PIWORLD Investor Podcasts

This video can be seen at: https://www.piworld.co.uk/2019/12/06/sosandar-sos-h1-results-presentation-november-2019/   CO-CEO & Co-Founder Julie Lavington and Head of Finance, James Bowling present the company’s interim results to 30th September 2019.   Julie Lavington Introduction & Overview – 00:18 James Bowling Financial review – 02:29 Income statement – 02:33 H1 revenue progression - 02:43 Repeat order growth - 03:04 Investment in team & marketing - 03:42 Growing lifetime revenues - 04:29 Customer growth - 05:08 KPI’s - 05:44 Gross profit - 07:16 Average order value & margin - 07:46 Balance sheet - 08:17 Julie Lavington Stronger foundations for growth - 09:01 Investment in team - 09:12 Product range expansion - 10:36 Marketing - 13:08 TV advertising - 16:18 Celebrities - 19:18 Industry recognition - 20:25 Outlook - 22:45 Q&A 23:40   Sosandar PLC, formerly Orogen PLC, is a United Kingdom-based company that operates an online women’s wear platform. The Company’s clothing categories include dresses, jackets and coats, knitwear, shirts and blouses, tops, skirts, trousers, jeans, leggings, footwear, leather and suede, occasion wear, work wear, autumn trends, velvet and holiday shop. Its footwear products include Pewter Metallic Chelsea Boot, Red Leather Ankle Boot, Velvet Cylinder Heel Ankle Boot, Black Leather Stud Detail Ankle Boot, Black Suede Closed Toe Mule, Grey Velvet Court Shoe With Jeweled Brooch, Black Suede And Pewter Metallic Court Shoe, Black Leather Front Zip Ankle Boot, Leopard Print Leather Chelsea Boot, Steel Blue Leather Snake Print Ankle Boot And Black Suede Knee Boot. It also offers latest edit of day-to-night dresses, on-trend separates, luxe leather and outfit-topping shoes through its platform.

This video can be seen at: https://www.piworld.co.uk/2019/12/04/internet-mobile-communications-ltd-presentation-at-mello-london-may-2019/   By Andrew Fox, Executive Chairman & Mark Stewart, CEO   Andrew Fox, Executive Chairman Introduction – 00:18   Mark Stewart, CEO Organisation chart & customers - 00:58 IMC history - 02:28 IMC What they do - 07:25 IMC/Bank of Telecom PaaS – benefits - 09:14 IMC brands - 14:11 IMC Bank of Telecom revenues & financial performance to date - 15:26 IMC vision - 17:30 IMC performance & 19/20 plan - 18:25   Andrew Fox, Executive Chairman The IMC investment opportunity - 19:16 IMC share price history - 21:56   Q&A - 24:15   About IMC Established in the UK in 2012, Internet Mobile Communications Ltd (‘IMC’) is a FinTech and international telecommunications business.  IMC has three divisions comprising International Carrier Services and settlements, Retail and Mobile Marketing, with presence in the UK, Moldova, Chile, India and Malta.

This video can be seen at: https://www.piworld.co.uk/2019/12/03/blue-whale-capital-investor-presentation-at-mello-london-november-2019/   Blue Whale Capital investor presentation at Mello London November 2019 Presented by Stephen Yiu, Chief Investment Officer Stephen outlines the investment objectives of the Blue Whale Growth Fund, and how they achieve their market beating performance.   What Blue Whale do? – 00:23 Flagship fund – Blue Whale Growth - 03:05 Investment process – significant out performance focussed - 04:02 Invest in high quality businesses - 05:47 What an attractive price means - 10:10 Portfolio construction – invest in what we know best - 17:20 What drives us to sell? - 20:28 How do we define risks? - 21:45 How we work as a team - 23:36 Portfolio characteristics - 25:10 Portfolio positions & Performance - 27:24   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.

