PIWORLD Investor Podcasts

David Beech, CEO and Kate Lewis, CFO present the FY21 results for the period ended 30th April 2021. They have delivered a robust performance during the year, with a rapid return to stronger levels of organic growth in the second half, complemented by high calibre acquisitions that further elevate their position as a market leader outside London. Looking forward momentum has continued into 2022 and they continue to see a strong pipeline of possible acquisition opportunities. David Beech, CEO 00:17 – Introduction & overview Kate Lewis, CFO 03:33 – Financial results David Beech, CEO 20:52 – Continued momentum in the business 23:32 – Scaling 30:23 – Acquisitions & driving performance 35:16 – Summary & current trading 37:13 – Q&A 1:05:13 – Closing remarks 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.

ActiveOps CEO & Founder Richard Jeffery and CFO Patrick Deller present the company’s full year 2021 results for the financial year ended 31 March 2021. ActiveOps IPO'd in March 2021, it is a leading provider of Management Process Automation (MPA) software for running complex and global back-offices. Here, we get more background to the product, the market, the business model and strategy; and more detail on the FY21 results. Richard Jeffery, CEO & Founder. 00:17 – Introduction 00:45 – About ActiveOps 01:47 – The product 02:58 – Market drivers 03:51 – FY21 results overview Patrick Deller, CFO 06:57 – Commercial model 09:45 – Financial KPI’s 10:40 – P&L 13:30 – Balance sheet & cash flow Richard Jeffery, CEO & Founder. 14:45 – Strategy review 15:28 – Differentiation 17:36 – Evolution of the offering 19:55 – Customer base 22:57 – ESG 24:00 – FY22 areas of focus 24:58 – Q1 outlook 25:41 – Q&A Richard Jeffery, CEO & Founder. 34:12 – Closing remarks ActiveOps plc, formerly ActiveOps Limited, is a United Kingdom-based management process automation (MPA) software company. The Company provides a software as a service (SaaS) platform to enterprises with global back-offices. Its software and embedded back-office operations management methodology enables enterprises to adopt a data-driven approach to organizing work and managing capacity. The Company's enterprise platform comprises Workware+, its MPA software platform, and AOM, its operations methodology and framework for effective back-office management. Its cloud-based ControliQ employee performance management solution enables managers to simplify running operations. Its solution, WorkiQ, captures workforce analytics from desktop activity for employee engagement. The Company's OpsIndex Score & Benchmarking tool involves measuring the performance of the operational business on an enterprise level, department by department and against community level.

We catch up with Paul Jourdan, CEO & Co-Founder of Amati Global Investors. He outlines the macro picture, which has led Amati to increase exposure to global industrials, particularly ones that benefit from housebuilding and home improvements; he likes retail. He’s avoiding travel and leisure. Inflation is a recuring theme which he feels is a major threat for investors. He outlines why he started the Strategic Metals Fund. We close on why he likes IPOs. It is peppered throughout with companies he’s particularly excited about. As always do your own research on any stocks mentioned, these are NOT recommendations. 01:12 Paul’s view on Covid-19 and where we’re headed from here. 04:17 What’s actions has Paul taken with his funds to plan for today’s threats 06:35 Dunelm (DNLM) 07:15 Has CV19 increased the attraction of Biotech and Meditech? What companies in the sector is Paul most excited about? 09:54 Polarean Imaging (POLX) 13:12 Renalytix (RENX) 15:43 Current valuations 18:17 Do you feel any companies in the funds are a likely potential bid candidate? 20:33 Grainger (GRI) 21:55 Inflation, monetarism (Professor Tim Congdon: https://mv-pt.org/) and QE. 29:10 Why did Amati launch the Strategic Metals Fund? 35:24 What company are you most excited by? Saietta (SED) 44:19 What draws you to IPOs? And which do you particularly like? 45:33 Victorian Plumbing (VIC) 48:39 AlphaWave Ip (AWE) Find out more about Paul Jourdan and the Amarti Global Investors funds: https://amatiglobal.com/ About Paul Jourdan: Dr Paul Jourdan co-founded Amati Global Investors following the management buyout of Noble Fund Managers from Noble Group in January 2010, having joined Noble in 2007 as Head of Equities. His fund management career began in 1998 with Stewart Ivory, where he gained experience in UK, emerging market, and global equities. In 2000, Stewart Ivory was taken over by First State and Paul became manager of what is now TB Amati UK Smaller Companies Fund. In 2004, he was appointed Head of UK Equities at First State. In early 2005, he launched Amati VCT plc and he also manages Amati VCT 2 after the investment management contract moved to Amati Global Investors in 2010 (In 2018 Amati VCT merged into Amati VCT 2 which was then renamed Amati AIM VCT). Prior to 1998, Paul worked as a professional violinist, including a four-year period with the City of Birmingham Symphony Orchestra. He currently serves as a trustee of Clean Trade, a charity registered in England and Wales.

