PIWORLD Investor Podcasts

This week, Progressive's Jeremy McKeown and Gareth Evans consider Trump's quick switch from declaring peace in the Middle East to opening a (new) trade war with China, which has almost as quickly subsided, with the Trump/Xi meeting now "back on".  Jeremy highlights the ongoing strength of gold - FOMO bubble or long-term trend driven by debasement of currencies ?  And the great rewards of being a gold miner - with unparalleled revenue per ounce, and costs of drilling and transport (often oil-based) in decline.   Bitcoin hasn't participated in the recent gold rally - although over a longer timeframe than the last few months, it has hugely outperformed.  Perhaps both can be safe havens in a world of unaffordable government debt and spiralling-down currencies ?  Meanwhile equity markets have been relatively stable, although slightly spooked by the current pressure on US lenders, driven by greater-than-apparent losses flowing from a number of insolvencies that shouldn't have rippled the way they have.  Gareth talks about Gear4Music, Sanderson Design Group and Oxford Metrics, all of which this week have highlighted decent trading (or better) along with the benefit of much cost-control, in each case well received by investors.   Next week we have Chinese growth data and UK inflation which could exceed 4% for the first time in over a year.  The end of the week will bring US inflation (they're still publishing despite the government shutdown) - anything much above 3.0% will both rattle markets and possibly cost someone at the Bureau of Labor and Statistics their job.  Finally, don't forget Japan...Friday also brings their latest inflation print; as always we better hope there's nothing too surprising.

Progressive's Gareth Evans and Jeremy McKeown discuss the highlights of the last week in financial markets.Gold (and other precious metals) move to all-time highs, representing a foot on the brake. What are they worried about? Well, there are emerging risks around credit conditions in private markets and increasing concerns that the AI capex cycle is turning into a fully fledged bubble, one that Jeff Bezos, no less, called a good bubble. Jeremy mentioned the under-reported British Bicycle Bubble of the 1890s. See link for details: https://www.historyhit.com/the-great-british-bicycle-bubble-of-1896/Trump, the peacemaker, is making progress in the Middle East, but not in time to win this year's Nobel Peace Prize. However, the consequences for any deal could involve much lower oil prices and maybe a disruption to the ascent of precious metals prices.   Gareth discusses the UK car loan mis-selling update from the FCA, its impact on Vertu Motors and Secure Trust, and this week's results from Beeks Financial Cloud.Looking forward, the macro news includes trade and inflation data from China, as well as employment and GDP data from the UK.With the US government shut down, there are question marks over what to expect from the US market or whether the inflation data on October 15th will even be released.Brought to you by Progressive Equity.

Rory MacDonald, CEO of Made Tech Group, and Neil Elton, CFO, present the group's results for the year ended May 31, 2025, followed by a Q&A session.Rory MacDonald, CEO00:16 Introduction01:02 FY25 HighlightsNeil Elton, CFO03:54 FY25 Financial Highlights08:24 Bookings and Revenue10:04 Adjusted EBITDA11:55 Balance SheetRory MacDonald, CEO13:55 Industries17:22 Clients19:03 Case Study: NHS England20:16 Case Study: Home Office21:23 Services24:26 Software Products26:01 Social Value27:45 People29:41 Outlook31:51 Q&AMade 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.The Group operates from three locations across the UK - London, Manchester, and Bristol.More information is available at https://investors.madetech.com/.

SDI Group CEO, Stephen Brown, CFO, Ami Sharma and Head of Corporate Development, James Dimitriou present the group's results for the year ended 30 April 2025, followed by a Q&A session.Stephen Brown, CEO01:20 Introduction03:47 Strategic Progress04:40 FY25 Key Growth Initiatives05:34 Industrial and Scientific Products Highlights06:53 Industrial and Scientific Sensors Highlights07:25 Laboratory Equipment Highlights08:34 Acquisitions - Inspecvision09:38 Acquisitions - Collins Walker10:08 Acquisitions - Severn Thermal SolutionsAmi Sharma, CFO10:54 FY25 Financial Highlights11:53 Income Statement13:26 Divisional Performance - Industrial And Scientific Products14:12 Divisional Performance - Industrial And Scientific Sensors14:56 Divisional Performance - Laboratory Equipment15:29 Cash Flow16:38 Net Debt Bridge17:04 Net DebtStephen Brown, CEO17:41 Outlook19:02 Q&ASDI Group plc is a group of small to medium size companies with specialist industrial and scientific products in growth sector niches which help solve customers' key challenges.It specialises in the acquisition and development of companies that design and manufacture specialist products for use in lab equipment, industrial & scientific sensors and industrial & scientific products.Its portfolio of businesses supplies the life sciences, healthcare, plastics and packaging, manufacturing, precision optics and measurement instrumentation markets.SDI aims to continue its growth through driving the organic growth of its portfolio companies and by the acquisition of complementary technology businesses with established reputations in global markets.For more information, please see: www.SDIGroup.com

Progressive Analysts George O'Connor and Ian Robertson catch up on events in and around the UK small and mid-cap listed tech.Big Beautiful Trade Prosperity deal – George tries to put in it some kind of context vs the scale of what is happening elsewhere. Has the UK sold its soul or did that really happen years ago?  Look to the positive and question Germany’s and France’s position.Then Oracle – the big jump. The whole world now knows what it’s like to be a UK small-cap fund manager. The big ego tech boss with a track record of missing results declares that he has HUGE committed revenues ahead of him with limited visibility on both the final customer and the funding, sounds all too familiar  What does Larry Ellison understand by commitment anyway – probably depends on which of his six wives you ask. Feels a bit like Jan 10th 2000 AOL – Time Warner.  But it’s different this time – why?  Because the internet needed funding and so the bankers and brokers had been seeing the big dollar signs for several years by that point. This time Wall Street has been restrained, and analysts have frequently asked tricky questions, but all that could change now.Looking at UK company news, George highlights SThree’s concerning results, Tinybuild’s recovery, whilst Ian ponders Judges Scientific in the light of Spectris and asks why UK fund managers and analysts seem to be stuck in an analog world.

