Archive for January 2021

This viedo can be seen at: https://www.piworld.co.uk/2021/01/29/piworld-interview-the-signs-were-there-tim-steer-andy-brough/

 

Tim Steer, Author of The Signs were There, and Andy Brough, Head of the UK & European, Small & Mid Cap team, at Schroders, talk through different elements of Tim’s book. They help us identify some of the red flags in company accounts, including where profits are flattered by either balance sheet assets which should appear as debits on the P&L, or with credits taken out of the balance sheet benefiting the P&L. Artfully, they take a dry subject, add some personality and humour so one learns and enjoys it!

Tim’s background - 00:33
Andy’s involvement with The Signs Were There – 01:30
What do you look at first with a set of accounts? - 03:07
Auditors - 09:30
When is it appropriate to capitalise? - 11:11
When is EBITDA an appropriate measure of profit? - 17:08
How easily can we understand a company's accounts with CV19 provisions/ adjustments? - 20:40
How do you distinguish between good & bad acquisitive companies? - 23:27
Are high levels of debt ever appropriate to achieve shareholder returns? - 27:26
Are you surprised the ease at which companies can raise funds with CV19? – 28:40
Will there be continued enthusiasm for capital raises? - 30:17
Are you optimistic for the markets in 2021 and 2022? - 31:47
ESG - 33:52

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

About Tim Steer
Tim Steer toured with Meatloaf, Diana Ross, Cheap Trick, The Cars, Thin Lizzy and The Jam as a sound engineer, and managed the Pink Floyd’s old sound and lighting system after the release of The Wall. At the time it was one of the largest systems in the world.

He then embarked on a new career and qualified as a Chartered Accountant with EY and after leaving there he became a highly rated investment analyst at HSBC James Capel and then Merrill Lynch, where he was Managing Director and Head of Research of Pan Euro Small/Mid Cap Companies. He puts his success entirely down to the excellent training he received at EY, BPP and from a partner called Richard Findlater.

In 2000 he was a founding shareholder of New Star and in 2009 he joined Artemis where he was part of the team that purchased the business back from Fortis, then part of RBS. Tim Steer was one of the most highly ranked fund managers in the UK being rated Triple A by Citywire and he ran both long and absolute return funds. At its peak he ran $4 billion of assets, a significant portion of which was held in short positions, many of which are included in his book – ‘The Signs Were There’. He has written regularly for The Sunday Times where he had an investment column, and The Sunday Telegraph.

The Signs Were There is a book that points out that for many company and share price disasters such as Autonomy, Aston Martin and Patisserie Valerie there are usually warning signs in the company’s financial statements for those who bother to look.

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This video can be seen at: https://www.piworld.co.uk/2021/01/28/sthree-stem-full-year-2020-analyst-presentation-25-1-21/

Alex Dorman, CEO & Alex Smith, CFO present FY20 results to analysts followed by Q&A.

Alex Dorman, CEO
Alex Smith - 00:24
Overview of the FY20 - 01:43
Execution across the period - 07:00

Alex Smith, CFO
Financials - 10:32

Alex Dorman, CEO
Strategy & outlook - 27:40
ESG - 33:34
Market outlook - 35:24
Outlook & focus going forward - 38:15

Q&A - 39:40

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) FY20 results overview

This video can be seen at: https://www.piworld.co.uk/2021/01/25/sthree-stem-fy20-results-overview/

 

Mark Dorman, CEO & Alex Smith, CFO outline the full year results and discuss the outlook, where they believe SThree are in the best markets, taking market share, and investing to become the number one STEM talent provider in the best STEM markets.

Mark Dorman, CEO
Overview of the period - 00:23

Alex Smith, CFO
Financials – 03:32

Mark Dorman, CEO
Covid-19 - 05:30
Operational highlights - 06:26
Outlook – 07:00

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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Knights Group (KGH) H1 analysts’ presentation 19.1.21

This video can be seen at: https://www.piworld.co.uk/2021/01/22/knights-group-kgh-h1-analysts-presentation-19-1-21/

 

David Beech, CEO, Kate Lewis CFO & Richard King, COO present H1 results to analysts, followed by Q&A.

