PIWORLD Investor Podcasts

This video can be seen at: https://www.piworld.co.uk/2020/01/31/sthree-stem-fy-results-presentation-year-end-30th-november-2019/   Analyst presentation January 2019 by Mark Dorman, CEO & Alex Smith, CFO Mark Dorman, CEO Who is SThree? – 00:39 Our purpose – 02:06 Performance highlights – 2:55 Alex Smith, CFO Financials – 03:45 Mark Dorman, CEO The opportunity – 13:35 Business overview – 17:23 Group KPIs – 18:06 Performance by region – 20:15 Strategy and outlook – 24:22 Outlook – 27:45 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/2020/01/28/nwf-group-nwf-interim-results-to-30-november-19-overview/   Richard Whiting, Chief Executive and Chris Belsham, Group Finance Director, run through interim results (to 30.11.19), released on 28th January 2020. Richard talks through the development strategy including the acquisitions in the fuel division to consolidate the sector, and a new warehouse in the foods division, backed by customer contracts, both will be earnings enhancing in 2021. Richard Whiting, Chief Executive Introduction – 00:19 Interim results summary – 00:41 Fuels operating highlights – 01:17 Food operating highlights – 02:10 Feeds operating highlights – 03:02 Chris Belsham, Group Finance Director Financials 03:48 Richard Whiting, Chief Executive Development strategy – 07:43 Summary and outlook – 10:04 NWF Group plc is engaged in the manufacture and sale of animal feeds, the sale and distribution of fuel oils, and the warehousing and distribution of ambient groceries. The Company operates through three segments: Feeds, Food and Fuels. The Feeds segment is engaged in the manufacture and sale of animal feeds and other agricultural products. The Food segment is engaged in warehousing and distribution of clients’ ambient grocery and other products to supermarket and other retail distribution centers. The Fuels segment is engaged in the sale and distribution of domestic heating, industrial and road fuels. The Company’s subsidiary, Boughey Distribution Limited, is engaged in warehousing and food distribution. Its subsidiaries, NWF Agriculture Limited, S.C. Feeds Limited, New Breed (UK) Limited and Jim Peet (Agriculture) Limited, are engaged in animal feedstuffs and seeds supply. Its subsidiaries, NWF Fuels Limited and Staffordshire Fuels Limited, are engaged in fuel distribution.

This video can be seen at:  https://www.piworld.co.uk/2020/01/26/gresham-house-ghe-review-of-2019/   By Tony Dalwood, CEO Overview of 2019 - 00:23 Growth in 2019 - 01:18 Culture and values - 02:10 Diversity of assets offered for all investors - 03:05 Investment process and sustainability - 04:12 New opportunities - 04:57 International growth - 06:06 Outlook for 2020 - 06:34 The next five years - 07:15 Gresham House plc is an asset management company. The Company focuses on managing funds and co-investment or club deals across a range of differentiated and illiquid alternative investment strategies for third-party clients. Its segments include Asset Management, Forestry Management, Investment in Securities and Property Investment. The Company invested in securities and maintained its investment in commercial properties. It is developing a platform for product development, distribution and structured discretionary co-investment. Its property portfolio consists of the property in Speke, Liverpool, known as Southern Gateway, and a residual approximately five acres at Newton-le-Willows. Its subsidiaries include Aitchesse Limited, Gresham House Asset Management Limited, Chartermet Limited, Deacon Commercial Development and Finance Limited, Gresham House Finance Limited, Gresham House Holdings Limited, Gresham House Investment Management Limited and Gresham House Real Assets Limited.

 This video can be seen at: https://www.piworld.co.uk/2020/01/24/ultra-electronics-ule-capital-markets-day-january-2020/   CEO Simon Pryce and the ULE management team give details on Ultra's new Corporate Strategy and focus on Maritime and Intelligence & Communication divisions. The presentation also provides insight into the Focus, Fix, Grow improvement opportunities and broader growth ambitions for the Group. Simon Pryce, CEO Introduction  The Team  Ultra, the background and opportunity  Focus  Fix & grow  Richard Cashin, Strategy Director Market dynamics Thomas Link, SBU President Maritime  Q&A Mike Baptist, SBU President Intelligence & Communications  Richard Cashin Strategy Director Other specialist businesses  Q&A  Jos Sclater, CFO First Impressions  Simon Pryce, CEO Future aspiration Key Takeaways  Q&A    Ultra Electronics Holdings plc provides solutions and products in the defence 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.

