Jeremy suggests that the equity market's buoyancy is partly a short-squeeze on Mag 7 as AI spend continues to reach new frenzied highs, and asset managers want "safe" US Dollar assets. The US may have started this war, but their assets and their energy are largely safe from its immediate effects.

Meanwhile Kevin Warsh is suggesting a new - and more nuanced - approach to Central Bank structures...lower interest rates for sure, but with a dose of academic justification. Playing to the crowd, perhaps...persuading the bond markets, hard to tell.

Together, they explore how to navigate market volatility and uncover wealth-building strategies by blending bottom-up micro-cap stock picking with top-down macro analysis.

In this episode, they cover:

• The Reality of Public Markets vs Private Equity: Laurie reflects on the 3-year anniversary of Onward Opportunities, its graduation from AIM to the LSE primary listing, and the brutal, honest "mark-to-market" nature of public markets. The guests contrast this with the "deferred reckoning" of private markets, discussing the potential market impact of massive private valuations and the looming SpaceX IPO.
• The "Golden Age of Grift" & Market Absurdity: The Shrub explains his philosophy that "once you realise it's all nonsense, it starts to make sense". He breaks down why global markets ignore geopolitical crises—joking that as long as the S&P is above its 200-day moving average, even an asteroid strike is "priced in". He introduces the concept of "Schrödinger's Strait", where vital global shipping lanes are treated by the market as both open and closed simultaneously.
• The Capital Cycle & The UK Discount: Discover why a decade-long slump in UK equities might be the perfect setup for massive returns. The Shrub outlines the "capital cycle," explaining that the longer an asset is ignored, the more explosive its eventual upcycle will be. They discuss "Klaus," the imaginary European pension fund manager, and why trillions in capital reshoring to Europe could trigger a massive rally for UK and European assets.
• Gems Among the Rubble: Laurie shares real-world case studies of finding heavily discounted global businesses listed in the UK, including the highly successful acquisition of marine data business Windward and the podcasting platform Audioboom.
• Exit Liquidity & Survival Strategies: The Mavericks discuss why investors must plan their exits before they buy, whether through takeovers, US dual-listings, or graduating to larger markets, especially when dealing with illiquid small-cap stocks.

Listen to the end for actionable takeaways on building portfolio resilience and surviving the "clown show" of modern markets.

Cerillion might look to techies to be an easy AI technical target its business model, market position and end customer knowledge give it a major moat. DotDigital and GB Group are collections of mainly less than bleeding edge technology solutions, but there is considerable value in their established market positions. GB Group is sorting itself out whilst DotDigital faces the challenge of how to keep top line growth growing in a business area that is seeing constant innovation and change, but neither looks to be facing fundamental challenges from AI.

Ami Daniel, founder of maritime AI company Windward, returns to the pod with a front-row view of the Middle East energy shock — and a confession about the one big thing he got completely wrong about AI.

With US naval pressure tightening around Iranian ports and ships going dark in the Strait of Hormuz, Ami explains why this energy crisis has no quick fix: 20% of the world's oil and gas cannot simply be rerouted. He maps the geopolitical reshaping of the Middle East, why Israeli and UAE capital markets are telling a different story to the headlines, and why the Abraham Accord alliance may become the defining axis of the region for the next two decades.

Then the conversation shifts to AI and investing. Ami's big admission: he thought data would be commoditised and insight would be scarce. He had it exactly backwards. Insight is now effectively free — you can get PhD-level analysis on an API. Data is the scarce resource. That one inversion is eating the entire SaaS industry alive.

But Ami argues the SaaS collapse is a buying opportunity for patient investors — if you know what to look for. Proprietary data moats. High average order values. Strong net revenue retention. And it's also a good idea to look for wartime CEOs who have navigated real adversity before the good times arrived.

We also get into Windward's own journey — why leaving the London Stock Exchange wasn't a vote against the UK market, why he's now backing a company to list there, and what it means to steer a business through years of people thinking you're wrong.

Five takeaways:

1. The Middle East energy shock is structural — there is no easy fix
2. The region is being geopolitically reshaped, and capital markets are repricing it
3. Defensible data moats are the new scarce resource in an AI world
4. The SaaS collapse is a patient investor's opportunity
5. Back wartime CEOs — people who kept going when nobody believed in them

Brought to you by Progressive Equity.

Links mentioned in this episode:

• Windward insights: https://insights.windward.ai
• Ami Daniel on LinkedIn: https://www.linkedin.com/in/amidaniel
• Windward on X: @WindwardAI
• Ami Daniel on X: @AmidanielOne
• Orlando Bravo / Thoma Bravo—software is a buying opportunity (CNBC): https://www.cnbc.com/2026/02/11/tech-investor-orlando-bravo-software-ai.html
• Ben Horowitz — Peacetime CEO / Wartime CEO: https://a16z.com/peacetime-ceo-wartime-ceo/
• Previous episode with Ami (September 2024): https://substack.com/@jeremymckeown/p-148564789
• HyperNormal Times: https://jeremymckeown.substack.com

In this solo ITCOM episode, Progressive's Jeremy McKeown cuts through the noise to explain what the US-Israeli campaign against Iran actually achieved, what it failed to achieve, and what the aftermath reveals about the real state of Western power in 2026.

French diplomats negotiating with Iranian middlemen. Greek shipping companies submitting cargo manifests to IRGC checkpoints. Japan is in back channels with Tehran. America's closest allies are paying the toll — not because they want to, but because they cannot afford the alternative.

That's not a military failure. It's something more consequential: it's normalisation.

Jeremy covers:

• Why the Iranian Toll Booth is more consequential than a blockade
• The Western "clown show" response
• What the death of the petrodollar looks like
• Why this is the Suez Moment that nobody's calling a Suez Moment
• Where to position capital when the old maps stop working

Drawing on recent conversations with Doomberg, David Murrin, John Polomny, Charlie Garcia, and Michael Every — this is the episode for investors who want to understand the world as it is, not as the press conference says it is.

Echoes of Suez reverberate - and the "petrodollar" arrangements of arms sales and protection look thoroughly undermined.

Jeremy points out that this feels like "hypernormalisation"....everyone knows that the world order is changing, but is afraid to say it out loud.

China may be the silent victor, but Japan's financial position and/or the bond markets could pose the real risk to markets.

Investors might do well to look to real-world assets, especially if energy exploration is about to become important once again.

Latin America could benefit from a more hinterland-focussed USA.

Good luck to the soon-incoming Fed Chairman....what a time to be Kevin Warsh.

Murrin applies his unique behavioural models—including Isaac Asimov-inspired "psychohistory" and Kondratiev waves—to dissect the current global crises. From the ongoing proxy conflicts draining Western military resources to the looming technological singularity, this episode explores the mathematical certainty of empire cycles and what Western democracies must do to adapt and survive.

