Archive for July 2020

Ultra (ULE) Interim Results 2020

This video can be seen at: https://www.piworld.co.uk/2020/07/30/ultra-ule-interim-results-2020/

 

Presentation given to analysts by Simon Pryce, CEO & Jos Sclater, CFO on 30th July 2020.

Simon Pryce, CEO
H1 overview - 55:03
Covid 19 - 03:53
Increased technology/capability investment - 06:26
Important new contract wins - 08:52
Transformation programme - 11:37

Jos Sclater, CFO
Financial review - 15:32

Simon Pryce, CEO
Outlook – 31:38

Q&A – 37:54

About Ultra
Ultra Electronics Holdings plc provides solutions and products in the defense and aerospace, security and cyber, transport and energy markets, by applying electronic and software technologies. The Company operates in three segments: Aerospace & Infrastructure, Communications & Security, and Maritime & Land. Its market facing segments are Aerospace, Infrastructure, Nuclear, Communications, C2ISR, Maritime, Land and Underwater Warfare. The Aerospace & Infrastructure division produces high-integrity, safety critical electronic control systems for aircraft applications, including position sensing and control; airframe and engine ice protection and detection; electronic architectures; weapon control, and noise cancellation systems. The Communications & Security division provides mission critical, information dominance solutions. The Maritime & Land division provides sensors, combat management systems, power solutions for surface, sub-surface and unmanned platforms.

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IG Design Group (IGR) Full Year 2020 results

This video can be seen at: http://www.piworld.co.uk/2020/07/28/ig-design-group-…ear-2020-results/

 

Paul Fineman, CEO & Giles Willits, CFO discuss Full Year 2020 results, (period ending 31.3.20), with piworld’s Tamzin Freeman.

Paul Fineman
Overview – 0:36
CV19 - 02:10

Giles Willits
Financials – 04:00

Paul Fineman
Performance drivers - 05:15
CSS integration - 06:45
Outlook - 07:40

IG Design Group plc, formerly International Greetings plc, is engaged in the design, manufacture and distribution of gift packaging and greetings; stationery and creative play products, and design-led giftware. The Company's geographic segments include UK and Asia; Europe; USA, and Australia. The Company sells its products in over 150,000 stores across approximately 80 countries. It also offers a portfolio of licensed and customer bespoke products suitable for sale through multi channel distribution. The Company's products include crackers, pens and pencils, stickers, single cards and gift wrap. The Company offers its products under the brands A Star, B Stationery, Papercraft and Pepperpot. Its subsidiaries include Artwrap Pty Ltd, International Greetings UK Ltd, International Greetings USA, Inc, International Greetings Asia Ltd, The Huizhou Gift International Greetings Company Limited, Hoomark BV, Anchor International BV and Hoomark S.p.z.o.o

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An hour with Mark Slater – a piworld webinar

This video can be seen at: http://www.piworld.co.uk/2020/07/25/an-hour-with-mar…-piworld-webinar/

 

Mark Slater, Chairman & CIO at Slater Investments talks to piworld's Tamzin Freeman. Where we learn Mark is looking for companies that will give an investing return of 50-100% over 3-5 years. We get insights on how Mark analyses stocks to identify these compounders. Further, of course, he discusses how he's handled CV19, plus many more nuggets such as his thoughts on Director sells/buys and short attacks.

How much did your father influence your career? - 00:52
How did Slater investment come about and evolve? – 01:56
How do you judge the performance of the different funds? – 03:00
What investing return you think is reasonable for a private investor to achieve – 04:15
Who were the biggest investor influencers to you and your father? - 06:22
What did you do with CV19? - 09:23
Hollywood Bowl (BOWL) – 12:30
Cash levels - 15:43
What’s the mood amongst institutions, is cash available? - 17:00
Has the withdrawal of forecasts affected your analysis? - 19:58
Would you look at a loss-making company? – 22:48
What are the qualitative factors you look for? - 26:10
What trend do you like now? – 30:24
Codemasters (CDM) - 31:14
Director buys or sells? - 33:19
What are your views on short sellers - 36:07
Future Publishing (FUTR) - 37:32
Exceptional companies and their lifecycle - 40:30

