christmas crackers, gift bags and partyware. The Company design, manufacture and sources a range of stationery products for consumers of all ages, for use in education, commercial and home settings. Its not-for-resale consumables product combines Polaris business with Paper Twist Handle Bags. The Company’s segments include DG Americas and DG International. The DG Americas segment includes overseas operations in Asia, Australia, the United Kingdom (UK), India and Mexico, and the United States companies. The DG International segment comprises the consolidation of the separately owned UK, European and Australian businesses.

Wednesday Nov 20, 2024
Tracsis (TRCS) Full Year 2024 results overview - November 2024
Wednesday Nov 20, 2024
Wednesday Nov 20, 2024
Tracsis CEO, Chris Barnes and CFO, Andrew Kelly provide an overview of the group's results for the year ended 31 July 2023.
Chris Barnes, CEO
00:22 - Operational highlights
Andrew Kelly, CFO
02:28 - Financial highlights
Chris Barnes, CEO
06:03 - Commercial successes and opportunities
Andrew Kelly, CFO
08:23 - Operating model transformation
Chris Barnes, CEO
10:24 - Outlook
Tracsis plc is a technology company and a leading provider of software and hardware products, data capture and data analytics/GIS services for the rail, traffic data and wider transport industries.
Tracsis’ products and services are widely used to increase efficiency, reduce cost and risk, improve operational and asset performance, improve safety management and decision making capabilities and improve the overall end-user experience for clients and customers.
The Group is split into two principal operating areas built around detailed industry knowledge and expertise:
– Rail Technology & Services: A software, technology and product led business. It develops and supplies software that solves complex resource, asset optimisation and control problems for Train Operators, and Smart Ticketing, Delay Repay and other retail software to improve the customer experience for rail users. It also develops remote condition monitoring hardware, data acquisition software, and safety and risk management software for rail infrastructure providers.
– Data, Analytics, Consultancy & Events: A largely services led business that focuses on data capture, data analytics, GIS, earth observation, data insights, consultancy and event traffic management within a range of transport and pedestrian rich environments. The business provides technology and bespoke products and data that underpin large scale intelligent transport systems, smart city planning and positive environmental decision making.
Tracsis has a blue-chip client base which includes all major UK transport owning groups, Network Rail, Passenger and Freight Train Operating Companies, the Department for Transport, TfL, multiple local authorities, major outdoor music and sporting event organisers, and a wide variety of large engineering and infrastructure companies. In North America our clients include Class 1 rail freight companies, transit operators, shortline railroads and several large rail served ports and industrials.
The business drives growth both organically and through acquisition and has made seventeen acquisitions since 2008.
For more information on Tracsis please visit http://www.tracsis.com

Tuesday Nov 19, 2024
ActiveOps (AOM) Interim results presentation - November 2024
Tuesday Nov 19, 2024
Tuesday Nov 19, 2024
ActiveOps Executive Chair, Richard Jeffery and CFO, Emma Salthouse present the group's results for the six months ended 30 September 2024.
Richard Jeffery, Executive Chair
00:16 - Introduction
01:37 - Key strengths
03:35 - Fidelity International case study
04:56 - H1 FY25 highlights
Emma Salthouse, CFO
06:58 - Commercial model
08:20 - H1 FY25 financial highlights
09:41 - EBITDA bridge
11:11 - SaaS ARR
13:14 - Australian Tier 1 banking customer case study
16:19 - Financial Summary
Richard Jeffery, Executive Chair
17:00 - Market drivers
18:19 - AI opportunity
21:25 - Control IQ Series 4.0
22:48 - Sales team expansion
24:57 - Addressable market
26:35 - Summary & outlook
ActiveOps is a Software as a Service business, dedicated to helping organisations create more value from their service operations. ActiveOps' Decision Intelligence software solutions are specifically designed to support leaders with the vast number of decisions they make daily in the running their operations. Our customers make better decisions and consume less time and effort making them. The outcomes are significantly improved turnaround times and double-digit improvements in productivity with backlogs of work materially reduced. Customers also leverage the capacity created to invest in transformation and development, and more efficiently utilise resources.
The Company's AI-powered SaaS solutions are underpinned by 15+ years of operational data and its AOM methodology which is proven to enhance cross departmental decision-making.
The Company has approximately 190 employees, serving a global base of enterprise customers from offices in the UK, Ireland, USA, Canada, Australia, India, and South Africa. The Group's customers are predominantly in the banking, insurance, healthcare administration and business process outsourcing (BPO) sectors, including Nationwide, TD Bank, Elevance and Xchanging.

Thursday Nov 14, 2024
Introduction to Concurrent Technologies plc (CNC) - November 2024
Thursday Nov 14, 2024
Thursday Nov 14, 2024
Miles Adcock CEO & Kim Garrod, CFO gives an overview for investors of Concurrent.
00:18 What it does
01:30 The business model
02:18 The market
03:20 Lifetime value of contracts
03:50 Geographic split & market sectors
04:21 Investment & growth strategy
05:31 The future
Concurrent Technologies Plc develops and manufactures high-end embedded plug-in cards and systems for use in a wide range of high-performance, long-life cycle applications within the telecommunications, defence, security, telemetry, scientific and aerospace markets, including applications within extremely harsh environments. The processor products feature Intel® processors, including the latest generation embedded Intel® Core™ processors, Intel® Xeon® and Intel Atom™ processors. The products are designed to be compliant with industry specifications and support many of today's leading embedded operating systems. The products are sold worldwide.