Key Topics Covered:

• World War III is Already Here: Murrin explains his controversial thesis that WW3 officially began with the invasion of Ukraine. He outlines the immediate military triggers and "pilot wars" that signal China’s imminent, kinetic move against the US and its allies in the Pacific.
• The Iranian Bear Trap: A deep dive into how the United States is currently entangled in an asymmetric war of attrition in the Middle East. Murrin discusses how Iran's use of cheap drones and mines is depleting US mid-course interceptors, creating a strategic opening for China's hegemonic challenge.
• The Five Stages of Empire & American Decline: Murrin breaks down his Five Phase Life Cycle model (Regionalisation, Ascension, Maturity, Overextension, and Decline/Legacy). He discusses why the US is firmly in the terminal decline stage, characterised by debt reliance and linear bureaucracy, while China is in the aggressive ascension stage.
• Linear vs. Lateral Leadership: Why are Western nations suffering from a plague of idiots in leadership? Murrin explains the symbiotic relationship between linear thinkers (who maintain the status quo) and lateral or dyslexic strategic thinkers (who drive adaptation and survive high-entropy events). He argues that elevating lateral thinkers is critical to surviving the current geopolitical crisis.
• The K-Wave Commodity Cycle & Resource Scarcity: An analysis of the Kondratiev commodity cycle, which Murrin predicts will peak between 2025 and 2030. Learn how the simultaneous implosion of the debt-fueled Doomsday Bubble and soaring food and energy prices will reshape global survival strategies.
• The AI Singularity & The Future of Warfare: Murrin assesses the risk of an AI singularity, driven by the escalating global arms race. He explores how hypersonic weapons, drone swarms, and quantum technologies are permanently altering the fundamental Theory of Warfare.

In this episode, Progressive's Jeremy McKeown dives into why global capital might be facing the wrong direction. He's joined by Django Davidson, Partner and Portfolio Manager at Hosking Partners, to explore the Capital Cycle Theory—an investment framework made famous by Marathon Asset Management and financial historian Edward Chancellor.

While most of Wall Street obsesses over uncertain future demand, the Capital Cycle approach focuses on the one thing we can track: Supply.

In this episode, they discuss:

• The Mag Seven vs. Physical Reality: Why the chronic underinvestment in critical infrastructure is creating a massive valuation gap.
• The Chancellor Doctrine: Understanding why return on capital—driven by industry competition—is the ultimate north star for share prices.
• The Return of the Cycle: How the current market mirrors the dot-com boom/bust and why we are in the early phases of a long-term capital rotation.
• Supply over Demand: Why analysing where capital is flowing (or fleeing) is more effective than chasing quarterly earnings.

Django breaks down the "huge valuation discrepancies" waiting to unwind and why the next decade of investing won’t look anything like the last.

With over two decades of experience as an economist and strategist—including senior roles at Silk Road Associates, the Royal Bank of Canada, and Dun & Bradstreet—Michael brings a highly differentiated analytical framework that challenges traditional big-bank thinking.

Drawing on a diverse intellectual background ranging from early Marxist influences to firsthand observations of post-communist transitions, Michael exposes the critical flaws of neoclassical and neoliberal economics, arguing that the world is driven by raw power rather than by natural market equilibria.

Key topics discussed in this episode include:

• The Flaws of Traditional Economics: Why the neoclassical presumption of "mean reversion" and perfect market equilibrium fails to explain our current reality.
• Wave Theories of History: How alternative frameworks—such as Kondratiev waves, the Austrian business cycle, Dalio’s debt cycles, the Fourth Turning, and Peter Turchin’s elite overproduction—can help investors better navigate today's geopolitical tipping points.
• The US vs. China Hegemony: An analysis of shifting global power dynamics, China's neomercantilism, and whether the United States is facing a modern equivalent of the "1956 Suez Crisis".
• The De-Financialisation of the West: Why the West must urgently pivot from financial engineering and asset speculation toward re-industrialisation, commodities, and "economic statecraft" to compete with the East.
• The Middle East and Global Commodities: How the ongoing conflict in the Middle East ties directly into global struggles for control over base commodities, energy, and the future of the US dollar.
• The Realities of Artificial Intelligence: The physical resource constraints holding AI back (such as copper and electricity shortages), its impact on the labour market, and whether it will lead to a technological utopia or a dystopian cognitive decline.

In this episode, Progressive's Jeremy McKeown and Charlie Garcia of Capital Mischief explore what this escalating crisis means for investors, and why the old playbook of paper-heavy portfolios may no longer be fit for purpose.

Charlie Garcia is a rare breed: a former military man turned geopolitical analyst who has advised six U.S. presidents, and whose Substack — Capital Mischief — has been running in overdrive tracking the fast-moving Middle East situation in near real-time. Writing with the narrative drive of a Tom Clancy thriller and the wit of P.J. O'Rourke, Garcia cuts through the noise to deliver high-signal intelligence that is as engaging as it is essential.

Together, they dig into the key questions: Is this escalation a localised event or the opening salvo of a larger systemic shift? How should investors re-price risk in an era of active, theatre-level conflict? And in these crazy markets, is a return to hard assets — gold, silver, and tangible stores of value — the only rational response?

A sharp, wide-ranging conversation at the intersection of war, geopolitics, and finance — we hope you find it both illuminating and entertaining.

Recorded on Tuesday, March 3rd, as the fog of war deepens, they dive into why oil prices are spiking and how the world’s reliance on fossil fuels is shaping modern warfare.

Doomberg delivers his signature "no-holds-barred" analysis from "fly-over country," using his unique mental models to strip away the mainstream narrative. The pair explore the massive disconnect between the information being fed to the public and the harsh realities of energy physics and geopolitics.

This conversation covers:

• Operation Epic Fury: A day-three characterisation of the conflict.
• Energy as a Weapon: Why energy security is the ultimate arbiter of market stability.
• The Fog of War: Navigating misinformation and understanding the longevity of current market volatility in the age of algorithms. 
• Market Impacts: How investors should view the intersection of politics and commodities during periods of high tension.

Whether you're looking to understand the macroeconomic shift or seeking a "maverick" perspective on the green transition versus energy reality, this conversation provides a sobering look at where we are headed.

In this episode, Progressive's Jeremy McKeown sits down with Jamie Ward, author of the Wonder Stocks newsletter and a mathematician-turned-investor who survived the Global Financial Crisis.

Jamie shares his framework for identifying stocks capable of 20% compound growth and discusses the profound influence of
Nick Sleep (Nomad Capital) on his investment philosophy. They dive deep into why stock selection is about more than just "crunching numbers" and evaluate two specific UK-listed companies: Frasers Group (FRAS) and Wise (WISE).

They also tackle the controversial rise of passive investing. Jamie explains why he views index trackers as a "parasite" on market efficiency and how retail investors should navigate this shift to protect their capital.

In this episode, you’ll learn:

• How to filter for companies with 50x to 100x return potential.
• The specific stock selection criteria Jamie uses to find "Wonder Stocks."
• The bull case for Frasers and Wise.
• How to adjust your portfolio for the impact of passive flows.

In this episode, Progressive's Jeremy McKeown digs into the wild price action across precious metals and digital assets, exploring whether the debasement trade is still intact or whether something fundamental has shifted.

Gold surged over 50% before pulling back, silver nearly tripled at its peak, and Bitcoin more than halved from its highs — all within a matter of months. To make sense of it all, Jeremy is joined by two long-term advocates of so-called "outside money": Dominic Frisby (Flying Frisby Substack), author and commentator on Bitcoin and gold, and Charlie Morris of ByteTree, founder of the BOLD (Bitcoin & Gold) Fund, which recently launched on the London Stock Exchange.

