Archive for November 2019

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Spencer Crooks, ex Director of Market Making at Winterfloods talks to Tamzin Freeman, piworld.

Spencer gives us a fascinating insight into the day in the life of a Market Maker.

This is the first of two parts. The second part goes into more technical details of market making.
Both parts are a must watch, to understand what’s going on behind the scenes to determine how stocks are priced.

Spencer’s background – 00:22
What do Market Makers do? – 01:35
Risk management by Market Makers - 04:29
Market Makers: the institutions & retail - 06:22
Market Makers: the business model - 08:04
How do you set a price? - 11:37
How do you set the spread? - 14:32
How do you set the market size? - 16:11
The difference between quote driven or order driven stocks - 17:37
How helpful is Level 2 to the retail investor? – 19:18
The relationship with the broker – 21:40
What’s the relationship like between Market Makers? - 25:38
How large is the research function at Winterfloods? - 29:23
How many companies does an individual Market Maker cover? - 30:45
How is a stock priced on the morning of a profit warning? - 33:04
What makes a good market maker? - 35:34

About Spencer Crooks: Joined Bisgood Bishop in 1985. After takeover of Bisgood Bishop, traded at County NatWest until 1988, before leaving to join Winterflood Securities. Became a director in August 1999. Appointed FSI 2006.

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Bernard Johnson, Group Managing Director, Paul Forster, Group Finance and Commercial Director and Pippa Clark summarise the last six months both financially and operationally, and update us on what we can expect, going forward.

Bernard Johnson, Group Managing Director
Introduction – 00:18
Current performance – 01:29

Paul Forster, Group Finance & Commercial Director
Financial highlights – 02:45
Revenue – 06:59
Operating profit – 08:28
Profit margins/ EPS / cash – 09:51

Pippa Clark, Global Sales and Marketing
Division performance – 14:55
Private label highlights – 17:30
Brand highlights – 20:56
Brand developments – 24:10
Drivers for growth – 27:45

Bernard Johnson, Group Managing Director
Outlook – 31:26

Martin Hawes, Group Operations Director
Introduces himself – 35:06

Q&A – 36:14

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.

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Mark Dickinson, CEO talks us through the business proposition of Inspired Energy, and his strategy going forward. Mark is an experienced pair of hands, with 20 years’ experience in the sector, having been CEO of M&C Energy before selling to Schneider Electric in 2013.

Introduction - 00:18
The Journey – 01:25
Key stats as at August 2019 – 02:14
What do INSE do? - 02:25
The Market Opportunity – 10:00
Competitors - 13:30
Growth strategy - 14:50
IGNITE investment - 19:50
The Opportunity – 23:02

Inspired Energy PLC provides energy purchasing and energy consultancy services to corporate, and small and medium-sized enterprise (SME) energy users. The Company's segments include The Corporate division (Corporate), The SME division (SME) and PLC costs. The Corporate segment includes operations of Inspired Energy Solutions Limited, Direct Energy Purchasing Limited, Wholesale Power UK Limited and STC Energy and Carbon Holdings Limited. Corporate's services are primarily in the review, analysis and negotiation of gas and electricity contracts on behalf of corporate clients. It provides additional services, which include energy review and benchmarking, negotiation and bill validation. The SME segment includes the operations of Energisave Online Limited, KWH Consulting Limited and Simply Business Energy Limited. Within the SME division, the Company's energy consultants contact prospective SME clients to offer reduced tariffs and contracts based on the situation of the customer.

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An overview of Kape (formerly Crossrider), by Ido Erlichman, CEO. This was recorded BEFORE the game changing acquisition of LTMI Holdings. It gives great insight to the strategy, and the lay of the land before LTMI.

Introduction – 00:18
Investment highlights – 00:53
KAPE in numbers - 01:58
H1 highlights - 03:08
Consumer digital privacy market drivers - 05:22
Significant growth opportunity - 07:24
Core software products - 09:01
Consumer focussed interface - 10:12
Growing subscription base - 11:01
Financial performance - 11:51
Cash flow analysis - 12:45
ROI growth - 13:20
A de-risked revenue model with strong visibility - 15:04
Existing cohorts are a growing source of future collections - 17:06
KPIs - 17:43
ZenMate & Intego - 18:35
Ongoing growth strategy - 20:09
Summary - 22:18
Q&A - 23:32

Kape Technologies PLC, formerly Crossrider plc, is a United Kingdom-based online distribution and digital product company. The Company operates through three segments: App Distribution, Media, and Web Apps and License. Through the App Distribution segment, the Company offers Reimage, a computer repair software; DriverAgent, a driver repair software; CyberGhost, a virtual private network solution, and associated services. The Company’s Media division provides media and advertising technology services that include media buying, ad agency services, and ad serving technologies. It offers Ajillion, a mobile ad server and exchange; Definiti Media, an advertisement network, and crossmob, a mobile marketing application. Through the Web Apps and License division, the Company licenses web apps monetization platform and associated technologies.

