PIWORLD Investor Podcasts

This video can be seen at: https://www.piworld.co.uk/2020/12/18/piworld-2020-round-up-of-the-year-richard-leonard/   Richard’s had a rollercoaster of a year, in April he was down over 40% and has now recovered to c +8%, from peak to trough, up about 80%. His biggest regret, moving to almost 100% cash in March, but he got back on the horse quickly, buying Polar Capital amongst others. Hear more of his reflections and details of his 2021 pick. Year to date performance - 00:50 What played out well in 2020: Polar Capital (POLR) - 05:15 What was your biggest mistake, & the learning? - 11:20 2021 outlook – 12:45 Novacyt (NCYT) - 13:50 2020 pick: Bloomsbury (BMY) - 15:39 About Richard in his words: My interest in the London stock market came about in the early 80’s – working over the summer holidays whilst at college, as a post boy – leading to being somewhat of a gofer for a man call Zimmerman, who help build Mercury Asset Management in the 1980s. The taste of the moving parts of the City gave me my first real joy of City life – and I loved it. 1986 – joined Lazard Brothers (via the back door) as a Trust Accountant, valuing and doing the daily book-keeping for investment trusts/unit trusts. Had my chance to move to the front office in 1988 as an assistant fund manager on the bond the international desks. Met my first real mentor John Innes, helping to manage and win major international global accounts – flying around the world in my mid 20’s. Realised the real way to learn the skills needed to manage money was via mentors – very good ones. My real passion is to manage money invested directly in stocks and shares – where I saw the excitement and thrills – and having the belief I could make serious money. Passed my analyst and other professional exams then had the chance to join a real modern day investment legend – Richard Smith – becoming his no.2 on the Lazard UK Small Companies desk. Over the following 5 years gained the opportunity to build the investment style foundation stones – I still follow today. The importance of skilled mentors – is the real key to success of any young professional – especially in the investment world. True 30 years ago – true today. 1997 – left Lazard to join the sell side (stockbroking), Chaterhouse- specialising in small and mid-cap UK companies. An amazing experience, helping to take a mid- ranking firm to No1. 2001 – sold my soul to Merill Lynch. 2005 – returned to the buy-side with Cazenove to help run the UK focused hedge funds – mixing my stock picking skills to their business cycle style. Ended up with about £1.5billion of funds to manage and becoming one of the most successful performing UK hedge funds in the UK in that period, especially the GFC. 2010 – left Cazenove to join Trium – a private family wealth office – manging our own money – no clients – simply an absolute returned focused approach. Long – short. And both short and long term objectives and managing my own pa. money alongside.

This video can be seen at: https://www.piworld.co.uk/2020/12/17/piworld-round-up-of-the-year-cockney-rebel/   One of a series of short interviews to round up 2020. Having spent most of the CV19 crash, cashed out and crashed out, Richard returned in top gear from June onwards. Here he tells us a few of the highlights, and his most favoured stock for 2021. Performance year to date c+35% – 00:50 What went well? Xaar (XAR) – 02:34 What didn’t go so well? Kingfisher (KGF) - 03:49 2021 pick: Xaar (XAR) – 10:38 About Richard Crow After starting life as a milkman and ending up paralysed after a motorbike accident @ 19 years old, Richard started investing in 1982. Mainly punting penny shares and buying unit trusts all went quite well until the 1987 Black Monday Crash where he lost a third of his investments. Undeterred he returned to investing several years later and had good success in the tech boom, selling out early before most of the tech rout. Thereafter, he started investing and trading, mainly in small caps finding many multi-baggers and much greater success. He now runs a very restricted private chatroom of some 260 or so members where members discus the stock news of the day and stock merits and opinions, together with chat and banter re life, gardening, photography and more. He also has a cracking sense of humour and posts numerous great jokes and one-liners, (he wrote that bit).  

This video can be seen at: https://www.piworld.co.uk/2020/12/15/sthree-stem-fy20-trading-update-analyst-meeting/   SThree CEO Mark Dorman and CFO Alex Smith present a full year trading update and the results of their latest client sentiment survey. Mark Dorman, CEO Introduction – 00:17 Full year overview - 00:54 Alex Smith, CFO. Full year trading - 05:08 Regional performance – 06:21 Positioning at year end - 07:51 Mark Dorman, CEO. Sentiment survey – 08:51 Where we are, one year on - 09:27 Key themes - 11:37 The focus across all themes - 13:00 A more flexible and resilient workforce - 14:27 Digital transformation acceleration - 15:22 Long term secular trends - 16:31 Q&A – 16:54 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.