Together, they explore the key questions: What sparked this volatility spike? Has the newly nominated Fed Chair changed the game? Could AI or quantum computing pose a real threat to Bitcoin? And is Bitcoin still overvalued even at current prices?

A timely and wide-ranging conversation — we hope you find it both informative and entertaining.

Roger started his broking career with Cazenove, then worked at HSBC James Capel, JPMorgan, Deutsche Bank, and, most recently, as Head of UK Equity Strategy at Investec.   

Roger is a Fellow of the Institute of Chartered Accountants, a Physics graduate and a frustrated Politician.

For this discussion, Jeremy wanted to talk to Roger about politics and how it has come to dominate markets over recent years. He puts today’s seemingly chaotic geopolitics and rather depressing UK domestic politics into a useful historical context. It was an absorbing and illuminating chat with some suggestions on how markets might play out over the coming months.

Key Takeaways

• Value Investing is In the Blood. Oldfield argues that true value investors are born, not made. It requires a contrarian temperament that naturally gravitates toward unloved assets—a trait that is "simple" to understand but psychologically challenging ("not easy") to execute.
• 
  
• Growth vs. Value. Oldfield believes value provides a "margin of safety" that prevents the ground from opening up beneath you, as it does with growth stocks. He discusses his view of an exciting future for value versus growth. 
• 
  
• Index Hugging. Oldfield is a fierce critic of large asset management firms, arguing they inevitably drift toward mediocrity and "index hugging" (mimicking the market to avoid being fired). He advocates small, independent firms that can maintain "distance" from the noise of Wall Street and the City, enabling independent thought.
• 
  
• A Checklist for Selecting Managers: When choosing a fund manager, Oldfield warns against relying on past performance, calling it a "trap".

Claire Thomson, CFO
16:20 Brand Addition - Overview
17:13 Brand Addition - Key Financial & Operational Metrics
17:54 Brand Addition - EBITDA
18:28 Brand Addition - New Business Acceleration
19:01 Brand Addition - Strategy

Chris Lee, CEO
19:40 ESG
20:45 Outlook

22:00 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

Carl D’Ammassa, CEO
00:16 Introduction
01:02 FY 2025 Overview
05:20 Strategy Update
06:44 Looking Ahead.

DF Capital is a speciality lender providing flexible financing solutions that support the sales and growth of manufacturers, dealers and distributors operating in attractive underserved retail markets across the UK. As a bank, DF Capital’s lending is underpinned by its award-winning savings products, straightforward digital platform, and exceptional customer service.

Markets have been stung, although the US Dollar is once again the "safe haven" asset, making the inflationary impact worse for non-USA countries.  Those inflationary risks abound, and the independence of central banks in this critical period will once again be an issue.

Equity markets appear to be less worried than bond investors, although this could change, depending crucially on how long the current impasse persists in the all-important Strait of Hormuz.

When the oil price is more volatile than bitcoin, you know we're in interesting times...

00:00 Opener

00:16 Introduction Video

Ian Corfield, Chief Executive Officer
02:59 Opening remarks & Agenda
05:36 2025 Overview
08:19 2025 Performance highlights

Rachel Lawrence, Chief Financial Officer
10:28 2025 Financial Review

Ian Corfield, Chief Executive Officer
29:15 2025 Strategic review and outlook

32:06 2025 Annual Results Presentation Q&A

Ian Corfield, Chief Executive Officer
37:01 Group overview and strategy

Rachel Lawrence, Chief Financial Officer
49:44 Capital Allocation and Cost Management

Andy Phillips, Managing Director, V12 Retail Finance
58:03 Divisional Spotlight - V12 Retail Finance

Luke Jooste, Managing Director, Business Finance
1:14:11 Divisional Spotlight - Business Finance

Rajat Mehta, Savings Director
1:28:27 Divisional Spotlight - Savings

Ian Corfield, Chief Executive Officer
1:34:54 Concluding remarks

01:38:21 Investor Update Q&A

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).

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).

What is obvious is that America's "complete control of the airspace" has not resulted in reopening the Strait of Hormuz - small Iranian missiles and drones remain a problem.  Less obvious is that America's "no limits on availability of munitions" presumably leaves Ukraine's supply at risk, and Taiwan less protected.  Oil prices are up by 25-30%, and inflation will follow unless this is very short-lived.  Bond yields are rising globally.  A regime-changed Iran (with free-flowing cheap oil for the world) would be a wonderful outcome, but is currently very far from assured. Jeremy explains the importance of Kharg Island...let's hope it stays out of the headlines.

In face of the carnage, we take a step back and remember that writing software is only part of the story.  You need to plan, develop, test, sell and maintain. AI is untested in customer support for AI and much else besides.

We have flashbacks to when Open Source became a thing and look to the SaaS transition and lessons learned and not learned.

There is value amongst these hard-hit tech software stocks, but survival and growth in the face of AI is more than about having embedded products.  It’s also about the company structure and culture, and scarily for UK investors, its code base too.

We consider the realignment of earnings multiples. After over a decade of analysts and investors assuming SaaS revenues go on forever, it’s now increasingly obvious that many software companies can and will die, and it might be messy.

Trading updates from Raspberry Pi, and news flow from Intel and Samsung, remind us that things rarely happen as smoothly or as predictably in real-world tech as is hoped, particularly in semiconductors.

Computacenter’s update has confirmed George’s view on hardware sales and serves as another illustration that cash flow matters and should not be taken for granted.

Looking to the US, the traditional SaaS stocks are underperforming, dragged down by the question of what AI does to them and, importantly, software pricing. No sign of the market asking these fundamental questions of the UK stocks just yet.

Jeremy and Gareth explore U.S. GDP hitting 4.4%, and a historic precious metals boom with gold nearing $5,000 and silver approaching $100 an ounce. Discover key insights on the U.S. real economy, bond yields, and six critical investment themes for the year ahead, including the Space Economy, Robotics, and the "Great Rotation" of capital.

Key Topics & Highlights:

• Geopolitics & Trump 2.0: Analysis of the Trump administration's aggressive stances toward NATO and Europe, and its impact on global relations.
• Market Volatility: How the "Davos circus" and recent fears have driven investors into a risk-off mode, with strategies for navigating the uncertainty.
• The Commodities Boom: Discussion on the dramatic ascent of precious metals, driven by a weakening dollar and rising geopolitical insurance premiums.
• The Inflation vs. Growth Debate: An exploration of a hot U.S. economy (near 5% growth) versus moderating Western consumer price inflation, and its bond market implications.
• Six Themes for ’26: A breakdown of top investment themes for the year:
  • Robotics and Autonomous Driving.
  • The Space Economy.
  • The Rise of the Chinese Consumer.
  • Healthcare Catch-up.
  • Energy will join the Commodities Party.
  • The Ongoing "Great Rotation" (Capital moving from Dollar assets/Treasuries to gold and other geographies).

