Archive for March 2019

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This video can be seen at: https://www.piworld.co.uk/2019/03/29/somero-enterprises-som-2018-full-year-results-presentation/

Jack Cooney (CEO), Howard Hohmann (EVP Sales) and John Yuncza (CFO) present Somero’s final results to 31st December 2018.

Somero Enterprises, Inc. is a manufacturer of laser-guided equipment. The Company’s equipment automates the process of spreading and leveling volumes of concrete for commercial flooring and other horizontal surfaces, such as paved parking lots in North America. The Company’s products include S-22E, S-15R, S-15M, STS-11M, S-840, S-485, CopperHead XD 3.0, Mini Screed C, PowerRake 3.0, 3-D Profiler and SiteShape. Its Somero Floor Levelness System monitors Laser Screed performance, operator performance and reports alert percentages of issues. The Somero SiteShape System allows for grade shaping automatically using users’ motor grader, dozer or other grading machine. The Somero 3-D Profiler System allows automatic paving of contoured sites using a Somero Laser Screed equipment. The CopperHead XD machine encounters applications, such as chaired rebar, low slump and poor subgrades. The Somero eXtreme Platform (SXP) allows users use their Laser Screed equipment.

Jack Cooney, CEO 
Introduction – 00:18
History of Somero – 00:32
The Somero Customer – 04:28
Customer care – 07:10
2018 review – 08:50

Howard Hohmann, EVP of Sales
Global reach – 09:47
Sales by territory – 10:04
Sales by product – 14:26

John Yuncza, CFO
Financial Highlights – 16:05
Operating results – 17:39
Financial position – 19:26
Cash flow – 20:12
Dividends – 21:50

Jack Cooney, CEO 
Current trading & outlook – 24:13

Q&A – 26:56

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This video can be seen at: https://www.piworld.co.uk/2019/03/28/xlmedia-xlm-2018-full-year-results-interview-with-ceo-ory-weihs/?preview=true&_thumbnail_id=2559

 

XLMedia PLC is the United Kingdom-based online performance marketing company. The Company focuses on paying users from multiple online and mobile channels and directs them to online businesses who, in turn, convert such traffic into paying customers. The Company’s segments include Publishing, Media and Partners Network. The Company owns over 2,000 informational Websites in approximately 20 languages. Its Media division acquires online and mobile advertising targeted at online traffic with the objective of directing it to its customers. It buys advertising space on search engines, Websites, mobile and social networks and places advertisement referring users to its customers Websites or to its own Websites. It manages marketing partners, whose role is to direct online traffic to its customers. Its partner program enables affiliates to have a single point of contact for directing traffic.

Strategic realignment – 00:24
Share buyback - 01:45
Regulation - 02:13
Website ranking recovery - 05:30
Acquisitions – 05:58
Outlook - 06:22

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This video can be seen at: https://www.piworld.co.uk/2019/03/26/xlmedia-xlm-fy18-results-presentation-26-3-19/?preview=true&_thumbnail_id=2549

 

By Ory Weihs, CEO

XLMedia PLC is the United Kingdom-based online performance marketing company. The Company focuses on paying users from multiple online and mobile channels and directs them to online businesses who, in turn, convert such traffic into paying customers. The Company’s segments include Publishing, Media and Partners Network. The Company owns over 2,000 informational Websites in approximately 20 languages. Its Media division acquires online and mobile advertising targeted at online traffic with the objective of directing it to its customers. It buys advertising space on search engines, Websites, mobile and social networks and places advertisement referring users to its customers Websites or to its own Websites. It manages marketing partners, whose role is to direct online traffic to its customers. Its partner program enables affiliates to have a single point of contact for directing traffic.

XLM in numbers - 01:18
Key highlights - 02:02
Gambling regulatory summary - 04:18
Financials - 09:52
Revenue diversification – 10:50
Income statement - 11:33
Cash flow statement - 12:55
Balance sheet - 13:35
Growth strategy - 14:08
Focus on Publishing Expertise - 15:00
Reduced exposure to media activities - 15:33
The Personal Finance Sector - 16:04
US gambling opportunity - 16:35
M&A - 17:29
Summary & outlook - 18:03

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This video can be seen at: https://www.piworld.co.uk/2019/03/26/judges-scientific-jdg-2018-full-year-results-presentation/

 

By David Cicurel, CEO & Brad Ormsby, CFO, present the group’s results for year end 31.12.18

Judges Scientific plc is a United Kingdom-based company, which is engaged in the acquisition and development of a portfolio of scientific instrument businesses. The Company’s activities are predominantly in or in support of the design and manufacture of scientific instruments. Its segments include Materials Sciences and Vacuum. Its subsidiaries include Armfield Limited, engaged in the design and marketing of engineering equipment and research instruments; Fire Testing Technology Limited, which is engaged in the design, manufacture and service of instruments that measure the reaction of various materials to fire; Scientifica Limited, which offers micropositioning equipment, microscopes and advanced imaging systems used in electrophysiology and neuroscience; Quorum Technologies Limited, which manufactures scientific instruments primarily used for electron microscopy sample preparation, and Sircal Instruments (UK) Limited, which designs, manufactures and distributes rare gas purifiers.