The Pebble Group CEO, Chris Lee and CFO, Claire Thomson, present the group's results for the six months ended 30 June 2025, followed by Q&A.Chris Lee, CEO00:16 Introduction03:01 Investment case04:24 HY25 HighlightsClaire Thomson, CFO06:34 HY25 Financial Highlights07:34 Revenue08:13 Income Statement09:12 Balance Sheet09:43 Cash flow10:19 Cash Utilisation PrinciplesChris Lee, CEO11:30 Facilisgroup Introduction12:48 Facilisgroup Key Financial and Operational Metrics14:35 Facilisgroup StrategyClaire Thomson, CFO17:14 Brand Addition Introduction18:08 Brand Addition Key Financial and Operational Metrics19:03 Brand Addition Revenue Bridge20:56 Brand Addition StrategyChris Lee, CEO21:49 ESG23:01 Group Outlook23:54 Q&AThe 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.

Progressive's Gareth Evans and Jeremy McKeown discuss the key factors that have impacted financial markets over the past week and take a look ahead to what lies ahead for investors.Bond markets got the yips over talks of IMF visits for France and the UK. However, no one informed the FX market, and the value of the £ remained solid, helped in part by the weakening of the $. However, it's all relative, and the real value of things is reflected in gold and other real assets.US labour markets showed more signs of weakness, but with persistent inflation.US tech giants continue to dominate, but with little scrutiny of the returns that their substantial AI capital expenditures might yield. Oracle was in the spotlight this week, with some extraordinary results, launching its founder back into the top spot on the world's richest person leader board.Despite our volatile politics, UK equities remain in demand, and risk assets more broadly remain in good fettle.The long wait for the UK Budget might be because they are working on a cunning plan for growth, or they are simply waiting for things to improve. Of course, both could be true. Either way is a frustrating wait.Meanwhile, the results and updates offer a mixed bag, indicating that the UK consumer remains active.Jeremy offers a view on Treatt's fall from grace and its Board's disappointing acceptance of the modestly pitched PE offer the company received this week.Looking ahead, the main focus will be on the Fed's rate decision, where the overwhelming expectation is for a 25 bps cut to 4.25%. But most people will be more interested in President Trump's second state visit to the UK, which begins on Tuesday. Shhh, nobody mention Jeffrey Epstein.Brought to you by Progressive Equity.

DF Capital CEO, Carl D'Ammassa provides an overview of the company's results for the six months ended 30 June 2025.00:00 Opener00:16 Introduction01:09 H1 2025 Review03:25 Strategy Update04:14 Looking aheadDF Capital is a speciality lender providing flexible financing solutions that support the sales and growth of manufacturers, dealers and distributors operating in attractive underserved retail markets across the UK. As a bank, DF Capital's lending is underpinned by its award-winning savings products, straightforward digital platform, and exceptional customer service.

This week, Progressive's Jeremy McKeown and Gareth Evans debate Trump's ongoing attacks on the US Fed...perhaps Powell is rolling over, but the recently "sacked" board member Lisa Cook is not.  The dollar fell and long bond yields rose, but not by much.  France is showing renewed (and traditional) political risk, and the landscape across Europe feels pressured.  The UK is once again facing an Autumn of Worry as the budget's tax-more-or-spend-less balancing act seems destined to repeat last year's wheel of fortune on which part of the economy will bear the brunt of new taxes.  In the absence of much small-cap news, the pair consider the misfortunes of Drax, the former coal-fired power generation group, now reinvented doing the "green thing" of burning wood pellets to produce electricity.  This week saw news that the FCA is investigating the veracity of some of the their historic claims around the source of these pellets (Drax claims they're mainly "off-cuts" of wood that's already being logged).  Whether or not there's an issue, it is possible that the attention might focus minds on the genuine green credentials of shipping wood across the Atlantic to burn it, and then claiming that by capturing the carbon released and then burying it, the whole process is "carbon negative".  More broadly, some governments are actively against the renewables agenda, and others actively can't afford it.  Next week we get the excitement of US jobs data - Trump wants data weak enough to prompt a big interest rate cut, but not weak enough to look like a recession. Whoever's in charge of "deciding" the number better tread a careful line, or they might join the jobless stats for the following months.

This week, Progressive's Jeremy McKeown talks to The Brawl Street Journal, a source that posts on “second-order thinking on Europe’s markets, energy, and the collision between regulation and reality.”The man behind this blog holds a PhD in international economic law, with a background in World Trade Organisation (remember them?) dispute settlements, and has worked with an international law firm. He also advised banking clients on sanctions law following Russia’s invasion of Crimea. He then worked in various economic and regulatory roles within Germany’s civil service, giving him a front-row seat on how subsidies, regulations, and political priorities work in practice. The Brawl Street Journal was launched last year to help investors question the consensus, which its creator believes has been infiltrated by propaganda, as defined by the French sociologist Jacques Ellul, who wrote a book of that name in the 1960s. The pair discuss how propaganda is often an emergent phenomenon of well-intentioned people, rather than the simplistic, malign, authoritarian means of control we usually envision. They also discuss how net zero has become one of several propaganda myths of the established European consensus that have weakened the EU and wider European economies. They also talk about the potential for a net-zero-induced crisis, similar to the global financial crisis and what the prospects might be for Europe to avoid this outcome. With that, please enjoy Jeremy's conversation with the maverick behind The Brawl Street Journal.