This video can be seen at: https://www.piworld.co.uk/2020/12/14/benchmark-bmk-fy20-results-analyst-presentation/   Trond Williksen, CEO & Spetima Maguire, CFO present FY20 results to analysts. A transformational year, completing the restructuring, with good growth opportunities and long-term growth drivers. Trond Williksen, CFO Introduction – 00:20 Overview – 00:49 Benchmarks objectives - 04:21 Septima Maguire, CFO Financials – 05:49 Trond Williksen, CFO Strategy – 18:23 Outlook & guidance – 28:08 Benchmark Holdings plc is engaged in the provision of aquaculture health, genetics and nutrition. The Company’s segments include genetics, advanced nutrition and health. The Company develops products that helps fish and shrimp to improve their sustainability and profitability by improving yield, quality, and by reducing mortality. The Company’s products include high genetic quality ova for salmon, shrimp and tilapia, and breeding, program, specialist feeds for early stage shrimp and fish; probiotics, biocides and medicines.

This video can be seen at: https://www.piworld.co.uk/2020/12/11/creightons-crl-interim-results-presentation-december-2020/   A comprehensive financial overview by Paul Forster, Group FD and Commercial Director, illustrating CRL’s agility to deliver in spite of Covid. Followed by Pippa Clark, Global Marketing Director & Deputy MD’s summary of the beauty, fragrance and healthcare market, (a fascinating insight in itself; apparently the male grooming market collapsed with lockdown!), and how CRL have responded. Towards the end of the presentation Bernard Johnson, Group MD updates on the group’s aspirations. Bernard Johnson, Group MD Overview of period – 00:33 Paul Forster, Group Finance & Commercial Director Financials – 02:47 Pippa Clark, Global Marketing Director & Deputy MD The market – 14:29 Division performance – 17:18 Private label – 25:00 Brand highlights – 26:18 Growth drivers – 30:33 The new normal CV19 – 34:26 Eamon Murphy, Deputy Finance & Commercial Director Brexit – 40:28 Bernard Johnson, Group MD The way ahead – 47:06 Aspirations – 51:12 Q&A – 53:55 Creightons plc is engaged in the development, marketing and manufacture of toiletries and fragrances. The Company operates through three business streams: private label business, contract manufacturing business and branded business. Its private label business focuses on private label products for high street retailers and supermarket chains. Its contract manufacturing business develops and manufactures products on behalf of third party brand owners. Its branded business develops, markets, sells and distributes products it has developed and owns the rights to. Its product portfolio includes bath and shower care, haircare, body care, baby and maternity, and fragrances, among others. Its services include market analysis, creative concept generation, product development, brand development, manufacturing and logistics. Its brands include Frizz No More, Volume Pro, Argan Body, Argan Smooth, Keratin Pro, Perfect Hair, Bronze Ambition, Sunshine Blonde, Beautiful Brunette and Just Hair.

This video can be seen at: https://www.piworld.co.uk/2020/12/09/tekmar-group-tgp-h1-results-presentation-december-2020/   New CEO, Alasdair MacDonald gives a comprehensive overview of the business and the market, followed by Sue Hurst, CFO who presents the financials for the period ended 30th September 2020. Alasdair MacDonald, CEO Introduction - 00:18 Alasdair MacDonald, CEO & Sue Hurst, CFO Presentation team - 01:20 Alasdair MacDonald, CEO Group overview – 03:30 Product range - 05:17 Application of products - 06:57 Floating wind solutions - 08:49 Global reach – 09:43 H1 highlights – 10:43 Generation 10 product - 21:32 Order book & intake - 22:36 Offshore wind market overview - 23:31 Addressable market - 28:09 Emerging markets - 29:36 Floating wind outlook - 31:20 Offshore wind spend vs oil & gas - 31:47 Growth strategy – 33:15 Sue Hurst, CFO P&L – 34:53 Balance sheet - 36:40 Cash flow - 38:29 Alasdair MacDonald, CEO Summary - 39:30 Q&A – 40:29 Tekmar Group PLC is a United Kingdom-based company that provides subsea cable, umbilical and flexible pipe protection systems and engineering services. The Company offers various service packages including FEED study, product development, design and engineering, in-house product testing, manufacturing, project management, and personnel training and offshore support. Its products include Teklink CPS, Tektube CPS, Cable hang-offs, TEKSPACE, TEKDUCT, SPLIT PIPE, j-tube seals, bend restrictors and bend stiffeners. The Company primarily provides its products and services to offshore wind, and oil and gas companies.

