PIWORLD Investor Podcasts

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Mar 28, 2025 • 15min

The Market Call - Week Ending 28th March 2025

This week, Jeremy and Gareth discuss some home truths about the UK economy - Rachel Reeves has reassured bond investors for now, but the low-growth, stubborn-inflation structural problems persist. Ironically, Trump's erratic tariff-wielding tactics could drive capital AWAY from the USA, to the benefit of China, Germany and even the UK equity market. And this week, a couple of UK stocks with "reasonable" news - Xaar and SRT Marine - saw 25%+ price moves suggesting that many stocks are priced for pessimism.  Gamma Communications delivered a solid 2024, and we think investors are more wary than they should be of German expansion. Next week sees Chinese confidence data, European inflation and crucially US jobs...as well as 2 April seeing Trump's tariffs (probably....) come into effect.
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Mar 22, 2025 • 15min

The Market Call - Week Ending 21 March 2025 - Trade related uncertainty

Headline grabbing Trump noise from Washington has died down but with concerns around tariffs, and issues in the Ukraine and the Middle East still not settled, Jeremy and Gareth discuss the common theme this week which has been central bankers and companies talking about trade related uncertainty. Overall the forecasts of GDP growth in the major economies in the world are coming down, but inflation expectations remain heightened. Big US corporates such as Nike and FedEx cited trade uncertainty as a major issue and it’s been referenced increasingly in UK RNS announcements.  With US focus seemingly now more on longer term interest rates than the level of the US stock market, overriding market sentiment is one of capital flight from the US to the rest of the world. A survey documenting the capital allocation intentions of the world's largest asset managers listed the biggest one month allocation away from US equities ever recorded. Some has gone to Germany and the wider European market, some has gone into China and there's also been a big allocation into US treasuries. Although there's no direct evidence of much of this capital finding its way into the UK market yet, Jeremy and Gareth remain hopeful!  In the UK, Gareth talks about Beeks (BKS) and FDM who both had results. Employment data this week was pretty much as expected. However UK government borrowing data was running ahead of expectations,which doesn’t bode well for next week's Spring Statement and the brewing government dispute about whether they should continue to look to raise taxes or to reduce government spending. Next week we have UK inflation data on Wednesday, and on Friday we get US PCE data (the Federal Reserve’s preferred inflation measure).   Brought to you by Progressive Equity.
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Mar 21, 2025 • 42min

The Pebble Group (PEBB) Full Year 2024 Results Presentation - March 2025

The Pebble Group CEO, Chris Lee and CFO, Claire Thomson present the group's results for the year ended 31 December 2024, followed by a Q&A session. Chris Lee, CEO 00:16 Introduction 01:21 Market opportunity 03:30 Investment case 04:02 FY24 Highlights Claire Thomson, CFO 06:02 FY24 Financial highlights 06:23 Business models 07:27 Income statement 08:06 Balance sheet 08:34 Cash flow 09:13 Cash utilization Chris Lee, CEO 10:29 Facilisgroup overview 11:40 Facilisgroup - Market structure & positioning 13:16 Facilisgroup - Financial and operational metrics 15:45 Facilisgroup - Organic growth 16:49 Facilisgroup - Strategies Claire Thomson, CFO 17:47 Brand Addition - Overview 18:11 Brand Addition - Market structure & positioning 20:01 Brand Addition - Financial & operational metrics 20:14 Brand Addition - Strategies Chris Lee, CEO 21:01 ESG 22:38 Group outlook 25:13 Q&A The 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
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Mar 14, 2025 • 15min

The Market Call - Week Ending 14th March 2025

This week, Jeremy and Gareth mull over the macro situation - the US economy seems to be slowing (but inflation persists) while Europe, especially Germany, has been bullied into spending more than ever. The UK, and arguably Europe, haven't yet seen much benefit from the outflow of capital from the MAG Seven, but remember, the whole German market cap is not dissimilar to the value of Microsoft - so there's a lot more to go for. UK companies discussed include STV, Forterra, Van Elle, Secure Trust Bank, Cakebox, Care REIT, Hornby and Science Group/Ricardo. Next week the big news is around interest rate decisions - in the USA, here in the UK and in Japan. Let’s hope for no surprises (especially from Tokyo). 
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Mar 13, 2025 • 11min

Secure Trust Bank (STB) Full Year 2024 results overview - March 2025

Secure Trust Bank CEO, David McCreadie provides an overview of the group's results for the 12 months to 31 December 2023. David McCreadie, CEO 00:29 Introduction 00:49 Vehicle Finance Sector challenges 02:03 Strategic goals & targets 04:31 2024 performance highlights 06:32 Strategic initiatives 08:39 Outlook and conclusion Founded over 70 years ago, Secure Trust Bank is a leading retail deposit-funded specialist bank operating in four core markets: retail finance, vehicle finance, real estate finance, and commercial finance. Secure Trust Bank’s management has simplified the business through the sale/exit of non-core businesses, repositioning the loan portfolio towards lower-risk loans, and focusing on reducing operating costs to drive efficiency (Project Fusion).
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Mar 7, 2025 • 15min

