PIWORLD Investor Podcasts

Iain Staples, Fund Manager, on the UK Desk at Schroders, shares how he evaluates dynamic smaller companies for his funds. Firstly, they should make profit and have positive free cashflow, then he describes his four pillars, including their superiority through brand and reputation, then, what he describes as architecture, having the structures in place to operate in any environment; innovation to keep ahead, and strategic assets which make them untouchable. To illustrate, he picks companies with these qualities. He then goes on to give wise advice from his own mistake and gives a view on current markets. A thoroughly entertaining and enlightening interview. 00:41 Iain’s background 03:49 Sectors and themes Iain likes 05:11 Selection criteria for investments 09:58 Innovation: Oxford Instruments (OXIG), Spectris (SXS) Xp Power (XPP), Big Technologies (BIG) 11:54 Strategic assets: Elementis (ELM) 13:00 Are you limited in what you can invest in, by company size? 14:17 What companies offer good value at the moment? 15:03 Eurocell (ECEL) 15:26 Strix (KETL) 17:56 XP Power (XPP) 24:40 Battery storage: Invinity Energy Systems (IES). (PIWORLD interview with CEO of IES https://www.piworld.co.uk/company-videos/piworld-interview-with-invinity-energy-systems-ies-ceo-larry-zulch/) 33:10 Meditech 33:34 Renalytix (RENX) 40:30 Luceco (LUCE) (LUCE H120 results https://www.piworld.co.uk/company-videos/luceco-plc-luce-interim-results-september-2020/) 43:00 Learning from mistakes Saietta (SED); 46:13 NCC (NCC) 49:38 Current market valuations Iain Staples works on: Schroders UK Smaller Companies Fund: Schroders Dynamic UK Smaller Companies Fund https://www.schroders.com/ About Iain Staples: Iain’s first proper job, after studying maths and theoretical physics at Cambridge and Manchester, was at LEK Consulting, the corporate strategy consultant. After cutting his teeth on anything from potash mines in Spain to launching a low cost carrier for BA, he moved to Hoare Govett in 1999 in its TMT equity research team, just before the dot com bubble started to expand. After it duly popped, he emerged somewhat wiser from the experience and worked for ten years on the sell side, ending up at Altium as a roving analyst. Since 2012, he has worked at Schroders and took on his first fund in 2015.

Personal Group's CEO, Deborah Frost and CFO, Sarah Mace present the interim results for the period ended 30 June 2021. They are in the sweet spot providing benefits and services to improve employee wellbeing and engagement. Although hit by CV19 they are now benefiting from strong market tail winds with the insurance business picking up, Sage Employee Benefits demonstrating a significant growth in ARR and client numbers and HapiFlex delivered and live for the first client. This includes a helpful client testimonial from Sage. Deborah Frost, CEO 00:17 – Introduction & business overview 02:40 – Highlights Sarah Mace, CFO 05:15 – Financial results Deborah Frost, CEO 12:51 – Strategic & operational review 21:48 – HapiFlex by Personal Group 24:45 – Sage Employee Benefits 30:30 – Innecto 31:51 – Let’s Connect 32:28 – Key takeaways 33:40 – Q&A 40:27 – Closing remarks Personal Group Holdings PLC (PGH) is a United Kingdom-based employee benefits and services provider. The Company is principally engaged in transacting short-term accident and health insurance and providing employee services in the United Kingdom (UK). PGH's employee engagement and wellbeing services are delivered through its application, Hapi. The Company's segments include Core Insurance, IT Salary Sacrifice, software as a service (SaaS) and Other. The Core Insurance segment comprises of Personal Assurance Plc, a subsidiary of the Company, which is engaged in underwriting insurance policies. The IT salary sacrifice segment refers to the trade of PG Let's Connect, a salary sacrifice technology. The SaaS segment is engaged in offering Hapi platform. The Other segment consists of Berkeley Morgan Group (BMG) and its subsidiary undertakings, and Personal Management Solutions (PMS). Its clients include Francis Crick Institute, Bristol Airport, Arsenal Football Club and The British Library.

Air Partner’s CEO Mark Briffa discusses interim results for the period ended 30 June 2021. A very positive period resulting in another upgrade to expectations for the full year. We start to see how the strategy is coming together, including the recent acquisition of Kenyon. 00:29 Overview of the period 01:38 Strategy update 02:43 Kenyon 03:52 Outlook Air Partner PLC is a United Kingdom-based aviation services company. The Company provides worldwide solutions to industry, commerce, governments and private individuals. The Company has two divisions: Charter division comprising air charter broking and remarketing and the Air Partner Safety & Security division comprising the aviation safety consultancies, Baines Simmons, Clockwork Research and SafeSkys, as well as Air Partner's Emergency Planning Division. In addition, for reporting purpose, the Company is structured into four divisions: Commercial Jets, Private Jets, Freight (Charter) and Air Partner Safety & Security (Baines Simmons, Clockwork Research, SafeSkys and Air Partner's Emergency Planning Division).