Begbies Traynor Executive Chairman Ric Traynor and Group Finance Director Nick Taylor present the Group's 2021 full-year results, for the period ending 30th April , 2021. A strong performance with results ahead of original expectations due to acquisitions and improved trading. Looking forward, business recovery and financial advisory is well-paced to continue growth and property advisory and transactional service is to maintain its bounce back. Ric Traynor, Executive Chairman 00:22 – Overview Nick Taylor, Group Finance Director 01:44 – Operating and Financial Review Ric Traynor, Executive Chairman 12:20 – Operating and Strategic Review 21:00 – Summary Nick Taylor, Group Finance Director Ric Traynor, Executive Chairman 22:08 – Q&A Begbies Traynor Group plc is a business recovery and property services consultancy. The Company's segments include insolvency and restructuring, and property. It provides services from a network of the United Kingdom locations through two operating divisions: Begbies Traynor and Eddisons. Begbies Traynor is an independent business recovery practice that handles corporate appointments, serving the mid-market and smaller companies. It provides insolvency, restructuring and consultancy services to businesses, their professional advisors and financial institutions. Eddisons is a national firm of chartered surveyors, delivering transactional and advisory services to owners and occupiers of commercial property, investors and financial institutions. It provides professional services, such as business rescue options, advisory options, forensic accounting and investigations, corporate and commercial finance, personal insolvency solutions and services to banking, legal and accounting sectors.

Mark Dorman, CEO & Alex Smith, CFO present the full year 2021 results, for the period ended 31st May 2021. A very strong performance with net fees up 10% year on year; pre-tax profit +114%, and EPS +140%. The profit growth was driven by improving market conditions with especially strong demand for STEM skills and productivity growth. We hear the progress made against the 2024 ambitions and end with the outlook, which is ahead of the full-year expectations.   Mark Dorman, CEO 00:18 Introduction to Andrew Beach, CFO designate 01:12 STEM's purpose: bringing skilled people together 02:14 Overview of period Alex Smith, CFO 06:19 Financial review Mark Dorman, CEO 22:07 Business overview 25:18 ESG: empowering a sustainable future 27:35 Themes in the sector 29:53 Progress against 2024 ambitions & outlook Mark Dorman, CEO & Alex Smith 31:50 Q&A 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.

The full management team Dan Wright, Executive Chairman, Gareth Jenkins, CEO, Richard Newman, CFO and Graham Cox, Commercial Director give a comprehensive overview of the turnaround to date, with the period’s achievements operationally, including the two acquisitions, and financially. They cover the main markets, investment to date and going forward, and the 2022 outlook. Dan Wright, Executive Chairman 00:18 The vision Gareth Jenkins, CEO 02:50 Performance summary Richard Newman, CFO 04:13 Financial results Gareth Jenkins, CEO 08:14 The acquisitions: Leicester Tissue Company (LTC) & John Dale Graham Cox, Commercial Director 12:32 The Markets Gareth Jenkins, CEO 19:08 Investment 22:28 FY2022 outlook 25:07 Conclusion 26:07 Q&A Accrol Group Holdings plc is a United Kingdom-based independent tissue converter and supplier of toilet tissues, kitchen rolls and facial tissues. The Company supplies to a range of discounters and grocery retailers across the United Kingdom (UK). 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 operates from five sites, including four in 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.