This video can be seen at: https://www.piworld.co.uk/2019/12/02/ig-design-group-igr-h1-results-presentation-2019/ Presented by Paul Fineman, CEO & Giles Willits, CFO Paul and Giles run through a strong set of H1 results, in spite of Brexit and China headwinds. They continue to grow margins, through creating value for customers. EPS growth at a lower percentage than PTP growth, simply down to month weightings on the Impact acquisition. Going forward they look to achieve on-going double digit earnings growth, greater than 75% cash conversion and ROCE greater than 24%. To be achieved through both organic growth and acquisition. Paul Fineman, CEO Half year highlights - 00:27 Revenue breakdown - 02:29 Giles Willits, CFO Financial overview - 03:50 P&L - 05:29 Profit growth in key territories - 07:56 Cash flow - 12:05 Balance sheet reflects adoption of IFRS16 - 13:39 Brexit & China tariffs - 15:17 Future targets - 18:28 Paul Fineman, CEO The strategy - 20:38 Experienced decentralised team - 24:28 Creating value for customers - 25:31 Opportunities by category & geography - 26:19 Acquisitions – 29:11 H2 focus - 32:21 Why invest? - 34:12 Q&A – 35:07   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/2019/12/02/1pm-opm-investor-presentation-at-mello-london-november-2019/   Ian Smith, CEO and Ed Rimmer, COO give an overview of the business, and their strategy to grow from £140m loan book, to £350m by 2024.   Ian Smith, CEO Introduction – 00:18 Who we are & what we do - 01:16 Market positioning - 02:46 Four operating divisions - 03:19 Core competencies - 07:10 Ed Rimmer, COO The business model - 10:19 Financial highlights - 14:23 Strategic plan - 19:21 Management team - 25:47 Competition - 30:08 Summary - 31:47 Q&A – 33:25 1pm plc is a holding company. The Company provides financial services to the United Kingdom businesses. The Company finances a range of business assets to small and medium sized enterprises (SMEs). The Company offers small business loans, lease finance and hire purchase. The Company's leasing portfolio consists of a mixture of sectors and assets, such as garages, cleaners, fish and chip shops, and beauty salons. The Company offers equipment finance and hire purchase finance for various assets, such as Beauty equipment; Cleaning equipment; Manufacturing equipment; Medical equipment; Gym equipment; Catering/kitchen equipment; Restaurant/cafe/pub equipment; Copiers, faxes, scanners, projectors and printers; Security systems; Construction equipment; Furniture; Computers/Servers and hardware, and Telecoms equipment. The 1pm SME loan product is available to various businesses. The money borrowed can be used for various purposes, such as Audit fees, cash flow and Website design.  

This video can be seen at: https://www.piworld.co.uk/2019/11/29/the-market-maker-part-1-spencer-crooks-ex-director-of-market-making-at-winterfloods/ Spencer Crooks, ex Director of Market Making at Winterfloods talks to Tamzin Freeman, piworld. Spencer gives us a fascinating insight into the day in the life of a Market Maker. This is the first of two parts. The second part goes into more technical details of market making. Both parts are a must watch, to understand what’s going on behind the scenes to determine how stocks are priced. Spencer’s background – 00:22 What do Market Makers do? – 01:35 Risk management by Market Makers - 04:29 Market Makers: the institutions & retail - 06:22 Market Makers: the business model - 08:04 How do you set a price? - 11:37 How do you set the spread? - 14:32 How do you set the market size? - 16:11 The difference between quote driven or order driven stocks - 17:37 How helpful is Level 2 to the retail investor? – 19:18 The relationship with the broker – 21:40 What’s the relationship like between Market Makers? - 25:38 How large is the research function at Winterfloods? - 29:23 How many companies does an individual Market Maker cover? - 30:45 How is a stock priced on the morning of a profit warning? - 33:04 What makes a good market maker? - 35:34 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.

This video can be seen at: https://www.piworld.co.uk/2019/11/22/creightons-crl-interim-results-presentation-for-period-ending-30-9-19/   Bernard Johnson, Group Managing Director, Paul Forster, Group Finance and Commercial Director and Pippa Clark summarise the last six months both financially and operationally, and update us on what we can expect, going forward. Bernard Johnson, Group Managing Director Introduction – 00:18 Current performance – 01:29 Paul Forster, Group Finance & Commercial Director Financial highlights – 02:45 Revenue – 06:59 Operating profit – 08:28 Profit margins/ EPS / cash – 09:51 Pippa Clark, Global Sales and Marketing Division performance – 14:55 Private label highlights – 17:30 Brand highlights – 20:56 Brand developments – 24:10 Drivers for growth – 27:45 Bernard Johnson, Group Managing Director Outlook – 31:26 Martin Hawes, Group Operations Director Introduces himself – 35:06 Q&A – 36:14 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/2019/11/26/inspired-energy-inse-investor-presentation-at-mello-london-november-2019/   Mark Dickinson, CEO talks us through the business proposition of Inspired Energy, and his strategy going forward. Mark is an experienced pair of hands, with 20 years’ experience in the sector, having been CEO of M&C Energy before selling to Schneider Electric in 2013. Introduction - 00:18 The Journey – 01:25 Key stats as at August 2019 – 02:14 What do INSE do? - 02:25 The Market Opportunity – 10:00 Competitors - 13:30 Growth strategy - 14:50 IGNITE investment - 19:50 The Opportunity – 23:02 Inspired Energy PLC provides energy purchasing and energy consultancy services to corporate, and small and medium-sized enterprise (SME) energy users. The Company's segments include The Corporate division (Corporate), The SME division (SME) and PLC costs. The Corporate segment includes operations of Inspired Energy Solutions Limited, Direct Energy Purchasing Limited, Wholesale Power UK Limited and STC Energy and Carbon Holdings Limited. Corporate's services are primarily in the review, analysis and negotiation of gas and electricity contracts on behalf of corporate clients. It provides additional services, which include energy review and benchmarking, negotiation and bill validation. The SME segment includes the operations of Energisave Online Limited, KWH Consulting Limited and Simply Business Energy Limited. Within the SME division, the Company's energy consultants contact prospective SME clients to offer reduced tariffs and contracts based on the situation of the customer.