Q&A

Trade war with China - 43:38
Venture Life (VLG) & Strix (KETL) - 44:30
Tesco (TSCO) - 45:42
When do you sell? - 47:44
China Hutchinson Meditech (HCM) - 51:00
Where to find Mark and the funds - 56:55

About Mark Slater:

Mark Slater co-founded Slater Investments in 1994 with Ralph Baber and is Chairman and Chief Investment Officer of Slater Investments, Chairing the Investment Committee. The company manages a hedge fund, four unit trusts and portfolios for pension schemes, charities and high net worth individuals. Recent awards include: UK All Companies, Best 10 Year Performance – Slater Growth Fund (City of London Fund Awards 2018), “Best of British” – No 1 – Top 25 UK Fund Managers (TD Direct Investing 2017 & 2016, Best Larger UK Equity Growth Fund & Best Smaller UK Equity Income Fund – MFM Slater Growth & Income Funds (Money Observer Fund Awards 2016) and Fund Manager of the Year Awards (City AM Awards 2014). He has also received top ratings from several well-known rating agencies. Prior to founding Slater Investments, Mark worked as a financial journalist with Analyst plc and the Investor’s Chronicle. Also, in 1992, he helped research and edit a best-selling investment book “The Zulu Principle” for his father, Jim Slater, which focuses on identifying small to medium-sized growth companies. During his career, Mark has served on the boards of four public companies in which he has been a substantial shareholder. Mark has an MA in History from Cambridge University.  

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SThree (STEM) half year results 2020 presentation

This video can be seen at: https://www.piworld.co.uk/2020/07/21/sthree-stem-half-year-results-2020-presentation/

 

Mark Dorman, CEO & Alex Smith, CFO present the Group’s Half Year results for the 6 months ending 31st May 2020.

Mark Dorman, CEO
Introduction – 00:19
Performance – 01:36
CV-19 – 03:10
STEM’s purpose – 05:30
Navigating through & beyond the pandemic – 07:25

Alex Smith, CFO
Financials – 09:00
Group KPIs – 19:07

Mark Dorman, CEO
STEM’s strategic pillars – 25:25
Progress against group ambitions – 28:20
Market outlook driving STEM’s strategy – 29:04
Investing in areas that will drive growth – 30:00
Outlook – our focus going forward – 31:00

Q&A – 32:10

SThree plc is an international staffing company, which provides specialist recruitment services in the science, technology, engineering and mathematics (STEM) industries. The Company provides permanent and contract staff to sectors, including information and communication technology (ICT), banking and finance, life sciences, engineering and energy. The Company’s segments include the United Kingdom & Ireland (UK&I), Continental Europe, the USA, and Asia Pacific & Middle East (APAC & ME). The Company’s recruitment brands include Computer Futures, Progressive Recruitment, Huxley and Real Staffing. The Company’s other brands include Global Enterprise Partners, Hyden, JP Gray, Madison Black, Newington International and Orgtel. The Company delivers contract, permanent, projects, retained and executive search recruitment solutions. Its support and mobility services offer contracting, relocation and relevant visa support. It provides resources to support its brands with contractor services.

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SThree (STEM) Half year results overview July 2020

This video can be seen at: https://www.piworld.co.uk/2020/07/20/sthree-stem-half-year-results-overview-july-2020/

 

SThree CEO Mark Dorman and CFO Alex Smith talk to piworld's Tamzin Freeman giving an overview of the Group's Half Year results for the 6 months ending 31st May 2020.

