PIWORLD Investor Podcasts

Wynnstay Group CEO, Alk Brand and CFO, Rob Thomas present the group's results for the year ended 31 October 2024, followed by Q&A. Alk Brand, CEO 00:16 Introduction Rob Thomas, CFO 01:19 Business Summary 02:36 FY24 highlights Alk Brand, CEO & Rob Thomas, CFO 06:10 Feed and Grain 10:54 Fertiliser & Seed 13:41 Depot merchanting Rob Thomas, CFO 17:18 Income statement 19:09 Balance sheet 20:30 Cash flow statement 21:07 Net cash 22:03 Capital allocation policy Alk Brand, CEO 24:03 Growth strategy 26:51 Introducing Project Genesis Rob Thomas, CFO 29:45 Driving value Alk Brand, CEO 32:06 Initiatives to enhance returns Alk Brand, CEO & Rob Thomas, CFO  35:14 Summary & outlook 37:01 Q&A Wynnstay is a leading UK provider of agricultural supplies and services to farmers, mainly in England and Wales. The Group’s wide range of agricultural inputs includes feed, seeds and fertiliser. It also provides grain marketing services to arable farmers and its specialist teams offer farmers advice on animal health and nutrition products as well as on soil health, environmental measures, and the latest farming techniques. Wynnstay supplies direct-to-farm and via its network of depots, which sell an extensive range of farm supplies, including hardware, feed and dairy hygiene products. The depots also cater for rural dwellers. Wynnstay manufactures a range of branded feeds, trades feed raw materials, operates a modern seed processing facility and is the second largest fertiliser blender in the UK. Based in Wales, Wynnstay originated as a farmers’ co-operative in 1918 and joined AIM in 2004. It has established a strong record of rising dividends.

This week, Progressive's Gareth Evans and Jeremy McKeown tackle the investment implications of Trump 2.0. After shocking the world with his suggestion of turning Gaza into the Riveria of the Middle East, Trump has moved on to Ukraine. Such events illustrate how the accepted World order has broken down. Where is the UN in all of this? One outcome has been a new all-time high in the gold price, indicating heightened risks and uncertainties for global investors. The US inflation data also came in hot. Yet, counter-intuitively, it didn't dent the gold bull market, indicating perhaps investor concerns over policy errors or breakdown in the relationship between the Treasury and the Fed. Relative to other monetary metals, gold looks expensive, and silver or platinum might offer better opportunities to protect against fiat money debasement. Not advice; do your own research. China's equity values have recovered strongly after the Deep Seek AI revelations. Alibaba's stock has risen over 40% in less than a month, indicating the impact of the dispersal trade. The UK economy unexpectedly grew in Q4 last year. While negative sentiment surrounds the economy, UK assets remain relatively attractive to global investors. This week, one example of how the UK government prioritises economic growth is emerging in the newsflow of the motor finance and retail sectors. With significant exposure to car loans, Close Brothers and SU made constructive updates this week, indicating that motor finance might avoid the protracted drag on consumer lending that PPI became. Gareth covers the impact of government policy on Progressive clients Secure Trust Bank and Vertu Motors. Looking ahead, we will get UK inflation data next week, which is likely to indicate a flat annual rate of 2.5%. Also, we get Japanese inflation data, and the accompanying risk of the yen carry-trade unwind.