In this episode:

• Why Craig sees silver regulation or confiscation coming, or where we rip out solar panels for their silver content.
• How Western policy has detached from real-world physics
• Lessons from 40 years of upgrading Asian manufacturing, banks & central banks
• Why “national capitalism” is the West’s last hope
• The real economic operating system we’ve forgotten

Erik discusses his experience investing in Africa in the 20'teens and his involvement in what he calls Project Zimbabwe; don't think that we, in the West, are immune from our own versions of Project Zimbabwe. In Erik's view, we are, and counterintuitively, it partially explains Erik's current bullish stance on equities, with his framing of S&P 10,000 and how we can get there.

He also shares how his investing process identifies sectors and markets at inflexion points, and he currently sees energy (specifically oil and gas) as poised to join the commodity rally underway in metals and rare earths.

He also discusses how AI and robo-advisors might challenge the impact of passive investing on equity markets.

There has been a data dump of macro numbers and rate decisions, and an important decision by Europe's leaders not to seize frozen Russian assets.

Overall, the critical question for investors in 2026 is whether central banks have done enough to tame inflation and pave the way for lower rates. Jeremy again highlights Japan as a source of risk to the bullish scenario.

Next week will be quiet, but always worth noting who might be sneaking out RNS's last thing on Christmas Eve.

The primary focus is on the mixed messaging from the Federal Reserve with its interest rate decision described as a hawkish cut. Jeremy describes how we might interpret this move, which is now signalling only one further rate cut in 2026.

Kevin "The Real Asset" Hassett is widely expected to be announced as Jay Powell's successor in January. Further, this has also been widely interpreted as allowing inflation expectations to run wild, thereby impacting the prices of gold and silver.

However, the Fed decision makers are also looking at their responsibilities for employment and the functioning of financial markets. To this end, you might be mistaken that they have restarted QE. The move to inject liquidity into the short-term money markets might not be strictly QE, but it does expand the Fed's balance sheet, at least in the short term.

Jeremy points to Japan as the source of the market dysfunction that policymakers might be preempting via this (temporary) injection.

In US megacap land, news comes of a $1.5 trillion IPO for SpaceX, and a busy week for the Ellison family. Larry Ellison's Oracle highlighted the risks around the AI data centre build-out, but also his son and other high-profile backers were behind the $108bn hostile bid for Warner Bros.

Jeremy highlights the precedent for such giant hostile bids, and it is an interesting list! Surely nothing to see here.

Looking ahead, there will be further evidence next week of the weakening US jobs market.

The events in Venezuela and the Ukraine peace process will also be centre stage.

22:30 Q&A

Cerillion has a 26-year track record in providing mission-critical software for billing, charging and customer relationship management ("CRM"), mainly to the telecommunications sector but also to other markets, including utilities and financial services. The Company has c.70 customer installations across c. 45 countries.

Headquartered in London, Cerillion also has operations in India and Bulgaria as well as a sales presence in the USA, Singapore and Australia.

The business was originally part of Logica plc before its management buyout, led by CEO, Louis Hall, in 1999. The Company joined AIM in March 2016. 

www.cerillion.com

Macro markets have helped Rachel Reeves avoid short-term repercussions of the Budget. 

Next week’s Fed rate decision may be overshadowed by gyrations around the potential seizure of Russian monies - and what that means for the value of the dollar in the eyes of anyone who might one day upset the West.

Stewart Gilliland, Interim Executive Chair
00:16 Introduction
01:18 HY2026 Summary

Rohan Cummings, CFO
02:22 Group Revenue
03:18 Adjusted Operating Profit
04:27 Segmental Performance
07:27 Financial Summary
09:25 Cash Flow

Stewart Gilliland, Interim Executive Chair
10:51 The Group Today
12:42 Design Group Europe
14:05 Design Group UK
15:49 Design Group Australia

Rohan Cummings, CFO
16:59 Guidance

Stewart Gilliland, Interim Executive Chair
17:50 Long-term Growth Drivers
19:32 Case Study
20:13 ESG
21:16 Outlook

22:00 Q&A

IG Design Group plc is a leading designer, innovator and manufacturer across various celebration and creative categories.

For further information please visit www.thedesigngroup.com.

Macro markets have helped Rachel Reeves avoid short-term repercussions of the Budget. 

Next week’s Fed rate decision may be overshadowed by gyrations around the potential seizure of Russian monies - and what that means for the value of the dollar in the eyes of anyone who might one day upset the West.

Jeremy visited Buenos Aires in November last year, wanting to see firsthand what was going on under the newly elected President, Javier Milei. He met some fascinating people who shared their stories and perspectives on the Milei Revolution.

As he was researching an article about his visit, he read some early accounts of the rise of Milei and the stories told about him in 2022 and early 2023.

In the readers’ comments section under a rather scathing article about him in the Buenos Aires Times, there was a short but forthright comment that explained why the reader thought Milei was likely to win the Presidency. It was from a reader named Jeffrey Stout, who seemed to be a lone voice in the comments section, taking this counter view.

Jeffrey, a successful businessman and US citizen, knew what he was talking about, and he kindly spent a couple of hours helping understand a few fundamentals of how things worked, or most often didn’t work, in his adopted country.

12 months on, with the midterms out of the way, Jeremy reconnected with Jeffrey for an update on what had happened over the year since they met, and how he sees things shaping up.

Simon, who writes a regular column in the Times, is a go-to person on the UK economy, and Thomas is steeped in experience and understanding of the value and income attractions of UK equities, with a long and successful track record of managing the Aberdeen Equity Income Trust.

They had a great chat and distinguished the essential differences between the UK economy and the UK market. But also at the risk of mansplaining, they also identified what more needs to be done for the UK economy to deliver growth and, importantly, to make UK assets more attractive to global capital.

Please enjoy Jeremy's conversation with Simon French and Thomas Moore.

Jeremy and Gareth are joined by Progressive building and construction analyst and Property Week columnist, Alastair Stewart, to offer his views on the likely impact on the UK housing and housebuilding markets following Rachel Reeves' second Budget. Spoiler alert, he's bullish.

Looking ahead, Jeremy expects an easing of financial conditions from the US as, among other things, the White House considers ways to improve the Republicans' chances in next year's Congressional midterms.

George and Ian consider Sage’s recent full-year results and where it can go from here. Its cloud-based US acquisition Intacct, has shown what can be done, but is Sage condemned to a life in the slow lane by its parochial home market’s love of yield and misunderstanding of growth.

They also ponder the challenges that the new CEO faces at Tracsis. Not least of which, in a similar theme to Sage, is its technical debt. Although it’s worth remembering its customer base, which might be more suited to a legacy approach after all.

Our traditional reminder to keep one eye on Japan, where 10-year bond yields are soaring and the currency dropping...beware the carry trade unwinding with a bump. 

In the UK, we're all waiting to see which of the many-mooted taxes will be inflicted on us - the chances of a real surprise look pretty small.  Progressive client Gear4Music delivered a strong H1 result, perhaps demonstrating the resilience and operational gearing that we've been discussing may be a feature of a large number of UK micro-caps.  They have weathered Brexit, Covid, supply chain pressure and now consumer pain - with costs kept lean and strong operational efficiency, any recovery will flow straight to the bottom line - which is exactly what G4M has demonstrated. 