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By Edward Page Croft, Founder Stockopedia, speaking at Mello London 2019.

Ed uses the research tools offered by Stockopedia to expose the investing themes across the lifetime of the Woodford Equity Income Fund. Although nothing can be done to reverse events for Woodford holders, there are insights we can all learn for our own more successful investing; especially with the help of Stockopedia!

Agenda – 01:49
Woodford: The Perpetual Years 1988-2014 – 02:28
2012: A sign of things to come? – 03:07
Woodford Capital: 2014-2018 – 04:31
Stockopedia: framework for analysis – 05:21
Woodford Fund holdings 2014 – 15:03
Woodford Fund holdings 2015 – 21:02
Woodford Fund holdings 2016 – 23:57
Northwest Biotherapeutics – 26:35
Speculative, healthcare, momentum? – 27:47
Woodford Fund holdings 2017 – 28:20
WEIF Assets under management – 28:53
2017 the tipping point – 29:23
PurpleBricks & Burford Capital – 31:16
Woodford Fund holdings 2018 & redemptions – 32:49
AstraZeneca – 37:51
2019 – 38:33
WEIF portfolio over time – 41:20
The insights we can all learn – 46:20

About Edward Page Croft.

Ed has been the steward of the Stockopedia mission since day one with the goal of building the systematic toolkit to solve his own behavioural biases. Ed was an Oxford Scholar, graduating with first class honours before going on to work as an asset manager and private client broker at Goldman Sachs. Ed has a mystery song on Youtube that gets playlisted more than the Beatles and likes to bowl awkward fast medium bouncers.

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Paul Abberley, CEO, and Ben Money-Coutts, CFO, give an overview financially and operationally on the first half, inspiring confidence for the full year.

Paul Abberley, CEO
Results overview - 00:24

Ben Money-Coutts, CFO
Financial highlights - 00:57
Transformation programme: financial – 04:01

Paul Abberley, CEO
Transformation programme: sales – 06:19
Transformation programme: Operational efficiency – 07:11
Outlook – 08:36

Charles Stanley Group PLC is an investment company. The Company provides investment management services, financial planning and pension administration. The Company's segments are Investment Management Services, Asset Management, Financial Planning, Charles Stanley Direct and Support functions. The Investment Management Services division provides personal investment services to individuals, companies, trusts and charities and includes platform dealing, custody and self-invested personal pension (SIPP) and individual savings account (ISA) administration services. The Asset Management division provides specialist asset management services, through its range of pooled funds, active and passive model portfolios, inheritance tax (IHT) services and investment research to the Investment Management Services division and clients. The Financial Planning division provides financial planning and advice. Charles Stanley Direct provides direct-to-client online dealing and fund broking services.

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By Paul Haworth, CFO.

Paul describes the background of GetBusy, their products, their markets, and their vision for growth.

What does GETB do? – 00:35
Origins to the present – 00:54
Major shareholders – 01:58
GETB products – 02:23
The problems GETB solve – 03:17
GETB document management products – 06:10
GETB markets – 08:11
GETB growth drivers – 09:05
Customers – 10:26
Pricing – 12:02
Competitors – 14:17
The strategy – 16:12
GetBusy new product – 19:32
Financials – 23:10
Upcoming events – 27:07
Summary & priorities – 27:59
Q&A – 29:05

GetBusy plc is a United Kingdom-based company. The company is engaged in document management software business. The Company’s product offering includes Virtual Cabinet and SmartVault. The Virtual cabinet is document management software focused on the medium size to enterprise size content management (ECM) markets. It is used by accounting firms in the United Kingdom. SmartVault product is document management software targeting the professional small and medium enterprise (SME) market. The Company has operations across the United Kingdom, United States, Australia and New Zealand.

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By Nick Brind, Fund Manager

Introduction – 00:18
The financial sector 10 yr performance - 01:38
Bank balance sheets - 02:10
Banks appetite for risk reduced - 03:32
Few signs of balance sheet stress – 05:19
Banks have significantly more liquidity - 06:17
FinTech - 07:37
Monzo & Revolut v One Savings Bank & Close Brothers v peer to peer - 08:30
Peak regulations for banks? - 14:00
How are the banks reacting to challengers? - 16:03
Capital return - 18:20
US Consumer leverage has fallen - 19:27
Have macro concerns outweighed fundamentals - 21:07
Bank have significantly de-rated - 22:40
Polar Capital Global Financials Trust - 25:43
PCFT performance v UK banks and competitor funds - 26:43
Top holdings & Geographic exposure - 27:25

Q&A - 28:18

Polar Capital Global Financials Trust plc is an investment trust company. The Company's investment objective is to generate for investors a growing dividend income together with capital appreciation. The Company seeks to achieve its objective by investing in a global portfolio consisting of listed or quoted securities issued by companies in the financial sector operating in the banking, insurance, property and other sub-sectors. The portfolio is diversified by geography, industry sub-sector and stock market capitalisation. It may invest through equities, index-linked and other debt securities, cash deposits, money market instruments, foreign currency exchange transactions, forward transactions, index options and other instruments, including derivatives. It offers investors a range of funds diversified by asset class, geographical and sectorial specialisation. The Company's investment manager and advisor is Polar Capital LLP.