Thursday Nov 14, 2024
Secure Trust Bank (STB) Capital Markets Event - November 2024
Thursday Nov 14, 2024
Thursday Nov 14, 2024
Secure Trust Bank management provides an overview of its Commercial Finance Business and its role in helping the business achieve its medium-term targets.
The Commercial Finance management team outline the product offering, the size of the market, the team's track record, further growth opportunities, the recurring revenue benefits of the model, as well as their approach to structuring and risk management.
David McCreadie, CEO
00:16 - Introduction
John Bevan, Managing Director, Commercial Finance
07:04 - Introduction to commercial finance
12:01 - Business growth
13:18 - Collaborative model
15:03 - Addressable market
16:15 - Growth drivers
16:43 - Commercial finance summary
Sean Powell, National Sales Director, Commerical finance
17:10 - Business proposition
19:27 - Target market
21:29 - Hobbycraft case study
22:32 - Income growth
23:29 - Routes to market
24:58 - Market opportunity
James Hodkinson, COO, Commercial Finance
26:26 - Benefits of the relationship model
32:06 - Client satisfaction
33:46 - Client retention
34:31 - BM Steel case study
Will Airey, Head of Risk, Commercial Finance
36:01 - Specialist underwriting
38:32 - Balance sheet protection
40:28 - Case study
41:47 - Cost of risk
David McCreadie, CEO
42:40 - Summary & Outlook
44:56 - Q&A
Secure Trust Bank is an established, well‐funded and capitalised UK retail bank with over 70‐years of trading history. Secure Trust Bank operates principally from its head office in Solihull, West Midlands, and had 897 employees (full‐time equivalent) as at 30 September 2024. The Group's diversified lending portfolio currently focuses on two sectors:
(i) Business finance through its Real Estate Finance and Commercial Finance divisions, and
(ii) Consumer finance through its Vehicle Finance and Retail Finance divisions.
Secure Trust Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Tuesday Nov 12, 2024
Braemar (BMS) Half Year 2025 results presentation - November 2024
Tuesday Nov 12, 2024
Tuesday Nov 12, 2024
Braemar CEO, James Gundy and CFO, Grant Foley present the group's results for the six months ended 31 August 2024, followed by a Q&A session.
James Gundy, CEO
00:16 - Introduction
00:33 - H1 25 Highlights
01:57 - Investment case
Grant Foley, CFO
03:21 - Income statement
05:02 - Revenue mix
05:32 - Revenue Diversification
07:20 - Operating costs
07:55 - Liquidity
08:22 - KPIs
James Gundy, CEO
10:04 - Market and rates
12:30 - Summary & outlook
14:18 - Q&A
Braemar provides expert advice in shipping investment, chartering, and risk management to enable its clients to secure sustainable returns and mitigate risk in the volatile world of shipping. Our experienced brokers work in tandem with specialist professionals to form teams tailored to our customers' needs, and provide an integrated service supported by a collaborative culture.
Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.
For more information visit www.braemar.com and follow Braemar on LinkedIn.

Tuesday Oct 22, 2024
Sosandar (SOS) Half Year 2025 Trading Update - October 2024
Tuesday Oct 22, 2024
Tuesday Oct 22, 2024
Sosandar Co-CEOs, Julie Lavington and Ali Hall, and CFO, Steve Dilks outline the highlights for Half Year 2025, followed by Q&A.
Julie Lavington, Co-CEO
00:16 - Introduction & Overview
Ali Hall, Co-CEO
01:46 - Strategic highlights
Steve Dilks, CFO
03:55 - Financial highlights
Julie Lavington, Co-CEO
06:03 - Outlook
06:58 - Q&A
Sosandar is a women's fashion brand in the UK targeting style conscious women who have graduated from lower quality, price-led alternatives. The Company offers this underserved audience fashion-forward, affordable, quality clothing to make them feel sexy, feminine, and chic. The business sells predominantly own-label exclusive product designed and tested in-house.
Sosandar's product range is diverse, providing its customers with an array of choice for all occasions across all women's fashion categories. The company sells through Sosandar.com and its own stores, and has a number of high value brand partnerships including with Next and Marks & Spencer.
Sosandar's success has been built on an exceptional product range, seamless customer experience and impactful, lifestyle marketing, all of which is underpinned by combining innovation with data analysis. Our growth strategy is focused on continuing to grow brand awareness and expand our addressable market and routes to market, reaching customers wherever they wish to shop. This is achieved both through direct to consumer channels and through chosen third party partners.
Sosandar was founded in 2016 and listed on AIM in 2017. More information is available at www.sosandar-ir.com.