Mark Dorman, CEO
Results overview - 00:34

Alex Smith, CEO
Financial Highlights 01:20

Mark Dorman, CEO
Effects of COVID 19 - 3:00
Trends in the period - 04:09
Outlook - 06:00

SThree plc is an international staffing company, which provides specialist recruitment services in the science, technology, engineering and mathematics (STEM) industries. The Company provides permanent and contract staff to sectors, including information and communication technology (ICT), banking and finance, life sciences, engineering and energy. The Company’s segments include the United Kingdom & Ireland (UK&I), Continental Europe, the USA, and Asia Pacific & Middle East (APAC & ME). The Company’s recruitment brands include Computer Futures, Progressive Recruitment, Huxley and Real Staffing. The Company’s other brands include Global Enterprise Partners, Hyden, JP Gray, Madison Black, Newington International and Orgtel. The Company delivers contract, permanent, projects, retained and executive search recruitment solutions. Its support and mobility services offer contracting, relocation and relevant visa support. It provides resources to support its brands with contractor services.

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This video can be seen at: https://www.piworld.co.uk/2020/07/18/trackwise-twd-investor-presentation-july-2020/

 

An comprehensive overview of Trackwise by Philip Johnston, CEO & Mark Hodgkins, CFO, including insight to the acquisition of Stevenage Circuits, and its integration.

Philip Johnston, CEO
Who are Trackwise? – 00:19
Business strategy - 01:18
Radio Frequency (RF) Division - 02:25
IHT (Improved Harness Technology) - 04:35

Mark Hodgkins, CFO
Financials FY19 - 09:25
CV-19 & Current Trading - 12:43
Acquisition of Stevenage Circuits - 13:58

IHT market - 17:05
IHT revenue opportunities - 22:22
Outlook - 22:49
Significant shareholders - 24:22

Trackwise Designs PLC is a United Kingdom-based company that manufactures specialist products using printed circuit technology. The Company has two operating divisions, Radio Frequency (RF) and Improved Harness Technology (IHT). The RF business division is manufacturing specialist printed circuits, which are primarily used in antenna infrastructure to support the 3G / 4G networks. The other division, IHT utilizes the Company’s technology, a patented process, to manufacture unlimited length multilayer flexible printed circuits.

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This video can be seen at: https://www.piworld.co.uk/2020/07/17/an-hour-with-andy-brough-a-piworld-webinar/

 

A very entertaining and informative hour with Andy Brough, Head of the UK & European Small & Mid Cap team at Schroders. Andy gives us his tips and insights on how to make money from equities, illustrated with many colourful anecdotes. A great watch for any equity investor.

Andy’s career & the funds - 00:50
What performance are you targeting? - 03:18
How do you manage money? - 07:09
Placings – Weatherspoon (JDW); Dart (DTG); Ted Baker (TED) - 12:52
Will institutional appetite for placings endure? - 14:12
How do you advise the retail investor to cope with volatility? - 15:20
Xaar (XAR) – 16:25
Has the story changed on any companies you hold with CV19 - 17:30
Where do you start with the annual report and accounts? - 19:00
Are we seeing more company failures? - 21:40
How valuable are broker notes to you? – 22:55
Does the macro picture play a part in your fund management? – 24:30
Has CV19 had any effect on your management of the funds? - 26:00
Tremor International (TRMR) - 27:54
What tricks to the trade can you hand on to us retail investors? - 28:31
What are your criteria for selling? - 30:30
What would you like to see happen to level the playing field for the retail investor? - 31:29
How do you see the future of fund management? – 32:37
Liquidity in small caps? – 33:31

Q&A

Sentiment and valuation disconnect with US market? - 35:49
Sectors to avoid? - 36:50 Do you use technical analysis? - 37:22
Games Workshop (GAW) - 37:45
What’s your primary quality metric when looking for companies? - 39:45
How is ESG affecting your investment selections? - 40:15
Which companies or sectors are you most positive about now? - 41:23
How much cash is held by the fund? - 42:05
Would you expect volatility to rise in August? - 42:50
Is lack of alternative choices for money driving the market? - 43:44
Dividends? - 44:53
What’s the short-term outlook on JD Wetherspoons (JDW)? - 45:50
Management incentives? - 46:34
Superdry (SDRY); Ted Baker (TED); Restaurant Group (RTN) - 47:44
How do you distinguish between good and bad management? – 49:08
Games Workshop (GAW) share sale - 49:50
Xaar (XAR) - 50:49
Spurs: buy, sell or hold?! – 52:44
Where to find Andy Brough & and the funds - 53:50