SDI Group’s CEO, Stephen Brown, CFO, Amitabh Sharma and Head of Corporate Development, James Dimitriou, answer investor questions following the Group’s recent December Interims. Read the latest research here: https://progressive-research.com/company/sdi-group-plc/ 00:00 Opener 00:16 Introduction 00:45 Can you talk about opportunities going forward, and can you outline how you are encouraging collaboration between the businesses? 04:17 Are there any larger one-off acquisitions? 07:09 Are you starting to see these synergies between the businesses drive margin or sales revenue? 08:30 What further comfort can you give on the ability to hit FY25 forecasts, and did the order book at the end of October give you similar levels of cover that you've seen in past years? 09:23 Is the orderbook strong across all three segments, and could you give some detail on the drivers of that? 10:43 Are you seeing any further weakness in China, and will this market be a focus going forward? 12:00 Can you talk about potential tariffs and the opportunities for geographical expansion? 15:23 Just looking at momentum, you've mentioned that trading has continued strongly into H2. Is the sequentially month-on-month? 15:56 Can you give us a sense of how much business is repeated, recurring revenues vs one-off capital equipment? 16:16 And we've seen generally tougher, challenging trading conditions, but as to your portfolio, where do you see the most growth come from, and what are you doing to address the opportunities? 18:08 You've had a strong track record in terms of free cash flow, and you've successfully funded acquisitions from cashflow, do you see a change to this strategy going forward? 19:39 Could you give a bit more colour around cost-cutting and investment in the business in capex? 21:35 When do you expect business growth to re-accelerate, and in particular, when did life sciences start picking up again? 22:54 Do you think the existing portfolio can generate growth between 5 and 10 percent? 24:00 What's the longer-term sustainable margin target? 24:55 Are there any other big operational or management structure changes that we should expect? 25:39 Are you happy with the structure in terms of managing the operations and driving growth through acquisitions? 26:40 Could you say any more about the M&A opportunities and your EBIT multiple opportunities for those? 28:07 You've outlined that there are benefits for companies that join SDI, can you just outline why companies become part of the SDI group? 28:38 Outro SDI Group is an AIM-quoted group specialising in the acquisition and development of a portfolio of companies that design and manufacture niche analytical technology products for use within digital imaging and sensing and control applications in science, technology and medical markets. The group operates a well-established 'buy and build' strategy, supplementing organic growth with earnings-accretive acquisitions of complementary businesses that have sustainable profits and cash flows. Targets are primarily UK businesses with established reputations, capable of achieving significant organic growth through developing export markets. SDI Group takes a decentralised approach, with seasoned local management given broad discretion to run group businesses within defined limits. SDI Group typically acquires businesses generating up to ?1m EBIT for around 4-6 times EBIT plus net assets, including earnout payments.

Made Tech CEO, Rory MacDonald and CFO, Neil Elton present the group's results for the six months ended 30 November 2024, followed by a Q&A session. Rory MacDonald, CEO & Founder 00:16 Introduction 00:59 H1 FY25 Highlights Neil Elton, CFO 04:55 H1 FY25 Financial highlights 06:39 Revenue and Gross Profit 10:17 Sales bookings 11:01 Adjusted EBITDA bridge 12:24 Balance sheet 13:55 Cash flow Rory MacDonald, CEO & Founder 14:53 Market opportunity 19:17 Clients and Industries 20:37 Case studies 25:02 Service Lines 28:03 Software products 29:02 People 31:20 ESG 32:49 Outlook 34:45 Q&A Made 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. Made Tech's purpose is to "positively impact the future of society by improving public services technology". To achieve this the company has four key strategic missions: Modernise legacy technology and working practices; Accelerate digital service and technology delivery; Drive better decisions through data and automation; and Enable technology and delivery skills to build better systems. The Group operates from four locations across the UK - London, Manchester, Bristol, and Swansea. More information is available at https://investors.madetech.com/

Progressive’s Gareth Evans is joined by tech analyst George O'Connor as they glance back at the week’s macro events and market themes and discuss the impact on investors and companies. They discuss selected UK company news and let us know what to look out for in the week ahead… 00:00 Introduction 01:12 Global Macro News 01:29 DeepSeek and its global impact 07:02 OpenAI's Operator and AI agents 07:55 Recruitment in the tech sector 10:07 Computacenter (CCC) & Sage (SGE) 12:27 Global Market news 13:10 Progressive client news: Idox (IDOX) & Van Elle Holdings (VANL) 13:52 Upcoming Macro news: EU Inflation figures (Mon 3 Feb) US PMI data (Weds 5 Feb) Bank Of England Rate Decision (Thurs 6 Feb) US Employment Metrics (Fri 7 Feb) Gareth Evans has 25 years’ research experience covering the Technology sector. An Oxford University graduate, Gareth qualified as an accountant before starting his research career covering the Pan European Chemicals sector at the American Investment Bank Donaldson Lufkin & Jenrette (DLJ), later acquired by Credit Suisse. He then moved to cover the Technology sector at ABN AMRO, Canaccord and at Investec for eleven years, where he was Joint Head of Research. Gareth has received numerous awards for his work, including being voted techMark Analyst of the Year. George O’Connor has been a financial analyst covering London-listed Software & IT Services, e-comm and hardware companies for the past 25 years. George has worked for a variety of firms including Albert E. Sharp, Panmure Gordon and Stifel where he researched and communicated investment cases, conducted IPOs, secondary placings and the odd rescue rights. George started his career at IT industry analysts IDC where over nine years he rose to become Research Manager.