This video can be seen at: https://www.piworld.co.uk/2020/01/10/eis-investing-with-tim-j-grattan/ Tim gives us a tremendous overview of EIS investing, why governments offer EIS tax breaks, what they are, how to take advantage of them, the pitfalls, and his overall performance during the 10 years he’s been doing them. A great personal insight. Tim Grattan’s background – 00:29 What is an EIS and why does the Government offer them? - 02:14 Have EIS schemes created growth in those companies? - 04:30 Will the tax incentive be taken away? - 05:27 The EIS tax benefits - 06:14 What’s the difference between a VTC and EIS? – 11:00 What are the capital limits for an EIS? - 11:38 What qualifies an SME for EIS? - 13:39 What type of EIS do you favour? - 17:05 Nex Markets – 22:44 Do any companies fall foul of their EIS requirements? - 23:15 What are the risks with EIS investments? - 25:47 What are your preferences for EIS opportunities? - 27:06 The winners and losers over the last 5 years - 28:24 What level of research do you do? - 34:35 What’s your overall performance been over the last 10 years? - 38:00 Why would you sell out before the 3-year period? - 38:54   About Tim J Grattan Tim completed his post grad degree in Synthetic Chemistry in 1983 and then took up a position in the Pharmaceutical Industry working in Pharmaceutical development, he continued his career in the Pharmaceutical Industry working for a number of companies in different roles within R&D and took early retirement following a departmental reorganisation at his last employer having completed 24 years in the industry. Tim first became involved with share investments through the Thatcher era privatisations which lead to an interest in the wider market and he is now a full-time investor, focusing mainly on tax advantaged UK listed shares, namely VCTs and EIS qualifying AIM quoted shares in the Tech and Pharm Tech sectors.  

This video can be seen at: https://www.piworld.co.uk/2019/12/23/biome-biom-presentation-at-mello-london-november-2019/   By Paul Mines CEO, Biome Technologies plc Introduction – 00:17 Group overview – 00:30 Addressing global trends – 00:46 Group profile – 01:16 2019 highlights – 01:32 Investment proposition – 02:43 Biome Bioplastics  – 03:49 Bioplastics a changing market – 03:51 The business – 08:39 Bioplastics growth – 11:05 Industrial biotechnology – 12:30 Stanelco RF Technologies – 15:05 Fibre-optic furnaces – 16:02 Strategy & potential – 16:46 Financials – 17:19 Group: key data – 18:10 KPI’s – 18:51 2019 placing = 19:44 Investment proposition – 20:26 Q&A – 21:22   Biome Technologies plc is a United Kingdom-based company engaged in the development of its business in bioplastics. The Company’s operations are focused in two areas: Bioplastics and Radio Frequency (RF). The Company operates through three segments: Bioplastics, RF Technologies and Central costs. The Bioplastics division consists of Biome Bioplastics Limited and Aquasol Limited. The Bioplastics division supplies a range of bioplastic resins that replace existing oil based materials in a range of applications, such as flexible films, molded products, extruded sheets and food wraps. The RF Technologies division consists of Stanelco RF Technologies. RF Technologies division involves the design and manufacture of electrical/electronic systems based on advanced radio frequency technology. The Central costs division consists of senior management, corporate and administration functions, as well as facilities costs.

This video can be seen at: https://www.piworld.co.uk/2019/12/20/blue-whale-qa-december-2019/   Stephen Yiu, Chief Investment Officer, answers investors’ questions, sent into him. The fund’s performance to date – 01:11 How does fx affect the fund? – 02:53 Companies jump in and out of the top 10, can you explain why? – 06:01 What is your view on timing the markets and volatility? – 11:13 Do you think some US stocks are in a bubble? – 15:54 Can you expand on Blue Whale’s managed funds category? – 20:54 Is there an opportunity cost of holding cash in the fund? – 22:20 What is your key man risk policy? – 25:43 Doesn’t frequent trading impact returns? – 27:00 What are your expectations for 2020? – 30:45 NOTE: All performance and ranking data is accurate as at midday on 10th December 2019. Blue Whale investment objective: The investment objective of the fund is to achieve capital growth over the long-term by investing in equities on a global basis, with a current focus on developed markets. The portfolio will be concentrated, generally comprising between 25 to 35 stocks. In our view investments must fall into the below criteria in order to qualify for selection within the portfolio: 1. The business must be fundamentally attractive, this means • it has the ability to grow and improve profitability over the long term • it must not face structural or imminent cyclical issues 2. The business must have an attractive price; • the business must have a current valuation that is attractive relative to its future growth and profitability • we expect the business to receive favourable revisions of medium-term consensus growth and profitability expectations These criteria enable the Investment Manager to select investments from a broad range of geographies and sectors with no particular sector or style bias. The Investment Manager will conduct detailed bottom-up fundamental research on each potential investment and in most cases produce their own financial model and forecasts of future performance. Blue Whale fact shee: https://bluewhale.co.uk/factsheet/