About Andy Brough:

• Head of the UK & European Small and Mid Cap team
• Manager of the Schroder Mid 250 Fund and the Schroder UK Smaller Companies Fund
• Co-Manager of the Schroder UK Mid Cap Fund plc and Co-manager of the Schroder Institutional UK Smaller Companies Fund
• Co-manager of Schroder ISF European Smaller Companies
• Investment career commenced on joining Schroders in 1987
• Chartered Accountant • BSc in Economics, Manchester University  

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This video can be seen here: https://www.piworld.co.uk/2020/07/13/pantheon-international-pin-investor-presentation-july-2020/ 

 

The Pantheon team give a comprehensive overview of Private Equity, and the Pantheon International investment case to take advantage of the outsized returns from the sector.

Vicki Bradley, Head of IR
Presenting team - 00:45
History of Patheon - 01:39
PIP: a PE Investment Trust - 03:06

Helen Steers, Partner & Manager of PIP
Introduction to PE - 04:04
Private Markets AUM - 04:50
Growth is occurring before IPO, financed by Private Capital - 06:55
What is Private Equity? - 08:16
PE Managers include tactics to add value - 09:55
Key themes for PIP investments over the last financial year - 10:45
The expanding opportunity set in PE - 14:15

Vicki Bradley, Head of IR
Institutional investment into Private Equity - 14:57
PIP makes PE attractive for long term investors - 16:18

Helen Steers, Partner & Manager of PIP
CV-19 - 18:43
ESG & responsible investment - 22:19

Tanu Chita, Principal
PIPs approach to risk management - 24:01
PIP approach to portfolio construction - 25:33
Balance sheet - 28:44
Corporate governance - 29:37

Helen Steers, Partner & Manager of PIP
Benefits of PIPs investment approach - 30:23
PIPs performance - 32:08

Vicki Bradley, Head of IR
Key information - 33:02

Pantheon International Plc is a United Kingdom-based company, which is engaged in investing in a portfolio of private equity assets managed by third party managers across the world. The Company's primary investment objective is to maximize capital growth by investing in a diversified portfolio of private equity funds and directly in private companies. The Company seeks opportunities in the secondary market. In addition, the Company may from time to time hold quoted investments in consequence of such investments being distributed to the Company from its fund investments or in consequence of an investment in an unquoted company becoming quoted. It invests in sectors, such as consumer, information technology, healthcare, industrials, financials, energy, materials and telecommunication services. The Company may invest in any type of financial instrument, including equity and non-equity shares and debt securities.

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This video can be seen at: https://www.piworld.co.uk/2020/07/13/avation-avap-investor-update-july-2020/

 

Richard Wolanski, Finance Director, gives a comprehensive overview of Avation, how they’ve managed CV-19, and how he sees the outlook.

Overview - 00:18
Snapshot of Avation – 01:00
Financials, 9 months to 31st March 20 - 03:20
COVID-19 Liquidity Strategy - 04:22
Customer Overview - 06:21
Support for Airline Customers - 09:22
Support for Senior Lenders - 10:15
Virgin Australia Update - 11:15
Asia & Europe travel is returning - 15:19
Closing remarks – 19:52

About Avation:
Avation PLC is a United Kingdom-based company engaged in leasing of aircraft. The Company is a commercial passenger aircraft leasing group managing a fleet of 47 aircraft, which are leased to airlines globally. The Company's fleet includes Airbus A220, A220-300 A320 and A321 narrow-body jets, Boeing 777-300ER and Airbus A330-300 twin-aisle jets, Boeing 737-800 NG, ATR 72 twin engine turboprop aircraft and five older Fokker 100 jets. It supplies regional, narrow-body and twin-aisle aircraft to the airline industry. It serves the commercial airlines. It owns, through its subsidiaries, a range of commercial passenger jet aircraft, which are leased to various airlines in Europe, Asia and Australia. The Company's subsidiaries include Avation Capital S.A., which is engaged in financing, and Capital Lease Aviation Limited and MSN429 Leaseco Limited, which are engaged in aircraft leasing.