Next week we have US retail sales and durable goods data, and FOMC members with a number of speeches in the diary.  Confusion and contradiction remain, as the US economy sees Wall Street (mainly the Magnificent 7) whose AI and capex-fuelled world is growing rapidly, contrast sharply with Main Street where the average American is feeling real pain.  Should interest rates be set to rein in tech-bro exuberance and gently deflate a potential bubble, or to give some cost-of-living relief to the down-trodden masses?

Rightmove’s share price reaction to management’s decision to accelerate its investment in AI suggests that the market is not comfortable with AI and is in bear case hunt mode. Looking at Rightmove, Trainline, Autotrader et al. it is clear that AI is going to make a difference, but it is not changing that many business models.

We consider Kainos’ results and George talks us through how the business has evolved before contemplating whether there will be or, perhaps can be, a budget flush coming as those with IT budgets use it or lose it in the final months of the year.

We look forward to Sage’s forthcoming results by looking at Xero’s just gone and consider how business models and routes to market have evolved, then look to the potential float of Visma next year.

Brought to you by Progressive.

Two of Jeremy's guests this year from the world of global thematic investing, David Dredge and Marvin Barth, both cited Mark Farrington as someone they refer to for insight, particularly on developments in Asia.

Mark Farrington writes about global thematic investing in his Watchtower series on Substack: The Global Watchtower, The Dollar Watchtower, and the BoJ Watchtower. Mark is as prolific as he is insightful.

Jeremy caught up with Mark for a fascinating conversation about his experience and learnings from a long career following developments in Asia —from the rise of Japan in the 70s and 80s to its lost decade and the rise of China.

In particular, he was keen to ask Mark whether Japan can normalise its monetary policy without collapsing the global financial system. Will China follow Japan into a lost decade of debt deflation? And how poorly understood Asian markets might impact our economies and financial markets in a new world order marked by the reassertion of economic nationalism.

Mark delivered a masterclass on the hows and whys of global thematic investing. It is an episode that should have a long shelf life.

With that, please enjoy Jeremy's conversation with global thematic investor Mark Farrington.

This suggestion across most front pages today has thrown the gilts and the value of the pound into some turmoil.

Meanwhile, in the US, the government is reopening, but to the realisation that continuing to borrow without spending has exacerbated tight dollar liquidity, as evidenced by the sharp fall in Bitcoin.   

We are entering a more volatile market phase amid the absence of official US government data on October's employment and inflation. Essentially, investors must fly blind through a period of stormy weather. What could go wrong?

In the UK equity market, despite the politics, things are looking incrementally better, with the IPO market showing signs of fully opening up.

Gareth highlights FDM and Jeremy 4imprint as examples of how to cope with difficult times and manage expectations. Both companies had inline or marginal upgrades, and their share prices responded strongly.

Looking ahead, with the US remaining quiet, it's about inflation data from the UK and Japan, both high and sticky, and increasingly problematic.

Investors in the UK will be on the latest developments from the rumour mill at No. 11. In the US, investors will be looking for unofficial signs that the authorities might be prepared to loosen conditions to ease the impact of the shutdown.

Brought to you by Progressive Equity.

As Keir Starmer and Ed Miliband return from COP30 in Brazil, Jeremy wanted to take a look at the UK’s energy policy amid a global backdrop suggesting the world is turning away from net-zero absolutism towards more human-centric policy options.

The Overton window on energy policy is being pushed aside by the likes of Tony Blair, Bill Gates, and, significantly, by the lobbying interests of big technology, and resource nationalism is being reasserted.

In the run-up to the next General Election, the UK’s energy policy will form a key battleground, and in particular, our sky-high energy prices and the future of our North Sea hydrocarbons industry will be critical factors in the debate.

Jeremy was joined by Kathryn Porter, Watt Logic energy consultant and Telegraph columnist, and Martin Copeland Chief Financial Officer of North Sea oil and gas operator, Serica Energy for a discussion about the UK’s energy policy and the future of the North Sea, for a hugely insightful conversation.

While they covered a lot of ground, the key question is whether the UK is prepared to sacrifice its North Sea oil and gas industry to the god of net-zero.

While it has already been severely damaged, it is not too late for government policy to save the jobs and energy reserves at stake, but action is needed in the upcoming Budget. This significant event could mark a turning point for an industry on the brink of destruction from the irrational pursuit of territorial net-zero at all costs.

The Fed is confused (and will be careful, likely meaning rates staying higher) because America remains in a Federal shutdown, and data is scarce. Still, US equity markets remain robust, and Elon Musk is rejoicing at his trillion-dollar deal.

The UK, however, is still quaking at the impending budget, with so many possible taxes discussed that they can't all be needed...there may even be relief once the bad news is out. Trainline's results looked solid, but Tim Martin at Wetherspoon used a trading update as a platform to berate the government on everything from corporate regulation to nuclear power.

Next week - and perhaps many weeks to come - will see the US Supreme Court deliberate the legality of Trump's tariffs...so this week's lack of fireworks may be a postponement rather than a cancellation. What will happen when Liberation Day meets its own Judgement Day...?

The Fed FOMC delivered a hawkish rate cut, which sent markets higher; however, things might get more uncertain as the US government shutdown starts to affect the collection of macroeconomic data for future releases.

They also discuss the improved prospects for Javier Milei to deliver his small-state solution in Argentina, following a surprisingly positive congressional midterm election result.

Meanwhile, the Mag Seven US mega tech companies continue their remarkable rise, with Nvidia still the clear winner. And the primary constraint on these tech titans' ambitions is reliable baseload energy, so it was unsurprising that Bill Gates and the UK government are signalling a retreat from specific net-zero policies and targets.

Finally, the backdrop and outlook for the UK's stock market is looking and feeling more positive than perhaps was feared only a few weeks ago, ahead of next month's Budget. A string of IPOs and anecdotal evidence, including the update from broker Cavendish, suggests we could have a better run into year-end after the Budget is out of the way.

There is a sense of finality about Trump's latest attempts to get Putin and Zelensky to agree on ceasefire terms. Trump is losing patience with both parties. The choice of Budapest as the location for Trump and Putin's meeting was no coincidence.

Meanwhile, Trump's on-and-off talks with Xi seem to be on again. The prospect of an emergent Grand Bargain remains on the table, giving equity markets hope.

Asset markets saw a significant rotation on Tuesday, with a dramatic collapse in precious metals prices and a spike in bond prices, leading to a decline in key sovereign yields. Helpful for both Rachel Reeves and Scott Bessent.

However, it remains unclear if this is just a short-term price correction in gold or a longer-term structural shift. Should investors, still fearful of the pending fiat collapse, buy the dip in precious metals?

Similarly, one needs to ask why bond yields are falling. Jeremy doesn't think there is any reassessment of governments' fiscal responsibility, but rather that it reflects worries about slowing economies or worsening credit quality in private markets.

Regarding the ongoing debate on the AI bubble, they discuss whether former UK deputy PM Nick Clegg can add any value to the issue. What do you think?

Looking ahead, Jeremy covers imminent US and Japanese inflation data and also notes the prospect for updates from the Mag Seven NASDAQ giants over the coming few weeks.