This video can be seen at: https://www.piworld.co.uk/2020/12/09/begbies-traynor-beg-h1-analyst-presentation-december-2020/   Ric Traynor, Executive Chairman, and Nick Taylor, Group Finance Director, present H1 results for the six months ended 31 October 2020, outlining a strong first half performance and confidence in the full year outlook. Ric Traynor, Executive Chairman. Introduction to Begbies Traynor – 00:18 Overview of H1 - 01:20 Nick Taylor, Group Finance Director. Financial highlights – 02:10 Business recovery and financial advisory - 03:40 Property advisory and transactional services - 05:01 Financial position - 06:44 Full year outlook - 07:45 Ric Traynor, Executive Chairman. Group developments: The insolvency market – 08:43 Group developments: Business recovery and financial advisory – 11:30 Group developments: Property services – 14:42 Summary – 16:50 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.

This video can be seen at: https://www.piworld.co.uk/2020/12/07/ted-baker-ted-2021-interim-results-overview/   Ted Baker's CEO Rachel Osborne & CFO, David Wolffe summarise the H1 21 results, and give an update on Ted's growth formula. Rachel Osborne, CEO Key Highlights – 00:37 David Wolffe, CFO Financial highlights – 02:38 Financial outlook - 04:05 Rachel Osborne, CEO Strategic progress – 05:08 Ted Baker Plc is a United Kingdom-based global lifestyle company. The Company offers a range of collections, including menswear, womenswear, global, phormal, endurance, accessories, audio, bedding, childrenswear, crockery, eyewear, footwear, fragrance and skinwear, gifting and stationery, jewelry, lingerie and sleepwear, luggage, neckwear, rugs, suiting, technical accessories, tiles and watches. The Company operates through three segments: retail, wholesale and licensing. It operates stores and concessions across the United Kingdom, Europe, North America and Asia and an e-commerce business based in the United Kingdom, primarily serving the United Kingdom and Europe, with separate the United States and Canadian sites dedicated to North America, and a separate site serving Australia. The Company's wholesale business in the United Kingdom serves countries across the world, particularly in the United Kingdom and Europe. The Company operates both territorial and product licenses.

This video can be seen at: https://www.piworld.co.uk/2020/12/02/ig-design-group-igr-2021-interim-results-presentation/   Paul Fineman, CEO & Giles Willits, CFO present the IG Design Group 2021 H1 results for the six months ended 30 September 2020. Paul Fineman, CEO, Introduction - 00:17 H1 Highlights - 00:36 Performance - 04:32 Strategy in action – 10:08 Giles Willits, CFO Financial highlights - 14:19 Profit & loss - 15:33 Cashflow - 21:18 Paul Fineman, CEO, DG Americas update - 25:14 DG International update - 34:40 Summary & outlook – 38:42 Q&A – 41-19 IG Design Group plc, formerly International Greetings plc, is engaged in the design, manufacture and distribution of gift packaging and greetings; stationery and creative play products, and design-led giftware. The Company's geographic segments include UK and Asia; Europe; USA, and Australia. The Company sells its products in over 150,000 stores across approximately 80 countries. It also offers a portfolio of licensed and customer bespoke products suitable for sale through multi channel distribution. The Company's products include crackers, pens and pencils, stickers, single cards and gift wrap. The Company offers its products under the brands A Star, B Stationery, Papercraft and Pepperpot. Its subsidiaries include Artwrap Pty Ltd, International Greetings UK Ltd, International Greetings USA, Inc, International Greetings Asia Ltd, The Huizhou Gift International Greetings Company Limited, Hoomark BV, Anchor International BV and Hoomark S.p.z.o.o.  

This video can be seen at: https://www.piworld.co.uk/2020/12/02/the-panoply-tpx-interim-results-for-6-months-ended-30-9-20/   Neal Gandhi, CEO & Oliver Rigby, CFO present the H1 results followed by Q&A. Given on 30.1.20. Neal Gandhi, CEO Introduction to the team - 00:33 TPX at a glance - 01:36 Competitive landscape - 02:37 H1 highlights - 05:25 Oliver Rigby, CFO Financials - 07:33 Neal Gandhi, CEO Growth strategy - 17:30 Outlook 29:25 Q&A - 33:44 The Panoply Holdings PLC is a United Kingdom-based technology-enabled services company. The Company is focused on digital transformation. The Company's segments include Consulting and innovation, Software development and Automation. The Consulting and innovation services include strategy consulting and service design. The Software development services include digital transformation, technical software development, cloud-based services and information technology (IT) implementation. The Automation services include automation, robotics, chatbots and artificial intelligence (AI). The Company's subsidiaries include Bene Agere Norden AS, Manifesto Digital Limited, Questers Resourcing Limited, iDisrupted Limited and Greenshoot Labs Limited. Bene Agere Norden AS is a strategic and management consultancy with a focus on digital transformation. Manifesto Digital Limited is a digital experience agency