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This video can be seen at: https://www.piworld.co.uk/2020/07/09/whireland-whi-full-year-results-overview-july-2020/

 

WHIreland CEO Phillip Wale presents an overview of the Group’s final results for the 12 months ended 31 March 2020.

Introduction – 00:19
Financial highlights – 00:37
Wealth Management – 01:00
Corporate & Institutional Broking – 01:22
Enhancing our governance – 02:03
Current trading & outlook – 02:27
Summary & conclusion – 02:54

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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This video can be seen at: https://www.piworld.co.uk/2020/07/06/allia-cc-retail-charity-bonds/

 

Mark Glowery, Director, Fixed Income Sales, at Allia C&C, outlines more about Allia’s Retail Charity Bonds, and describes in detail seven specific bonds which were issued by them since 2014 to date.

Introduction – 00:18
How it works – 05:10
History and timeline - 09:51
Issuers:
Golden Lane Housing (MCAP, MCP2) - 12:15
Hightown Housing (HTOP, HTO2) - 15:48
Greensleeves Care (GSHT) - 17:59
Belong Ltd (BEL1) - 19:16
Charities Aid Foundation (CAF1) - 21:25
Dolphin Living (DSCF) – 22:35
Alnwick Garden Trust (AGT1) - 23:53
Recent Price and Yields – 24:42
Investor base - 26:36
Distributors - 31:06
About Allia C&C – 32:10
Q&A – 33:44

More about Allia C&C: https://alliacc.com/

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This video can be seen at: https://www.piworld.co.uk/2020/07/03/piworld-webinar-david-thornton-small-is-beautiful-why-smal-caps-what-to-buy-now/

 

David is the Editor of Growth Company Investor, and here we tap into some of the knowledge he’s gleaned from over 1,740 interviews with management, over the 7 years he's been in the role. Firstly, David talks us through why he invests in small caps and illustrates the power of compounding. Then, he outlines how he picks stocks and runs through his current top picks. We finish off with some great audience questions. Enjoy!

David’s background – 00:39
Growth Company Investor – 01:51
Poll - Do you pay for ideas? (Magazines, newsletters, etc) - 04:20
Poll – Do you pay for tools? (eg. Sharepad? Stockopedia?) – 05:45
Why do you like small caps? - 06:28
General market and stock picking - 13:54
Venture Life (VLG) - 19:40
Accrol (ACRL) - 26:58
Codemasters (CDM) - 31:43
AFH Financial (AFHP) - 37:56
Victoria (VCP) - 40:42

Q&A

AFH Financial (AFHP) – 43:30
Venture Life (VLG) - 46:10
Omega Diagnostics (ODX) & Elecosoft (ELCO) - 47:18
AIM and number of companies - 50:52
Do you invest in loss making companies? - 53:10
Manolete (MANO) - 55:00 Growth Company Investor special offer – 56:54

For a free trial copy of Growth Company Investor (GCI) email David Thornton (click here). Thereafter get the 12 month subscription with the special piworld offer for £120, (10% off the normal price of £132).

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This video can be seen at:  http://www.piworld.co.uk/2020/07/02/air-partner-air-…update-july-2020/

 

Mark Briffa, CEO gives an update on current trading, operations and the outlook.

Current trading and CV-19 - 00:35
The placing – 03:00
Acquisition of Redline - 03:45
Business activity with lockdown lifting - 04:54
Outlook - 06:06

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