David Cicurel, CEO
Introduction – 00:18
About Judges Scientific – 01:10
Acquisitions – 03:18
Key messages – 04:50

Brad Ormsby, CFO
Financial highlights – 07:05
Performance – 08:49
Order intake – 10:03
Revenue summary – 11:21
Profit bridge – 12:38
Balance sheet & cash flow – 12:47
Return on Total Invested Capital – 13:58
Diversification – 15:10 
Financial history – 15:43

David Cicurel, CEO
Growth drivers – 16:44
Acquisition criteria & delivery – 23:53
Outlook – 26:26
Investment case – 28:15

Q&A – 30:00

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This video can be seen at: https://www.piworld.co.uk/2019/03/22/eagle-eye-solutions-group-eye-h1-2018-results-presentation-13-3-19/

 

by Tim Mason CEO & Lucy Sharman-Munday CFO.

Eagle Eye Solutions Group plc is a software as a solution (SaaS) technology company. The Company is engaged in the marketing, validation and redemption of digital promotions in real-time for the grocery, retail and hospitality industries. The Company’s software platform, Eagle Eye AIR, integrates with all existing point of sale (POS) systems and creates digital offers, rewards and vouchers then delivers them to customers by e-mail, text or through a loyalty application for instant redemption. Eagle Eye AIR enables brands and merchants to set up targeted campaigns, choosing various media channels to reach specific demographics. Eagle Eye AIR captures real-time data on consumer activity and campaign success. Eagle Eye Promote is a rules-based platform for brands and retailers, which creates, builds and manages their promotional campaigns. Eagle Eye Gift allows tracking of gift vouchers, including redemption data. Eagle Eye Reward supports and enables the digitisation of loyalty schemes.

Tim Mason CEO
Our mission – 00:38
The Market Opportunity – 02:45
Investment case – 05:17
H1 exec summary – 06:02

Lucy Sharman-Munday, CFO
Financial KPI’s – 07:08
The business model – 10:04
Contract lifecycle – 13:20

Tim Mason CEO
Strategic update – 16:11
Delivering on our strategy – 17:17
New products and innovation – 20:07
Google Cloud Platform (GCP) – 24:07
New geographies – 27:03

Lucy Sharman-Munday, CFO
H1 19 Income statement – 29:56
Bridge IFRS 15/16 – 32:39
Half on half analysis – 35:27
Cash bridge – 37:21
Half on half volumes – 38:40

Tim Mason CEO
Outlook – 40:19

Q&A – 41

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This video can be seen at: https://www.piworld.co.uk/2019/03/18/miton-group-mgr-2018-full-year-results/

David Barron, CEO, gives an overview of the Group’s 2018 full year results.

Miton Group plc is an investment management company. The Company provides fund management services. Its funds are invested in a range of asset classes under various investment mandates, including multi-asset, equity and portfolios of collective investment schemes.

Highlights – 00:20
Performance – 01:04
Resilience – 02:02
The outlook – 03:00

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This video can be seen at: https://www.piworld.co.uk/2019/03/19/ecsc-group-plc-ecsc-investor-presentation-at-sharesoc-march-13-3-19-by-ian-mann-ceo/

ECSC Group plc is a United Kingdom-based information and cyber security service provider. The Company offers a range of cyber security solutions and services to the sectors, including education, retail, legal, financial and local authorities. It offers services to e-commerce start-ups and global organisations. Its PROTECT division delivers the ECSC PCI DSS certified Security Operations Centre, which supports around the clock services for clients wishing to outsource their cyber security device management. The ECSC SOC supports a range of ECSC LABS security appliances, along with its ECSC SELECT vendor products. Its consultancy services, part of the ECSC ASSURE division, offer advice on compliance to industry standards. It offers a range of testing services, both technical and non-technical, to uncover its clients’ vulnerabilities and suggest an appropriate plan to resolve them. As part of its testing service line from ECSC ASSURE, it also certifies to Cyber Essentials requirements.

What do we do? – 00:17
Our market – 05:12
2018 Financial Performance – 07:12
Organic growth – 11:35
KPIs – 12:01
Outlook – 17:00
Summary – 18:15
Q&A – 18:46

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This video can be seen at: https://www.piworld.co.uk/2019/03/19/duke-royaltys-ceo-neil-johnson-interviewed-by-james-lynch-fund-manager-downing/

 

Downing bought a position in Duke Royalty (DUKE) in 2018.