Gold (and other precious metals) move to all-time highs, representing a foot on the brake. What are they worried about? Well, there are emerging risks around credit conditions in private markets and increasing concerns that the AI capex cycle is turning into a fully fledged bubble, one that Jeff Bezos, no less, called a good bubble. Jeremy mentioned the under-reported British Bicycle Bubble of the 1890s. See link for details: https://www.historyhit.com/the-great-british-bicycle-bubble-of-1896/

Trump, the peacemaker, is making progress in the Middle East, but not in time to win this year's Nobel Peace Prize. However, the consequences for any deal could involve much lower oil prices and maybe a disruption to the ascent of precious metals prices.   

Gareth discusses the UK car loan mis-selling update from the FCA, its impact on Vertu Motors and Secure Trust, and this week's results from Beeks Financial Cloud.

Looking forward, the macro news includes trade and inflation data from China, as well as employment and GDP data from the UK.

With the US government shut down, there are question marks over what to expect from the US market or whether the inflation data on October 15th will even be released.

Brought to you by Progressive Equity.

Rory MacDonald, CEO
00:16 Introduction
01:02 FY25 Highlights

Neil Elton, CFO
03:54 FY25 Financial Highlights
08:24 Bookings and Revenue
10:04 Adjusted EBITDA
11:55 Balance Sheet

Rory MacDonald, CEO
13:55 Industries
17:22 Clients
19:03 Case Study: NHS England
20:16 Case Study: Home Office
21:23 Services
24:26 Software Products
26:01 Social Value
27:45 People
29:41 Outlook

31:51 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.

The Group operates from three locations across the UK - London, Manchester, and Bristol.

More information is available at https://investors.madetech.com/.

Stephen Brown, CEO
01:20 Introduction
03:47 Strategic Progress
04:40 FY25 Key Growth Initiatives
05:34 Industrial and Scientific Products Highlights
06:53 Industrial and Scientific Sensors Highlights
07:25 Laboratory Equipment Highlights
08:34 Acquisitions - Inspecvision
09:38 Acquisitions - Collins Walker
10:08 Acquisitions - Severn Thermal Solutions

Ami Sharma, CFO
10:54 FY25 Financial Highlights
11:53 Income Statement
13:26 Divisional Performance - Industrial And Scientific Products
14:12 Divisional Performance - Industrial And Scientific Sensors
14:56 Divisional Performance - Laboratory Equipment
15:29 Cash Flow
16:38 Net Debt Bridge
17:04 Net Debt

Stephen Brown, CEO
17:41 Outlook

19:02 Q&A

SDI Group plc is a group of small to medium size companies with specialist industrial and scientific products in growth sector niches which help solve customers' key challenges.

It specialises in the acquisition and development of companies that design and manufacture specialist products for use in lab equipment, industrial & scientific sensors and industrial & scientific products.

Its portfolio of businesses supplies the life sciences, healthcare, plastics and packaging, manufacturing, precision optics and measurement instrumentation markets.

SDI aims to continue its growth through driving the organic growth of its portfolio companies and by the acquisition of complementary technology businesses with established reputations in global markets.

For more information, please see: www.SDIGroup.com

Big Beautiful Trade Prosperity deal – George tries to put in it some kind of context vs the scale of what is happening elsewhere. Has the UK sold its soul or did that really happen years ago?  Look to the positive and question Germany’s and France’s position.

Then Oracle – the big jump. The whole world now knows what it’s like to be a UK small-cap fund manager. The big ego tech boss with a track record of missing results declares that he has HUGE committed revenues ahead of him with limited visibility on both the final customer and the funding, sounds all too familiar  What does Larry Ellison understand by commitment anyway – probably depends on which of his six wives you ask. 

Feels a bit like Jan 10th 2000 AOL – Time Warner.  But it’s different this time – why?  Because the internet needed funding and so the bankers and brokers had been seeing the big dollar signs for several years by that point. This time Wall Street has been restrained, and analysts have frequently asked tricky questions, but all that could change now.

Looking at UK company news, George highlights SThree’s concerning results, Tinybuild’s recovery, whilst Ian ponders Judges Scientific in the light of Spectris and asks why UK fund managers and analysts seem to be stuck in an analog world.

Chris Lee, CEO
00:16 Introduction
03:01 Investment case
04:24 HY25 Highlights

Claire Thomson, CFO
06:34 HY25 Financial Highlights
07:34 Revenue
08:13 Income Statement
09:12 Balance Sheet
09:43 Cash flow
10:19 Cash Utilisation Principles

Chris Lee, CEO
11:30 Facilisgroup Introduction
12:48 Facilisgroup Key Financial and Operational Metrics
14:35 Facilisgroup Strategy

Claire Thomson, CFO
17:14 Brand Addition Introduction
18:08 Brand Addition Key Financial and Operational Metrics
19:03 Brand Addition Revenue Bridge
20:56 Brand Addition Strategy

Chris Lee, CEO
21:49 ESG
23:01 Group Outlook

23:54 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.

Bond markets got the yips over talks of IMF visits for France and the UK. However, no one informed the FX market, and the value of the £ remained solid, helped in part by the weakening of the $. However, it's all relative, and the real value of things is reflected in gold and other real assets.

US labour markets showed more signs of weakness, but with persistent inflation.

US tech giants continue to dominate, but with little scrutiny of the returns that their substantial AI capital expenditures might yield. Oracle was in the spotlight this week, with some extraordinary results, launching its founder back into the top spot on the world's richest person leader board.

Despite our volatile politics, UK equities remain in demand, and risk assets more broadly remain in good fettle.

The long wait for the UK Budget might be because they are working on a cunning plan for growth, or they are simply waiting for things to improve. Of course, both could be true. Either way is a frustrating wait.

Meanwhile, the results and updates offer a mixed bag, indicating that the UK consumer remains active.

Jeremy offers a view on Treatt's fall from grace and its Board's disappointing acceptance of the modestly pitched PE offer the company received this week.

Looking ahead, the main focus will be on the Fed's rate decision, where the overwhelming expectation is for a 25 bps cut to 4.25%. But most people will be more interested in President Trump's second state visit to the UK, which begins on Tuesday. Shhh, nobody mention Jeffrey Epstein.

Brought to you by Progressive Equity.

00:00 Opener
00:16 Introduction
01:09 H1 2025 Review
03:25 Strategy Update
04:14 Looking ahead

DF Capital is a speciality lender providing flexible financing solutions that support the sales and growth of manufacturers, dealers and distributors operating in attractive underserved retail markets across the UK. As a bank, DF Capital's lending is underpinned by its award-winning savings products, straightforward digital platform, and exceptional customer service.

The man behind this blog holds a PhD in international economic law, with a background in World Trade Organisation (remember them?) dispute settlements, and has worked with an international law firm. 

He also advised banking clients on sanctions law following Russia’s invasion of Crimea. 

He then worked in various economic and regulatory roles within Germany’s civil service, giving him a front-row seat on how subsidies, regulations, and political priorities work in practice. 

The Brawl Street Journal was launched last year to help investors question the consensus, which its creator believes has been infiltrated by propaganda, as defined by the French sociologist Jacques Ellul, who wrote a book of that name in the 1960s. 

The pair discuss how propaganda is often an emergent phenomenon of well-intentioned people, rather than the simplistic, malign, authoritarian means of control we usually envision. 