This video can be seen at: https://www.piworld.co.uk/2019/12/18/polar-capital-global-healthcare-trust-pcgh-mello-london-november-2019/   By Gareth Powell, Co-Head healthcare team.   Gareth presents an overview of the healthcare sector including innovations, the political landscape in the US and the fund. Introduction – 00:18 Why Healthcare? - 00:50 Immuno-oncology - 00:11 AstraZeneca - 02:24 Targeted Oncology - 03:37 Loxo Oncology - 04:05 Robots - 04:25 Stryker – 05:29 Why invest in Healthcare? - 05:31 Historical sector performance - 05:38 Sentiment & flows - 06:39 US politics & landscape  - 07:11 Healthcare is being disrupted - 10:35 Innovation - 11:20 Diabetes management example - 11:52 Why Polar Capital? - 15:13 The team - 15:43 Products - 15:46 Q&A 16:32   Polar Capital Global Healthcare Trust plc, formerly Polar Capital Global Healthcare Growth and Income Trust plc, is a United Kingdom-based investment trust company. The Company's investment objective is to generate capital growth by investing in a global portfolio of healthcare stocks. The Company seeks to achieve its objective by investing in a diversified global portfolio, consisting primarily of listed equities issued by healthcare companies involved in pharmaceuticals, healthcare services, medical technology and biotechnology. The portfolio is diversified by geographic location and size of investee companies. The Company’s investment manager is Polar Capital LLP.

This video can be seen at: https://www.piworld.co.uk/2019/12/13/ilika-ika-capital-markets-day-december-2019-solid-state-battery-technology/   The CMD was held to enable investors to meet management and see the newly opened facilities in Hampshire.  The roadmap for the future was outlined, where solid state batteries are important to EV development, but also for other early adopters, such as consumer electronics and domestic appliances.  Guest speakers were Asad Farid, Analyst,  Berenberg, on battery technology and the costs.  And, Adam Collins, Analyst Liberum, about the EV road map. For those who just want a flavour of the day, and the key messages, just watch the short highlights video, (18sec-4m30s).   Short 4-minute highlights & site visit to new facility – 00:18-04:30   The full footage of the IKA Capital Markets Day – 04:30   Graeme Purdy, CEO Introduction – 04:30 Ilika business overview & history – 05:10 Energy storage solutions – 08:05 Stereax product evolution – 10:03 Stereax commercial highlights – 13:05 Stereax development & manufacturing partners – 15:14 Ilika business model – 17:06 Goliath market needs for EVs – 19:30 Battery technologies: size and weight – 22:20 Solid-state batteries: advantages & challenges – 24:38 Solid-state competitive landscape – 26:49 Unit cost analysis /kWh – 29:42 How can Ilika beat the competition? – 30:44 Timeline – 35:15 Financial summary for H1 – 37:58 Summary – 40:43   Asad Farid, Analyst, Berenberg Battery technology and costs – 42:13   Adam Collins, Analyst, Liberum The EV battery roadmap – 01:55:57   Q&A – 01:12:32   Ilika plc is the holding company. The Company is engaged in the production, design and development of high throughput methods of material synthesis, characterization and screening. It has developed solid-state battery technology to meet the demands of the Internet of Things (IoT). The Company has materials development programs addressing a range of applications, including the solid-state battery, aerospace alloys and electronic materials. It has developed a type of lithium-ion battery, which, instead of using the usual liquid or polymer electrolyte, uses a ceramic ion conductor. It offers Stereax M250 rechargeable, thin film battery. It has applications in autonomous sensor devices, smart homes (heating, ventilation and air conditioning (HVAC), security, light), automotive (infotainment, sensors), logistics (asset tracking), medical devices (biometric monitoring) and wearables. It is also developing superalloys, self-healing alloys and smart materials for electronic data storage.

This video can be seen here: https://www.piworld.co.uk/2019/12/06/the-market-maker-part-2-more-insights-into-how-market-makers-set-the-price/   Spencer Crooks, ex Director of Market Making at Winterfloods talks to Tamzin Freeman. We learn a little more about dark pools, tree shakes and much more. And yes, market makers can and do get it wrong! Do you invest your own money? And how do you get the best price? – 00:28 What do you do on a profit warning? - 01:40 What are the tricks to the trade? - 05:40 Has regulation changed market making? - 07:05 Liquidity - 08:28 How do you see the future of the market? - 11:28 Dark pools - 16:13 Tree shakes - 18:54 Spoofing and layering - 22:36 Algorithmic trading - 26:04 RSP (Retail Sales Price) - 29:09 Direct market access - 35:23 How often does the market maker get it wrong? - 36:43    About Spencer Crooks: Joined Bisgood Bishop in 1985. After takeover of Bisgood Bishop, traded at County NatWest until 1988, before leaving to join Winterflood Securities. Became a director in August 1999. Appointed FSI 2006.