James elicits the key investment attractions of DUKE, and Neil gives a great overview of DUKE, royalty finance, the market place, risk management and much more, to answer all the questions investors may have.

Duke Royalty Limited is a Guernsey-based diversified royalty investment company. The Company specialises in diversified royalty financing and provides alternative capital solutions to a diversified range of businesses in Europe and abroad. The Company’s investment policy is to invest in, without limitation and restrictions (including geographical restrictions), long-term, revenue-based royalties in private and/or public companies, and or other alternative asset classes and/or financing instruments from time to time that bear similar risk and return characteristics. The Company provides financing solutions to private companies that are in need of capital but whose owners wish to maintain equity control of their business. It provides capital to companies in exchange for rights to a small percentage of future revenues.

Introduction by James Lynch – 00:26
Neil Johnson & DUKE’s background – 01:18
What’s the royalty finance model? – 02:22
The length of the funding? – 03:07
What’s the economics of the agreements? – 03:44
What is the investment case for DUKE? – 04:37 
How big is the European market? – 05:52
What’s the market opportunity? – 06:39
Are there competitors? – 07:33
Capital Step acquisition? – 07:50
Can you explain the participation element? – 08:19
How do you see the DUKE portfolio evolving over the coming months? – 09:49
How do you manage risk? – 10:30
Royalty payment cover – 12:54
Alignment of interests with royalty partners? – 14:13
What’s the demand for royalty financing? – 16:27
On-going business with our royalty partners? – 17:57
DUKE management’s alignment with shareholders – 18:55
DUKE’s LTIP? – 19:42
The outlook? – 20:30

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This viedo can be seen at: https://www.piworld.co.uk/2019/03/17/the-non-executive-director-with-chris-spencer-phillips-interviewed-by-tamzin-freeman/

 

Chris Spencer Phillips is MD of First Flight Non Executive Directors, who recruit NEDs and Chairs. Chris gives us a little insight into the world of Non Exec Directors (NED). What they do? Their background? How they are recruited. With case studies of when it works, and when it doesn’t.

How did you get involved with recruitment of NEDs? – 00:48
What does a NED do for a company? – 02:08
Can you give an example where a NED has made a profound difference? – 03:17
How many hours does a NED contribute? – 04:24
What are the qualities and qualifications required of a NED? 04:58
Is a NED just an extra cost? – 05:58
(Guest appearance by Lord Lee – 06:18)
What do you look for when selecting NED candidates for companies? – 07:33
Do the company’s board know what they want of a NED – 09:07
How do you find candidates? – 09:52
What qualifies a candidate to be considered – 10:32
Do you recruit mainly for listed or private companies? – 11:14
A successful NED: Angle – 12:17
A failed NED – 14:50
Patisserie Valerie (CAKE) – 14:58
Gender equality? – 18:16
What’s the optimum age for a NED? – 20:03
How much does a NED cost? – 21:42
How many NEDs should a company have? – 22:29
How should a company get the best out of their NED? – 23:20
Going forward do you see any changes in the NED arena? – 25:26

Find out more about First Flight Non-Executive Directors: https://firstflightnonexec.com

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This video can be seen at: https://www.piworld.co.uk/2019/03/15/avacta-avct-presentation-at-sharesoc-london-13th-march-2019/

 

By Dr Alastair Smith, Chief Executive
Shaping the Future of Cancer Therapy

Dr Smith gives a comprehensive overview of Avacta, followed by Q&As.

Avacta Group plc is a biotechnology company. Avacta’s focus is on its proprietary Affimer technology which is an engineered alternative to antibodies that has application in Life Sciences for diagnostics, therapeutics and general research and development. Affimer technology has been designed to address performance limitations of antibodies. Affimer technology is based on a small protein that can be generated to bind with specificity and affinity to a range of targets to enable diagnostics, research assays and therapeutics. Avacta has a pre-clinical therapeutic development programme with an in-house focus on immuno-oncology and bleeding disorders as well as partnered development programmes. Avacta is commercialising non-therapeutic Affimer reagents through licensing to developers of life sciences research tools and diagnostics.

Introduction – 00:20
What are immuno-therapies? – 03:20
Patient survival is not reflecting the early promise of Immuno-therapies – 05:05
How do we improve survival? – 07:18
Affimer technology – 09:40
Avacta Therapeutics Strategy – 11:33
The tumour micro-environment – 14:09
Drug Conjugate – 15:35
Data from animal studies from lead inhibitor – 16:18
The immune cycle – 18:48
Sensitive linkers – 19:20
Principal Programme Milestones – 20:39
Pipeline: principal In-house Programmes – 24:02
Summary – 25:43
Q&A – 26:51

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Digital currency adoption by Government, Central Banks and much more

Tamzin Freeman is joined by Erik Townsend, the originator of  macrovoices.com, and the author of Beyond Blockchain – the death of the dollar and the rise of digital currencies.  Erik discusses how initially he ignored digital currency, and latterly realised its scope could change the world.  He’s not a bitcoin or ICO fan but sees the scope of what they offer with distributed ledger technology, which could be revolutionary for the financial system.