They also discuss how net zero has become one of several propaganda myths of the established European consensus that have weakened the EU and wider European economies. 

They also talk about the potential for a net-zero-induced crisis, similar to the global financial crisis and what the prospects might be for Europe to avoid this outcome. 

With that, please enjoy Jeremy's conversation with the maverick behind The Brawl Street Journal.

UK inflation and the long end of the gilt market both look like they might be getting out of control. UK inflation has now been above target for 49 out of the last 51 reports. Not conventionally a scenario in which to cut rates, unless, of course, it is transitory.

Jeremy talks about the significance of Jay Powell's speech at Jackson Hole and asks whether he is prepared to die on the hill of inflation and central bank independence.

Gareth then highlights the dramatic warning and share price reaction from WHSmith this week and its potential implications.

Charlie has 27 years of experience in fund management, with a reputation for actively managing multi-asset portfolios.

Charlie was previously the Head of Absolute Return at HSBC Global Asset Management, where he managed $3bn of assets.

He writes research for private clients, providing actionable model portfolios that cover equities, bonds, commodities, and other alternative assets.

Having discovered gold in the early 2000s, Charlie was an early entrant into the Bitcoin rabbit hole. In 2013, Charlie founded ByteTree, which he initially intended to be the “Bloomberg for Bitcoin”.

However, he was unable to find a workable revenue model. With start-ups, being early is just another way of being wrong.

In 2022, he launched a Bitcoin and gold ETF (BOLD SW). A fund that remains unauthorised in the UK, albeit available to sophisticated investors on other European exchanges.

As Charlie says, he developed BOLD as a new take on the traditional 60:40 portfolio.

He identified a valuable low level of correlation between its constituents, Bitcoin and gold, which he has exploited to deliver impressive results.

Towards the end of this chat, Jeremy and Charlie trade thoughts on the latest UK microcap craze for Bitcoin treasury companies, which Charlie believes is unsustainable and just the result of regulatory arbitrage.

With that, please enjoy Jeremy's conversation with the maverick, Charlie Morris.

While the UK reporting season is a bit dull, the US Q2 reports have been more positive. There is a long wait for the Autumn Budget in the UK, and many companies are likely to face a long wait for the inevitable tax increases. Lots of comments out there about gambling taxes, IHT and maybe VAT increases.

Overall, the UK economic news this week has been poor but not calamitous.

Equity markets are moving to all-time highs, with powerful rallies seen from the early April lows, particularly in the US.

Maybe investors are looking ahead to a period of policy easing. However, in bond markets, the message is more mixed. Will the Fed cut rates next month? A stronger-than-expected US PPI print for July indicates that tariff-induced inflation might be on the way, giving Powell a reason, or excuse, to keep rates on hold.

There is a setup for a big showdown between the White House and the Fed. If Powell is focused on his legacy, then he might want to go out as the man who stood up to Trump and defended the economy from inflation, as Paul Volcker rather than Arthur Burns.

Gareth covers the updates from Xaar and Zoo Digital. Jeremy highlights the warning from Shoe Zone and suggests the shares might have overreacted to the news. Almost certainly meaning there is worse to come!

Looking ahead, next week, there is UK inflation data, which might increase to 4%. So, it’s not the typical environment in which to cut rates.

We also have Japan’s inflation data, which is expected to remain at a tricky 3.3%.

The main event is likely to be the outcome of the talks in Alaska. Will Trump and Putin move the lines on the map of Europe?

Brought to you by Progressive Equity.

Microsoft – AI reality, talk of returns on its own investment on AI but no real idea on those of its customers. George argues that it’s the best placed and bemoans the lowly valuation.

Meta – it’s worth listening to the call just as reminder of how different the mindset and culture is to Microsoft, Nvidia, Google and Amazon.

This leads onto what is AI 2.0: What business will be built on top of the cold AI servers? What’s next for search? Perhaps we will see Zuckerberg’s virtual dreams becoming a reality.

Back to the reality of the UK market and how the FTSE 100 rise contrasts with the UK small cap tech share price declines. Just how strong is the underlying local demand for new IPOs at full tech prices?

Recently, Progressive's Jeremy McKeown spoke to an American fund manager living in the UK whose life has been intertwined with China since he was a young boy.

Rufus Frazier of Variis Partners has a long career investing in emerging markets, and he believes China offers some of the best investment opportunities available anywhere in the world.

In a fascinating discussion, they cover the macro backdrop to China and the perceived risks, such as the Taiwan issue, property rights and the historically poor returns from Chinese equities over the last couple of decades, when its economic growth has been so strong. What are we missing about this disconnect, and why might this be changing?

Rufus explains why the scale and structure of China’s market makes stock picking essential, he talks about the things to look for as well as the sectors and stocks to avoid.

For example, China’s Uber, Didi, seems fine, but its huge battery manufacturer with a dominant global market position, CATL, is more problematic.

Finally, Rufus puts the opportunity for Chinese equities into its broader EM context. Where are the other “hot” emerging markets? In his view, mainly in Latin America and Southeast Asia.

And with that, please enjoy Jeremy's conversation with the maverick, Rufus Frazier.

Plenty of noise around tariffs still, and still difficult to determine any signal. Meanwhile, the Fed and the BoE have both had contentious rate-setting meetings, highlighting the unprecedented way in which like-minded policymakers have differing views about the future path of monetary policy.

Jeremy questions whether we are seeing the end of the era of central bank global orthodoxy. There will be much chat at Jackson Hole about the existential threats to central bank independence and their ability to operate under the auspices of their increasingly fiscally challenged political masters.

Meanwhile, US company reporting is more positive than the newsflow from the UK, although equity markets are grinding higher on stronger capital flows.

On this point, Gareth mentions the divergent fortunes of Sanderson Design, which updated this week, in the US and the UK.

Looking ahead, we can expect a UK unemployment report, which is not likely to be encouraging for Rachel Reeves; US inflation data that is likely to confirm an ongoing rise in the core measure; and a UK Q2 GDP print, again, which might signal bad news for Rachel.

Brought to you by Progressive Equity.  

The US FOMC decision (to leave rates unchanged) allowed Jay Powell to highlight that the credibility of the Fed relies on his ability to not bow to political pressure - highlighting that risks lie in both directions.  Jeremy's comment is that reduced rates could let the genie out of the bottle, with inflation expectations significantly heightened and permanently elevated. If the US is run like an emerging market, it could well end up with emerging market inflation - and interest rates - with major implications for all of us.  Meanwhile, Scott Bessant is looking to stablecoin mechanisms and untapped bank liquidity/leverage to help plug the gap in demand for US treasuries... 

Next month sees the Jackson Hole gathering of central bankers - but next week we have the UK MPC interest rate decision.  Markets are expecting a 25 basis point cut - but Jeremy cautions that the UK doesn't often like to jump the gun on rate moves, so the US "hold" this week might spell trouble for those expectations. 

Gareth talks about Progressive clients STV, IG Design Group, Forterra and SDI Group, and Jeremy highlights the strength of the UK market, buoyed partly by bid activity - with £3bn of incoming capital for IPF and Just Group, both of which saw takeover announcements.