CVS Group's CEO Richard Fairman, CFO, Robin Alfonso & COO, Ben Jacklin present full year results for the year ended 30 June 2021. Impressive numbers with total sales growth up 19.2% and adjusted EBITDA +37.3% with strong tailwinds in the UK pet care sector. Richard Fairman, CEO 00:17 – Introduction & agenda 00:50 – Overview 02:22 – Our integrated model 03:45 – Market & strategy update Robin Alfonso, CFO 08:14 – Financial review Ben Jacklin, COO 15:32 – Strategic & operational update Richard Fairman, CEO 22:31 – Outlook 25:01 – Closing remarks CVS Group plc is a holding company. The principal activities of the Company are to operate animal veterinary practices, veterinary diagnostic businesses, pet crematoria and an online pharmacy and retail business. Its segments are Veterinary Practice, Laboratories, Pet Crematoria and Animed Direct. The Veterinary Practice segment offers treatment for companion animals, equine and farm animals. The Laboratories segment provides diagnostic services to its veterinary practices and third-parties. Its laboratories provide Biochemistry, hematology, histology, serology and advanced allergy testing. The Pet Crematoria segment offers pet cremation services to its veterinary practices, third-party practices and directly to pet owners. The Animed Direct segment sells prescription and non-prescription drugs, pet food and other animal related products through its Website. It operates approximately 360 veterinary practices, four diagnostic laboratories, seven pet crematoria and an online dispensary.

LCM's CEO, Patrick Moloney, Executive Vice Chairman, Nick Rowles-Davies & CFO, Mary Gangemi present full year results for the year ended 30 June 2021. They achieved sustained growth and strong financials in disrupted market conditions. Going forward they are growing AUM with increased capital available to facilitate continued growth, they have a mature portfolio of high yielding assets, and feel the future market conditions will drive demand for LCM's capital. Patrick Moloney, CEO 00:17 – Introduction & Overview 03:21 – Building scale 06:10 – Maintaining performance Mary Gangemi, CFO 08:44 – Financial review Patrick Moloney, CEO 11:23 – Portfolio review Nick Rowles-Davies, Executive Vice Chairman 20:15 – Market dynamics Patrick Moloney, CEO 26:55 – Outlook 31:27 – Q&A 54:58 – Closing remarks Litigation Capital Management Limited is an Australia-based litigation finance company. The Company is an alternative asset manager specializing in disputes financing solutions internationally. It operates through two business models: direct investments and funds management. LCM's investment strategies include single-case, portfolios, and acquisition of insolvency claims. Its single-case investment includes investment in a single dispute globally. Its portfolio includes funding a bundle of single disputes in which LCM's capital investment is collaterally secured against the proceeds of the entire portfolio of disputes. Its acquisition of insolvency claims includes investment in smaller disputes through the acquisition or assignment of the underlying cause of action. The Company's product includes Fully Litigation, Litigation for finance companies, Funding for financial international arbitrations, Law firm/Portfolio funding, Disbursement finance, Security for costs, and others.

Judges' CEO, David Cicurel, Gp FD, Brad Ormsby and COO, Mark Lavelle, present interim results for the period ended 30 June 2021. The Board is confident that the Group will exceed market expectations for the year. The order intake, revenue, profit and cashflow have recovered well from CV19. The organic orders to the end of August are up 23% yoy, although the environment is still challenging,. They have a new £60m five-year bank facility to provide greater acquisition financing capability. David Cicurel, CEO 00:16 – Introduction to Judges 03:02 – Key messages Brad Ormsby, CFO 06:37 – Financial review David Cicurel, CEO 21:35 – Growth strategy 32:40 – Outlook 35:11 – Investment case 36:35 – Q&A 51:16 – Closing remarks 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.

FA. Executive Chairman, John Conoley gives an introduction to the company and an overview of the results for the six months ending 30th June 2021. John Conoley, Executive Chairman 00:34 – An introduction to FireAngel 04:04 – H1 21 overview 05:21 – Financial highlights 08:13 – How Have you started to deploy the net proceeds from the £9m fundraised in April? 13:55 – Strategic priorities 15:51 – Summary & outlook Fireangel Safety Technology Group plc, formerly Sprue Aegis plc, is engaged in the business of design, sale and marketing of smoke and carbon monoxide (CO) detectors and accessories. The Company also operates its own CO sensor manufacturing facility in Canada. The Company is also a provider of home safety products. The Company's principal products include smoke alarms and CO alarms and accessories. Sprue manufactures CO sensors for use in all its CO alarms. Sprue serves in the United Kingdom retail and the United Kingdom's fire and rescue services. The Company offers a range of brands, including FireAngel, AngelEye, Pace Sensors, First Alert, SONA, BRK and Dicon brands. The Company's subsidiaries include Sprue Safety Products Limited, which is engaged in distribution of smoke and CO alarms, and Pace Sensors Limited, which is a manufacturer of CO sensors.