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By Dorian Gonsalves, CEO

Introduction & overview – 00:18
The Belvoir business – 04:07
Belvoir’s markets - 11:37
Belvoir’s future - 17:36
The investment case - 24:58
Q&A - 26:30

Belvoir Group PLC, formerly Belvoir Lettings PLC is a United Kingdom-based company engaged in selling, supporting and training residential lettings franchises. The Company operates a nationwide property franchise group with four brands that offer a range of services in property rental, property management, residential lettings, buy to let and property sales. Its property franchise group manages approximately 58,000 properties in Grantham, Lincolnshire.

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By Stuart Green, CEO & Phil Blundell, CFO

Stuart Green, CEO
ZOO at a glance – 00:18

Phil Blundell, CFO
Financial highlights - 02:36

Stuart Green, CEO
Operational highlights - 04:32
OTT video market - 09:57
Growth – Four Strategic Pillars - 14:10
Innovate - 14:59
Scale – 17:30
Collaboration – 18:50
Partner – 20:51

Phil Blundell, CFO
Statement of income - 21:50
Consolidated financial position - 24:36
Segmental analysis - 25:40

Stuart Green, CEO
Outlook – 27:55
Investment summary - 29:58

Q&A – 32:00

ZOO Digital Group plc is a holding company. The Company's principal activities include provision of a range of services to allow television and movie content to be subtitled in any language and prepared for sale with online retailers, and research and development of productivity software in those areas. The Company operates through two segments: Software solutions, which includes development, consultancy and software sales, and Media production, which includes localization and design. The Company offers services, including subtitling, captioning, dubbing and digital distribution. The Company offers services through its cloud computing platforms, including ZOOsubs, which offers subtitling and captioning services; ZOOcore, which is a workflow management platform; ZOOstudio, which is a self-service distribution platform for ordering, tracking and delivering digital content packages, and ZOOdubs, which is a dubbing process management platform.

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CEO Phillip Wale presents an overview of the Group's half year results to 3oth September 2019.

Overview - 00:19

Financial highlights - 00:50

Wealth Management - 01:39

Corporate and institutional broking - 02:12

Board appointments - 02:55

Proposed placing - 03:27

Summary & outlook - 04:00

WH Ireland Group plc is a holding company. The Company's principal activities are the provision of wealth management and corporate finance advice, research, products and services to the private clients, and small and medium sized companies. It operates through two segments, which include Private Wealth Management and Corporate Broking. The Private Wealth Management segment offers investment management advice and services to individuals and contains its wealth planning business, giving advice on and acting as intermediary for a range of financial products. The Corporate Broking segment provides corporate finance and corporate broking advice and services to the companies, and acts as nominated advisor to clients listed on the Alternative Investment Market (AIM). The Corporate Broking segment contains its institutional sales and research business, which carries out stockbroking activities on behalf of companies, as well as conducting research into markets of interest to its clients.

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CEO Dean Dickinson and CFO Haywood Chapman, talk about the Group’s interim results for the period ending 30th September 2019

Introduction – 00:22

Recent challenges & solutions– 00:37

Financial highlights – 05:49

Operational progress – 07:14

Client wins – 10:26

Cross-selling – 11:42

Growth Strategy – 12:46

Summary & outlook – 13:10

Castleton Technology plc, formerly Redstone PLC, is an investment holding company. The Company is engaged in providing software and managed services to the public and not-for-profit sectors, mainly the social housing sector. Its segments include Managed Services, which consists of Castleton Managed Services Limited and Keylogic Limited, and Software Solutions, which consists of the results of Castleton Software Solutions Limited, Kypera Limited and Kypera Pty. It offers KYPERA FINANCIALS, a finance solution, which uses a single ledger format; EDRM, which is an electronic document and records management system that allows organization to manage its documents and supporting information; P2P, which manages repairs and non-repairs processes and integrates finance and repairs system; AGILE, OPUS SERVICE CHARGES and MANAGED SERVICES. Its subsidiaries include Castleton Technology Intermediate Holding Company Limited, Castleton Group Holdings Limited and Castleton Information Group Limited.

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