This video can be seen at: https://www.piworld.co.uk/2019/11/22/kape-technologies-kape-mello-london-november-2019-investor-presentation/   An overview of Kape (formerly Crossrider), by Ido Erlichman, CEO. This was recorded BEFORE the game changing acquisition of LTMI Holdings. It gives great insight to the strategy, and the lay of the land before LTMI. Introduction – 00:18 Investment highlights – 00:53 KAPE in numbers - 01:58 H1 highlights - 03:08 Consumer digital privacy market drivers - 05:22 Significant growth opportunity - 07:24 Core software products - 09:01 Consumer focussed interface - 10:12 Growing subscription base - 11:01 Financial performance - 11:51 Cash flow analysis - 12:45 ROI growth - 13:20 A de-risked revenue model with strong visibility - 15:04 Existing cohorts are a growing source of future collections - 17:06 KPIs - 17:43 ZenMate & Intego - 18:35 Ongoing growth strategy - 20:09 Summary - 22:18 Q&A - 23:32 Kape Technologies PLC, formerly Crossrider plc, is a United Kingdom-based online distribution and digital product company. The Company operates through three segments: App Distribution, Media, and Web Apps and License. Through the App Distribution segment, the Company offers Reimage, a computer repair software; DriverAgent, a driver repair software; CyberGhost, a virtual private network solution, and associated services. The Company’s Media division provides media and advertising technology services that include media buying, ad agency services, and ad serving technologies. It offers Ajillion, a mobile ad server and exchange; Definiti Media, an advertisement network, and crossmob, a mobile marketing application. Through the Web Apps and License division, the Company licenses web apps monetization platform and associated technologies.

This video can be seen at: https://www.piworld.co.uk/2019/11/22/what-went-wrong-at-woodford-a-forensic-investigation-of-the-woodford-equity-income-fund-history/   By Edward Page Croft, Founder Stockopedia, speaking at Mello London 2019. Ed uses the research tools offered by Stockopedia to expose the investing themes across the lifetime of the Woodford Equity Income Fund. Although nothing can be done to reverse events for Woodford holders, there are insights we can all learn for our own more successful investing; especially with the help of Stockopedia! Agenda – 01:49 Woodford: The Perpetual Years 1988-2014 – 02:28 2012: A sign of things to come? – 03:07 Woodford Capital: 2014-2018 – 04:31 Stockopedia: framework for analysis – 05:21 Woodford Fund holdings 2014 – 15:03 Woodford Fund holdings 2015 – 21:02 Woodford Fund holdings 2016 – 23:57 Northwest Biotherapeutics – 26:35 Speculative, healthcare, momentum? – 27:47 Woodford Fund holdings 2017 – 28:20 WEIF Assets under management – 28:53 2017 the tipping point – 29:23 PurpleBricks & Burford Capital – 31:16 Woodford Fund holdings 2018 & redemptions – 32:49 AstraZeneca – 37:51 2019 – 38:33 WEIF portfolio over time – 41:20 The insights we can all learn – 46:20 About Edward Page Croft. Ed has been the steward of the Stockopedia mission since day one with the goal of building the systematic toolkit to solve his own behavioural biases. Ed was an Oxford Scholar, graduating with first class honours before going on to work as an asset manager and private client broker at Goldman Sachs. Ed has a mystery song on Youtube that gets playlisted more than the Beatles and likes to bowl awkward fast medium bouncers.