Ultra's CEO Simon Pryce and CFO Jos Sclater present the Group's 2021 interim results. It was a stronger than anticipated first-half performance and excellent strategic progress. The Focus; Fix; Grow transformation programme is delivering ahead of plan and with a better payback than originally anticipated. This should accelerate top-line and market share growth. They are increasingly confident about future prospects. Simon Pryce, CEO 00:17 – Introduction 01:24 – Overview Jos Sclater, CFO 04:52 – Financial Highlights 17:19 – 2021 Outlook Simon Pryce, CEO 18:59 – Our Markets 24:58 – Growth Drivers Jos Sclater, CFO 36:02 – Transformation Program 41:35 – ESG Simon Pryce, CEO 43:10 – Summary Jos Sclater, CFO Simon Pryce, CEO 44:58 – Q&A Simon Pryce, CEO 52:35 – Closing Remarks 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.

Listed private capital gives all investors access to high-performing private equity and credit investments — funds of ready-made diversified portfolios of interesting and well managed private companies in exciting growth sectors such as technology enablement and health and wellbeing and at the forefront in ESG investing. As the fund shares are listed, investors have liquidity in what would otherwise be a medium to long-term investment. In this, the second of a two-part series we explore the listed private capital opportunity with leading managers who will explain and discuss the investment case and the opportunities presented by their individual investment strategies. Deborah Botwood Smith, CEO, LPeC 00:17 – Introduction Hamish Mair, MD, Head of Private Equity 03:47 – BMO Global Asset Management A gross asset private equity 'value added' fund of funds with c. 450 underlying companies. Pieter Staelens, MD, Portfolio manager 21:51 – CVC Credit Partners A leader in global credit and private equity. Steven Tredget, Partner 35:52 – Oakley Capital (OCI) A closed-ended investment company, which achieves capital appreciation through private mid-market UK and EU businesses. 49:22 – Q&A

SThree CEO Mark Dorman and CFO Alex Smith give an overview of the Group's 2021 half year results for the period ending 31st May 2021. Mark Dorman, CEO 00:30 - H1 21 Highlights Alex Smith, CFO 01:50 - Financial highlights Mark Dorman, CEO 03:30 - Strategy progress 05:15 - Outlook 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.

John shares his portfolio performance during the first 6 months of 2021, the main contributors and detractors. We get an update on De La Rue, his 2021 PIWORLD pick in December and what he's most bullish about today. We touch on his fund portfolio launched July 2020. John was very prescient in calling the markets during the Covid crash, so we ask his views on the outlook for markets and inflation. 00:55 John’s performance to date 02:36 Which stocks have been the best contributor to John’s performance? SDI (SDI) 05:39 Sigmaroc (SRC), before the Nordkalk Oy Ab reverse takeover announcement! 07:39 Sylvania Platinum (SLP) 11:05 K3 Capital (K3C) 12:14 Main detractors from John’s performance: Biotech Growth (BIOG), Baillie Gifford (BGUK), Syncona (SYNC) & Bioventix (BVXP) 16:09 De La Rue (DLAR) 23:40 Lundin Energy (LUNE) 32:23 Supreme (SUP) 36:28 John’s funds portfolio performance 40:39 Inflation and the market outlook 46:00 JICUK.com About John Rosier In June 1984, John left university with a degree in Zoology and started work in The City of London. He enjoyed the first 14 years of his career at Fleming Investment Management, initially as an analyst and then as a UK portfolio manager; in 1997 he was appointed Head of UK Equities. He was a director at Henderson Global Investors from 1998 until 2004, before moving to the West End and working for two hedge funds. John’s investment career at Flemings and Henderson was focused on managing UK equity portfolios for corporate and local authority final salary defined benefit pension schemes as well as the reserve fund for the NSPCC. During 2009 John left full-time employment since when he has been managing his own portfolio. John can be found at https://www.jicuk.com/