A fascinating 45 minutes.

Erik’s background and how it led to the book – 01:29

Cryptocurrency falsely judged, instead what benefits it could offer to Government? – 02:34

What needs to happen technically to make digital currency a reality? – 05:23

How quickly will it happen? – 09:00

Doesn’t the technology have to be in place before the Government can adopt it? – 10:52

Adoption of digital currency by central banks: the pros and cons – 13:41

What catalyst will lead to adoption of a digital currency by Governments? – 16:06

Who are the pioneers in the digital currency space? – 17:20

What’s Russia & China’s position? – 20:09

How could a digital currency get the trust that the Dollar has? – 23:23

Is a digital sovereign bond market possible? – 29:25

Where do international boundaries and foreign exchange fit in? – 33:56

How would Erik go about implementing a digital currency?  – 37:48

Link to Erik’s book Beyond Blockchain: https://www.macrovoices.com/bb

Link to Macrovoices: https://www.macrovoices.com

About Erik Townsend

Erik Townsend is a retired software entrepreneur turned hedge fund manager. Throughout his career, Erik has capitalized on his ability to understand complex systems and anticipate paradigm shifts far in advance of the mainstream. A teenage computer protégé, he spent most of his high school years at MIT’s Artificial Intelligence laboratory, where he taught himself several computer programming languages. Erik became an independent software development and design consultant to Digital Corporation’s manufacturing systems technology group at age 17. By age 20 he owned his first private aircraft, after earning his private and commercial pilot’s licenses.

From his experience at MIT, Erik recognized that the IT industry’s failure to embrace distributed computing translated to an exceptional entrepreneurial opportunity. At age 21, Erik committed himself to developing and commercializing distributed application software technologies he was first exposed to at MIT in the late ’70s. By the mid-1980s, Erik had invented an approach to distributed system design that is now widely known as Service-Oriented Architecture (SOA). After applying SOA concepts initially at Digital Equipment Corp (where he consulted for nearly 10 years), in 1992 Erik founded the Cushing Group, a boutique consultancy focused exclusively on bringing advanced distributed application computing technologies to market. The Cushing Group’s work with Wells Fargo Bank in the early 1990s paved the way for Wells Fargo to become the world’s first Internet Bank by early 1995.

By 1998, Erik had grown The Cushing Group to 35 employees, $10mm annual revenues, and an exceptional 28% net operating income. The Cushing Group was well on its way to becoming the premier authority on SOA, and many expected the company to go public after a few more years. But Erik recognized that valuations for IT Service companies were ridiculously high at the time, and that an exit through acquisition was more prudent than waiting for an IPO in a market where Erik was convinced a bubble was forming.

After selling the Cushing Group to Ciber, Inc. (NYSE: CBR) in 1998, Erik briefly engaged a well-known investment bank to manage his assets, but was profoundly disappointed with their services. He subsequently took a deep dive into macroeconomic/fundamental investing and educated himself on the mechanics of derivatives trading. Erik has actively traded energy, grains, and precious metals futures markets since 2008, and has become a recognized expert in Peak Oil investing, having given lectures on that topic to Parliament in Belgium and at the ASPO technical conference. Erik has also become a financial podcast personality, having appeared regularly as the commodities commentator on a popular weekly financial program for several years.

Erik has become a passionate world traveller. He moved to Hong Kong in 2009 to get a better perspective on changing global economics. While living in Hong Kong, several hedge fund professionals he met there observed that through his own passionate trading activities, Erik was “already doing all the work of running a hedge fund except for picking up the phone and calling a lawyer and turning it into a fund”. Erik was flattered by the advice of his peers in Hong Kong to launch his own hedge fund, but wanted to finish his boots-on-ground evaluation of the global economy first. He spent just over sixteen months in 2011 and 2012 exploring the world, living in 28 cities in 18 countries during that period. Erik continues to live a very international lifestyle, and presently has homes in Hong Kong, Mexico and the United States.

Erik eventually took his Hong Kong friends’ advice to heart, and founded Fourth Turning Capital Management, LLC in 2013. Through that asset management company, he launched a Global Macro-strategy hedge fund in July 2013. In February 2016, Erik launched Macro Voices, a new weekly financial podcast program which will target professional finance, high net worth, and other “sophisticated” investors who desire financial content at a level of sophistication and complexity above what the retail investment-focused podcasts on the Internet presently offer.

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