David Beech, CEO
Scalable business - 00:37
Track record of profit - 02:44
Key financial highlights - 04:51

Kate Lewis, CFO
Financials - 05:42

David Beech, CEO
Scaling the business – 20:31
Acquisition of OTB Eveling - 28:47
Acquisitions as a platform for growth - 30:01

Richard King, COO
Technology enabling growth - 33:28

David Beech, CEO
Summary & current trading - 42:16

Questions - 44:13

Knights Group Holdings plc is a United Kingdom-based law company. The Company that is focuses on providing legal and professional services. The Company also provides corporate and commercial legal services at scale and across a broad sector basis, similar to the larger national law firms. The Company operates six offices: Newcastle-Under-Lyme, Wilmslow, Chester, Derby, Cheltenham and Oxford. The Company’s service lines include real estate, litigation, corporate, and private client.

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Bonhill (BONH) FY20 trading update January 2021

This video can be seen at: https://www.piworld.co.uk/2021/01/21/bonhill-bonh-fy20-trading-update-january-2021/

 

Simon Stilwell, CEO discusses highlights of 2020, the impact of CV19, the opportunities, and the outlook for 2021.

Key highlights FY20 – 00:23
Financials - 01:38
Covid-19 - 03:13
Events - 06:10
2021 strategy - 08:42
The return of live events - 09:55
Outlook – 10:48

About Bonhill:
Bonhill Group PLC, formerly Vitesse Media Plc, is a United Kingdom-based business to business (B2B) media company. The Company provides business information, live events and data and insight propositions to international technology, financial services and diversity business communities. Business information includes digital/print magazines, online portal, digital content, video, audio, content syndication and marketing services. Live events include various formats, such as awards, summits, conferences, career fairs and workshops. Data and insight include industry research programs, white papers, market research and survey, directories, industry/company data product, workflow management solution and bespoke consultancy. The Company’s flagship titles include SmallBusiness.co.uk, Information Age, GrowthBusiness.co.uk and What Investment.

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This video can be seen at: https://www.piworld.co.uk/2021/01/18/accrol-group-acrl-interim-results-presentation-january-2021/

 

Accrol Group H1 presentation delivered as part of the results roadshow, followed by Q&A. With Dan Wright, Executive Chairman, Gareth Jenkins CEO, & Graham Cox, Managing Director, Tissue Division.

Dan Wright, Executive Chairman
Introduction – 00:17
H1 Highlights – 00:46

Gareth Jenkins, CEO
Management Team - 02:07
Financial Highlights – 03:21

Graham Cox, Managing Director, Tissue Division
Operational improvements – 05:35
Customer base & market- 08:05

Gareth Jenkins, CEO
Margins - 09:46

Dan Wright, Executive Chairman & Graham Cox, Managing Director, Tissue Division
Cash & Debt - 11:45
LTC integration – 13:55

Dan Wright, Executive Chairman & Gareth Jenkins, CEO
Strategy update - 19:33

Gareth Jenkins, CEO
Summary – 22:53

Q&A – 25:42

Accrol Group Holdings plc, formerly Accrol Group Holdings Limited, is an independent tissue converter manufacturing toilet rolls, kitchen rolls, facial tissues and away from home products (AFH). Its AFH products include Centrefeeds, Hand Towels, Hygiene Rolls, Toilet Tissue, Wiping Rolls, Standard Jumbo and Mini Jumbo. Its Consumer Paper Products include Envirosoft, Facial Tissues, Handy, Mega, Mighty, Sofcell, Softy, Thirsty Bubbles and Triple Softy. The Company supplies a range of Independents, Discounters and Multiples, as well as a range of AFH customers throughout the United Kingdom. It imports Parent Reels from around the world and converts them into finished goods at its manufacturing, storage and distribution facility in Blackburn, Lancashire. The Company has 15 converting lines in operation providing capacity of approximately 118,000 tons per annum. Its subsidiaries include Accrol UK Limited, Accrol Holdings Limited and Accrol Papers Limited.