Progressive’s Jeremy McKeown and Gareth Evans glance back at the week’s macro events and market themes and discuss the impact on investors and companies. They discuss selected UK company news and let us know what to look out for in the week ahead… 00:00 Introduction 01:02 Trump's first week back in office 04:05 The Stargate Project & the US Tech Industry 05:26 Trump & The World Economic Forum 06:14 Trump & Interest Rates/Oil Prices 07:47 UK Government Regulatory easing 10:07 UK Economic data 10:59 Progressive Client news: Nexus Infrastructure (NEXS) Watkin Jones (WJG) Forterra (FORT) Gear4music (G4M) Sanderson Design Group (SDG) Intuitive Investments (IIG) Beeks Financial Cloud (BKS) SRT Marine Systems (SRT). 12:44 Upcoming Macro News: Fed Rates Decision (Weds 29 Jan) ECB Rate Decision (Thurs 30 Jan) Eurozone GDP & Employment data (Thurs 30 Jan) US PCE inflation data (Fri 31 Jan) 14:03 Outro About: Gareth Evans has 25 years’ research experience covering the Technology sector. An Oxford University graduate, Gareth qualified as an accountant before starting his research career covering the Pan European Chemicals sector at the American Investment Bank Donaldson Lufkin & Jenrette (DLJ), later acquired by Credit Suisse. He then moved to cover the Technology sector at ABN AMRO, Canaccord and at Investec for eleven years, where he was Joint Head of Research. Gareth has received numerous awards for his work, including being voted techMark Analyst of the Year. Jeremy McKeown has a degree in economics and an MBA. He has been working in the City for over forty years, both as an investment manager and at a number of leading investment banks including Merrill Lynch and Investec. His passion is for meeting, investing in and advising small and mid-sized businesses – and his previous roles give him a vast array of experience on which to draw. Jeremy’s role at Progressive includes helping clients with their investment cases, providing high quality content to our subscriber base and giving the team a valuable macro “framework” within which to evaluate and position our customers’ propositions.

Progressive’s Jeremy McKeown and Gareth Evans discuss the week’s macro picture, the impact on investors, companies reporting & what to look out for next week. 00:00 Introduction 01:04 The Return of Bond Vigilantes 04:05 UK market news 06:24 National insurance rises 07:55 Progressive client news - Petro Matad (MATD), Xaar (XAR) and Gamma (GAMA) 11:04 Upcoming macro news UK Unemployment figures (Tues 21 Jan) UK Average earnings (Tues 21 Jan) Japanese inflation data (Thurs 23 Jan) Bank of Japan interest rate decision (Fri 24 Jan) 13:21 Outro About: Gareth Evans has 25 years’ research experience covering the Technology sector. An Oxford University graduate, Gareth qualified as an accountant before starting his research career covering the Pan European Chemicals sector at the American Investment Bank Donaldson Lufkin & Jenrette (DLJ), later acquired by Credit Suisse. He then moved to cover the Technology sector at ABN AMRO, Canaccord and at Investec for eleven years, where he was Joint Head of Research. Gareth has received numerous awards for his work, including being voted techMark Analyst of the Year. Jeremy McKeown has a degree in economics and an MBA. He has been working in the City for over forty years, both as an investment manager and at a number of leading investment banks including Merrill Lynch and Investec. His passion is for meeting, investing in and advising small and mid-sized businesses – and his previous roles give him a vast array of experience on which to draw. Jeremy’s role at Progressive includes helping clients with their investment cases, providing high quality content to our subscriber base and giving the team a valuable macro “framework” within which to evaluate and position our customers’ propositions.

Tern hosted an investor presentation and Q&A session on 9 January 2025. Presentations were given by the portfolio companies, which reinforced that all three businesses have made significant progress with major key accounts and important strategic partnerships. Read Progressive’s latest research note here or visit Tern's website here. Tim Metcalfe, Managing Director, IFC Advisory 00:16 - Introduction Richard Vincent, CEO & Co-Founder, Fundamental Surgery 01:59 - Fundamental Surgery Darren Antill, CEO, Device Authority 14:43 - Device Authority Susant Patro, CEO & Co-Founder, Vortex IQ 33:39 - Vortex IQ Jo Haliday, CEO & Founder, Talking Medicines 49:50 - Talking Medicines 01:07:11 - Q&A Tern provides access to disruptive Internet of Things (IoT) start-ups with proven technology, not generally available to AIM investors. It operates a hybrid venture capital (VC) model, with shareholders acting as Limited Partners. This business model change was actioned in early 2017 following the acquisition of Device Authority Inc and Al Sisto becoming Tern CEO. Tern supports software companies that develop IoT security, enablement, and analytics solutions for the healthcare and industrial sectors. Tern is focused on accelerating the growth of portfolio companies from the point of investment to Series A or B, gaining external verification on valuations and maximising exit multiples. Tern has investments in: Device Authority (IoT security), Fundamental VR (VR haptic 'simulators' for surgery), Konektio, formerly InVMA (Industrial IoT), Wyld Networks AB (LoRa and Mesh), Talking Medicines (capturing the patient voice) and less than 1% of DiffusionData Ltd, formerly Push Technology (mission critical data). Tern has also committed to invest up to ?5m, over the 10-year life of the SVV UK Software Technology Fund.