Christopher Mills, CEO, Harwood Capital Management, is fundamentally a value investor with a strategy to extract that value so avoiding value traps. Often, an activist investor who will place management or himself on the board to ensure alignment with shareholders, as is seen in his success with EKF, MJ Gleeson, and Augean, which he discusses. As an early entrant to Life Sciences, he tells us what he likes about the sector, including a deep dive into Circassia, and an update on Sourebio following the lifting of CV19 testing for certain travel. He covers some of his investments that he's excited about, with each, we can hear his strategic thinking, for example with AssetCo where Martin Gilbert, ex Aberdeen Asset Management has joined as Chairman, who is starting to build another leading asset management company; likewise those building blocks with Frenkel Topping and Polar Capital. A very engaging interview that gives us a sense of Christopher, his razor sharp mind, and why he's such a successful investor. 00:49 Christopher’s career and Harwood Capital 03:33 What are you looking for in the companies in which you invest? 05:30 What about life sciences do you like? 08:03 Circassia (CIR) 12:45 Sourcebio International (SBI) 16:58 Clinigen (CLIN) 18:14 Polar Capital (POLR) 20:07 AssetCo (ASTO) 21:34 Frenkel Topping (FEN) 29:15 Successes: how do you find the right strategy & management? MJ Gleeson (29:40), EKF (30:24) & Augean (33:48) 35:50 When it goes wrong 39:03 Why is the discount to NAV so wide for the North Atlantic Smaller Companies IT (NASCIT)? 44:10 Remaining ambitions Harwood Capital Management: https://www.harwoodcapital.co.uk/ About Christopher Mills Chief Executive Officer and principal shareholder of Harwood Capital Management since 2011. He founded JO Hambro Capital Management with Jamie Hambro in 1993 acting as Chief Investment Officer and Harwood Wealth with Alan Durant in 2013 until their respective sales in 2011 and 2020. He is CEO of North Atlantic Smaller Companies Investment Trust (“NASCIT”) which he has managed since 1982 and Executive Director of Oryx International Growth Fund which he has managed since 1995. NASCIT has delivered a total NAV per share of nearly 200x under Mr Mills’ management and is the winner of numerous Micropal Sunday Telegraph and S&P investment trust awards. He has sat on the Board of over 100 companies during his career including most recently Augean, MJ Gleeson, SureServe, Frenkel Topping and is currently Chairman of EKF Diagnostics and Renalytix AI. He was awarded a scholarship to go to university by Samuel Montagu and has a BA in Business Studies.

The Property Franchise Group CEO, Gareth Samples and CFO, David Raggett present the H1 results for the period ended 30th June 2021. These are record results due to the increased activity in the sales and lettings market. Looking forward, they anticipate the full year to be ahead of expectations. Further, they update on the execution of the strategy with Ewe Move, Hunters, the partnership with LSL and the post-period acquisition of The Mortgage Genie. A very confident presentation. Gareth Samples, CEO 00:17 – Introduction & company overview 06:02 – Summary of the period David Ragget - CFO 07:01 – Financial results Gareth Samples, CEO 18:34 – Strategic initiatives 29:08 – Hunters integration update 30:25 – Market update 35:01 – Outlook 36:27 – Q&A 52:31 – Closing remarks The Property Franchise Group plc, formerly MartinCo PLC (MartinCo), is engaged in residential property franchise business. The Company operates as a franchise model focused on the United Kingdom residential lettings and property management services offered to private clients. It also offers estate agency services. Its brands include Martin & Co, Xperience, Ellis & Co, CJ Hole, Parkers and Whitegates. Martin & Co is a national brand with approximately 200 offices distributed across the United Kingdom. Martin & Co is a specialist lettings and property management business. Xperience brand includes is the property franchise business. Ellis & Co has over 20 offices within the M25 and one office in Tonbridge, Kent. CJ Hole is engaged in selling property within the estate agency market in the South West with over 20 offices throughout Bristol, Somerset and Gloucestershire. Its subsidiaries include Martin & Co (UK) Limited, Xperience Franchising Limited and Whitegates Estate Agency Limited.

Attraqt's CEO, Mark Adams summarises the interim results for the period ending 30th June 2021. 00:30 H1 21 overview 01:45 Highlights of the period 02:49 Progress against strategic priorities 04:46 The new hires 05:30 The future Attraqt Group plc is a United Kingdom-based company, which enables brands, manufacturers and retailers to optimize the electronic commerce site. Through its platforms, Fredhopper Discovery Platform, Early Birds and software Experience Orchestrator (XO), the Company provides a set of application programming interface (API)-enabled, algorithm-driven, intelligent software as a service (SaaS) services covering personalization, search, navigation, merchandising, recommendations and internationalization. The Company offers a search system that provides a machine learning-based solution for matching a text string entered into a search box on an electronic commerce site against the products on that site. The Company partners with brands and specialist retailers across sectors, including fashion, footwear, homeware, health and beauty, grocery, electronics, business to business (B2B), sports and outdoor.