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piworld interview: Ben McKeown, Dowgate Capital

This video can be seen at: https://www.piworld.co.uk/2021/01/15/piworld-interview-ben-mckeown-dowgate-capital/

 

Ben McKeown, CFA, Investment Director at Dowgate Capital, discusses how he manages money at Dowgate. We learn some of their investing criteria, and where he sees their current opportunities. Ben tells us that Dowgate Capital’s wealth management division is a younger, more dynamic wealth manager, where they aspire to generate returns of 20% a year, more cost-effectively.

Ben’s background - 00:27
Dowgate Capital - 01:28
Top-down or bottom-up? - 02:18
Criteria of stock selection - 05:17
Alpha FX (AFX) - 06:19
Valuation – 08:32
THG (THG) - 10:23
Holding period - 13:14
Growth target - 14:50
Which sectors are you looking at? – 15:28
Recovery plays: On The Beach (OTB) - 16:17
Fintech - 17:43
Liquidity - 19:28
The future of fund management - 20:33

 

About Ben McKeown

Ben Started his Career at Killik & Co before joining Hargreave Hale in 2014 a boutique wealth and fund management firm led by Giles Hargreave. Canaccord Genuity Wealth acquired the business in 2018 and he became an Investment Director on a desk responsible for £750m of discretionary mandates. Not long after the acquisition Ben joined Dowgate in July 2020 and has 13 years’ experience in the industry.

Dowgate Capital: https://dowgatecapital.co.uk/  

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This video can be seen here: https://www.piworld.co.uk/2021/01/08/piworld-interview-andrew-hollingworth-reflections-on-2020/

 

Andrew Hollingworth, Founder, HollAnd Advisors, discusses his investment approach and running a fund during CV19: what went well and badly, and opportunities for 2021. We get a real sense of some of the aspects of fund management. 

Andrew’s background & HollAnd Advisors – 00:31
How’s the fund performed since it’s inception? – 4:57
Growth v value investing – 06:38
2020 – 10:20
Dealing with a large drawdown? – 15:52
2020, what went well? What would Andrew have changed? – 21:53
2021 opportunities – 25:05 Greggs (GRG) – 30:12

About Andrew Hollingworth:
Andrew set up Holland Advisors in 2008. Holland provides High quality investment research to some of the world’s most senior and respected institutional investors. Andrew also manages an equity investment fund which he set up in 2011, which is converting to UK UCITS status in early 2021. Andrew specialises in looking to invest in owner manager run businesses that compound at high per-share rates for long periods. However, he is keen to invest at times when the stock market may be less believing in them. (Ie he is looking buy great companies when they are priced like bad ones). Andrew and his team at Holland also give macro-economic insights, having successfully expressed caution ahead of both the 2008 economic crisis and Covid 19. Prior to Holland Advisors Andrew worked for Merrill Lynch, Redburn Partners and Henderson Fund Managers. He started working in the Investment industry in 1987, aged 18.

https://www.hollandadvisors.co.uk  

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This video can be seen at: https://www.piworld.co.uk/2021/01/06/ra-international-rai-investor-presentation-december-2020/

Soraya Narfeldt (CEO), Lars Narfeldt (COO) and Andrew Bolter (CFO) give an overview of RA International and an update on current trading following December 2020's trading update.

Soraya Narfeldt, CEO
Introduction - 00:17

Soraya Narfeldt, CEO, Andrew Bolter, CFO & Lars Narfeldt, COO
What RAI do - 00:55 Clients - 03:12
Growth strategy - 05:42
RAI service verticals - 9:17

Andrew Bolter, CFO
Order Book - 12:08
The business transformation - 12:50

Soraya Narfeldt, CEO, Lars Narfeldt, COO & Andrew Bolter, CFO
ESG and Anti-bribery - 14:23

Andrew Bolter, CFO
Update on current trading - 17:57

Soraya Narfeldt, CEO Summary - 19:30

Q&A - 21:09

RA International Group PLC is a United Kingdom-based remote site service provider. The Company offers integrated camp services, from the construction of camp facilities to full life support services- including camp catering and camp maintenance services foe clientele operating in remote and challenging environments. It focuses on providing remote site solutions for those involved in humanitarian operations, and the oil and gas and mining industries. The Company’s service offerings include construction, operation and maintenance, integrated facilities management, supply chain, and accommodation. It provides its services to mining, oil and gas, and humanitarian.  

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