The Market Call - Week Ending 7th March 2025

This week, Gareth and Jeremy try to keep up with the gyrations from across the Atlantic - both around defence alliances and tariff policies. In terms of the impact on Europe and the UK, Germany is stepping up and spending big, which is driving up both (European) stock markets and (German) borrowing costs. Trump seems to be ignoring the stock market and is probably happy that US borrowing costs are falling - crucial for the upcoming refinancing of a significant chunk of US government debt. Closer to home, Severfield is seeing tough conditions, which reflect a sluggish broader economy, and XP Power's £41m raise shows that UK markets aren't completely closed. Next week, we'll discuss US jobs data and inflation...unless Trump 2.0 delivers another surprise!
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Mar 6, 2025 • 18min

OTC Markets: Interview with Jason Paltrowitz, Executive Vice President, Corporate Services

Progressive's Gareth Evans recently sat down with Jason Paltrowitz, Executive Vice President, Corporate Services at OTC Markets. The two discuss how the business operates and the opportunities that the OTC offers for companies and investors. 00:00 Opener 00:31 What are OTC Markets, and how do they operate? 02:58 Are there any additional regulatory overheads? 04:50 Is the ability to offer easier-to-manage shares for US employees a motivator for listing? 07:13 How much of the growth in volume trading comes from new companies listing, and how much comes from trading of existing stocks? 08:59 Do you think we'll ever reach overnight trading? 11:37 I see you run a $1billon + index, could you talk about why companies of that scale are interested in having an OTC listing? 13:25 What are the costs of listing on the OTC? 16:51 Closing comments OTC Markets offers the ability for UK-listed companies to list and trade their shares in the USA.  The regulatory structure is almost unbelievably flexible, relying on the UK stock market regulations with little to no additional requirement.  The opportunity for additional liquidity and investor interest is significant, and a number of companies - large and small - are looking to the OTC to help them find a new pool of investors. 
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Mar 5, 2025 • 15min

Talking Tech - Episode 15

Progressive Analysts, George O'Connor and Ian Robertson’s regular review of the technology sector. George updates us on PLC awards winners – all well deserved and fingers crossed for none of those traditional subsequent share price declines. Ian looks to Pinewood.AI and the issue of where the value really lies in AI. It looks to have paid a ‘full’ price for Seez, but it makes strategic sense, and if investors think they themselves can call the quality of the decision now, then they should be placing their bets elsewhere. This leads George onto how AI is impacting the tech services companies and to where’s the real AI driven growth going to come from for the software providers. Crash landing back onto planet small-cap, we touch on which stories are truly AI related, KX being a real one, and the damage that can be done to portfolios and companies when management find themselves ‘managing to the broking story’.
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Mar 4, 2025 • 3min

Nexteq (NXQ) Capital Markets Day Highlights - February 2025

Nexteq’s recently appointed management team of Duncan Faithfull, CEO, and Matt Straight, CFO, along with senior leaders from across the business present the Group's three-year plan and strategic ambitions for the end of 2027 at its 2025 Capital Markets Event. The presentations also showcase, through practical demonstrations, the Group's innovative new technology solutions which are being launched across Nexteq's focus markets. Duncan Faithfull, CEO 00:18 One Nexteq & 3-year plan Matt Staight, CFO 00:57 Financial ambition 01:26 Organic growth plan Nexteq (AIM: NXQ) is a strategic technology solutions provider to customers in selected industrial markets. Its innovative technology enables the manufacturers of global electronic equipment to outsource the design, development and supply of non-core aspects of their product offering. By outsourcing elements of their technology stack to Nexteq, customers can focus their product development effort on the most critical drivers of their business' success. Our solutions are delivered through a global sales team and leverage the Group's electronic hardware, software, display and mechanical engineering expertise. Our Taiwan operation is at the heart of Asian supply networks and facilitates cost effective manufacturing and strategic supply chain management. The Group operates in six countries and services over 500 customers across 47 countries. Nexteq operates two distinct brands: Quixant, a specialised computer platforms provider, and Densitron, leaders in human machine interface technology, each with dedicated sales, account management and product innovation teams. Founded in 2005, and later floating on the London Stock Exchange's AIM stock market as Quixant plc, the Group rebranded to Nexteq in 2023. Further information on Nexteq and its divisions can be found here.
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Feb 28, 2025 • 15min

The Market Call - Week Ending 28th February 2025

Jeremy and Gareth talk this week about Trump 2.0 launching with a number of "adults in the room" who Trump trusts, and who can get things done. One thing that might get done is a US/UK trade deal...Jeremy describes how the stars could align, and how the UK's separation from Europe might save us from the worst of Trump's tariffs. Absent much other UK stock news, Jeremy talks about LSEG, whose results demonstrate just how small the London Stock Exchange actually is, relative to the rest of the group's business. This leads to discussion of the US, where the OTC is generating real interest, and Singapore, where the authorities are actively promoting local investment and local listings. Next week is jobs week in the USA...fingers crossed that all is well.

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