Progressive’s Jeremy McKeown and Gareth Evans discuss the week’s macro picture, the impact on investors, companies reporting & what to look out for next week. 00:00 Opener 00:52 Uncertainty around Trump 04:38 UK macro backdrop for 2025 06:38 UK news: Trading updates from Retailers &  Christmas consumer spending 08:03 Investing in the UK with the current macro backdrop 12:37 Upcoming macro news: US Non-Farm Payrolls (Fri 10 Jan) UK Inflation Data (Weds 15 Jan) US Inflation Data (Weds 15 Jan) UK GDP Data (Thurs 16 Jan) 14:27 Outro About: Gareth Evans has 25 years’ research experience covering the Technology sector. An Oxford University graduate, Gareth qualified as an accountant before starting his research career covering the Pan European Chemicals sector at the American Investment Bank Donaldson Lufkin & Jenrette (DLJ), later acquired by Credit Suisse. He then moved to cover the Technology sector at ABN AMRO, Canaccord and at Investec for eleven years, where he was Joint Head of Research. Gareth has received numerous awards for his work, including being voted techMark Analyst of the Year. Jeremy McKeown has a degree in economics and an MBA. He has been working in the City for over forty years, both as an investment manager and at a number of leading investment banks including Merrill Lynch and Investec. His passion is for meeting, investing in and advising small and mid-sized businesses – and his previous roles give him a vast array of experience on which to draw. Jeremy’s role at Progressive includes helping clients with their investment cases, providing high quality content to our subscriber base and giving the team a valuable macro “framework” within which to evaluate and position our customers’ propositions.

An Interview with SDI Group CEO, Stephen Brown, providing an overview of the business, its refreshed strategy and insight into the acquisition of InspecVision. Read the research here. 00:00 - Introduction 00:28 - Can you give a brief overview, and tell us about the breadth of the business and the technological expertise that sits within the SDI Group? 01:21 - Despite the difficult end markets, particularly in lab equipment how have you navigated these external challenges? 01:50 - What is the strategy of SDI and how is that translated into a sustainable operational reality? 02:34 - Can you tell us a bit more about what you did as part of the Strategic review that has now completed and what has been Implemented as part of the new strategic framework? 03:45 - What are the Long-term growth drivers for SDI and which businesses are best placed? 04:07 - One of the key attractions has been the levels of cash generation in the business and the ability to fund acquisition, can you say any more on this? 04:40 - Tell us what you are seeing M&A wise and what are you looking for when you buy a business? 05:15 - Tell us more about your most recent acquisition, InspecVision? Where does it sit and what opportunities do you see going forward? 06:02 - You clearly have strong access to capital and a healthy balance sheet to support the active M&A pipeline. Can you talk more about acquisition opportunities? 06:44 - You have recently resegmented the group and introduced a very clear mandate to grow the business both via organic growth and acquisition. Can you tell us more about how this is progressing? 07:30 - Can you expand on any of the operational efficiency initiatives to support margin growth? 08:05 - What are the benefits for portfolio companies, being part of SDI Group? Why would a management team decide to sell their business to SDI? 08:56 - We’ve touched on what sets SDI apart as a preferred buyer but some of your recent acquisitions have given you a broader geographic reach also. Can you say anymore about further geographic expansion opportunities? 09:28 - Just to finish off with the conundrum between M&A and organic growth, can you just end with your thoughts on this and any closing comments on SDI? SDl Group is an AIM-quoted group specialising in the acquisition and development of a portfolio of companies that design and manufacture niche analytical technology products for use within digital imaging and sensing and control applications in science, technology and medical markets. The group operates a well-established 'buy and build' strategy, supplementing organic growth with earnings-accretive acquisitions of complementary businesses that have sustainable profits and cash flows. Targets are primarily UK businesses with established reputations, capable of achieving significant organic growth through developing export markets. SDI Group takes a decentralised approach, with seasoned local management given broad discretion to run group businesses within defined limits. SDI Group typically acquires businesses generating up to £1m EBIT for around 4-6 times EBIT plus net assets, including earnout payments.