Looking to the next week, US non-farm payroll data will show how the economy is coping with both tariff impacts and the changed migration dynamics in the US job market.  US PMI and UK rate decisions are due next week, but the main event is still likely to be Trump-related, whether and how much he provokes genuine and material trade wars with China, Canada, Mexico, Brazil...or others ! 

 
Brought to you by Progressive Equity. 

00:00 - Opener

Stewart Gilliland, Interim Executive Chair
00:16 Introduction
02:48 FY2025 Summary

Rohan Cummings, Chief Financial Officer
04:16 DG Americas FY2025 performance
06:32 DG Americas Divestment
08:52 DG International FY2025 performance
10:22 Group Revenue
11:30 Adjusted Operating Profit
12:33 Financial Summary
14:28 Cash flow

Stewart Gilliland, Interim Executive Chair
16:04 The Group Today

Rohan Cummings, Chief Financial Officer
17:55 Pro-forma Group
19:17 Reinstating Guidance

Stewart Gilliland, Interim Executive Chair
21:05 Outlook
22:14 Investment Case

22:36 Q&A

IG Design Group plc, the largest consumer gift packaging business in the world, is a designer, innovator and manufacturer of products that help people celebrate life's special occasions. Design Group works with more than 11,000 customers in over 80 countries throughout the UK, Europe, Australia and the USA.

Its products are found in over 210,000 retail outlets, including several of the world's biggest retailers, for example Walmart, Target, Amazon, Costco, Lidl and Aldi.

Its five major product categories are: Celebrations, Craft, Stationery and Creative Play, Gifting, and Not-for-resale consumables. It offers customers a full end-to-end service from design through to distribution, offering both branded and bespoke products from the value-focused through to the higher-margin ends of the market.

For further information please visit www.thedesigngroup.com.

Paul Forster, Non-Executive Chairman
00:00 Changes to the Board and Corporate Governance.

Philippa Clark, CEO
02:51 Agenda
03:14 About Creightons
05:25 Financial highlights
06:40 Operational highlights

Qadeer Mohammed, CFO
09:04 Revenue streams
11:02 Gross profit margin
12:22 Operating profit
13:37 Cash flow movement
15:20 Working capital
16:52 Dividend

Philippa Clark, CEO
17:28 Strategy update
17:34 Strategic pillars
19:26 Strategic objectives
28:03 Product innovation
32:12 Must win brands
34:08 Fast follow
35:40 Build & develop core brands
37:34 Grow private label share
38:55 Operational strategy
39:53 Summary

Creightons Plc is a United Kingdom-based company that is engaged in the development, marketing and manufacture of toiletries and fragrances, which includes the development of brands. The Company offers a range of toiletries, skincare, hair care, fragrances, and home fragrances. Its operations are organized into three business streams: own branded business, private label business and contract manufacturing business. Its own branded business, which develops, markets, sells and distributes products the Company has developed and owns the rights to or brands it has licensed. The brands in the branded business include Feather and Down, Balance Active, The Curl Company, Emma Hardie and T-Zone. The private label business focuses on private label products for high street retailers and supermarket chains, with most of the stock manufactured to forecast. The contract manufacturing business develops and manufactures products on behalf of third-party brand owners and manufactures them to order.

Alk Brand, CEO
00:16 Introduction

Rob Thomas, CFO
01:25 H1 Highlights
04:39 Income statement
06:09 Balance sheet
07:52 Cashflow statement
07:59 Net cash

Alk Brand, CEO & Rob Thomas, CFO
08:31 Feed & Grain division
12:50 Arable division
15:45 Stores division

Alk Brand, CEO
17:51 Project Genesis update

Rob Thomas, CFO
22:50 Strategic proposition
25:44 Summary and outlook

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 both direct-to-farm and via its network of depots. These sell an extensive range of farm supplies, including hardware, feed and dairy hygiene products, and also cater for rural dwellers.

Based in Wales, Wynnstay originated as a farmers’ co-operative in 1918 and joined AIM in 2004. It has a strong record of rising dividends.

Is Bytes broken? No, but its reputation has taken another beating.

Hostelworld’s direct marketing expense reminds us why many startups sometimes feel they are just working for Google.

Reflecting on Salesforce’s recent wins with the US government, George looks back upon the Efficiency and Reform Group in the UK and whether its cost-saving success will be repeated.

Risk assets continue their march higher with Nvidia and Bitcoin reaching new all-time highs. Nvidia is not the first company to be valued at over $4 trillion.

In the UK, Gareth talks about housebuilder Springfield and merchanting business Lords Trading as prime examples of UK small-cap companies executing well on sensible capital allocation policies.

Looking ahead, it is mainly about inflation with data releases in the US, the UK and Japan.

We are halfway through 2025 and have had a turbulent Q2. Equity markets are recovering everywhere, but persistent dollar weakness has made the US seem less exceptional than usual.

In H2, the pressure will be on Scott Bessent to deliver some magic in the treasury markets and refinance well over a $1 trillion of longer-duration paper. The stronger-than-expected labour market, as measured by the non-farm payrolls yesterday, is not helpful. He is still wishing for a 10-year rate below 4.

The UK equity market remains attractive, and there are signs that the IPO market may reopen during H2. Let's see.

We discuss Secure Trust Bank's decision to put its motor finance activity into run-off, which investors appear to have welcomed. However, it is a sign that the regulations are driving this lending activity away from the transparency of the PLC world, which would be a shame.

Looking ahead, we have some UK GDP data, and Wednesday marks the deadline for Trump's tariffs, which could lead to increased volatility.

Visma – potential London IPO. Parallels with Sage are inevitable. Visma has grown through acquisition, but still delivers on organic growth. It does not, however, scale per the SaaS storybook. A judgement in store not just for London vs the world but PE valuations vs reality and analysis too?

IP Group capital markets event – Ian is hugely enthusiastic and reminded that UK tech is alive and well. The presentations highlighted the scale up issue – where the UK still struggles. The comments re the Mansion House Accord should be noted by public market participants.

Dotdigital’s acquisition of Social Snowball raises the ongoing question whether the UK public market’s investors’ lack of ambition for software companies with a focus on high margins at the expense of marketing and development may condemn UK tech companies to have to play catch up via expensive acquisitions.

Updates from companies, including TPX Impact and Made Tech suggest that the UK public sector now has a better sense of itself and is returning spending.

This week, Progressive's Gareth Evans and Jeremy McKeown spend some time discussing the new Bitcoin Treasury Company model being developed among a cohort of UK smaller companies. Is it magic money or a dangerous bubble?

Gareth also covers updates from Sanderson Design, Gear4Music and Vertu Motors.

Next week is jobs week in the US, and we will get inflation data for the Eurozone. Watch for a non-farm payroll number below 100,000, which the market is likely to take positively.

The politically impossible bail out is not the answer, but what can be done for little cost and risk to the public purse? Perhaps if we make it more profitable for fund managers, and in particular for those with credible voices, for whom improving the quality of the businesses they invest in is a goal.

George wants to know how you make a Staveley scale? (Other fund managers are available.)

George raises the issue of small-cap and AIM plc governance. How much does it cost, and what, realistically, can a NED actually do? He relates a story of frustration from a NED contact.

Inevitably this leads to the RC Fornax shambles and whether fund managers know how much DD gets done by the NOMADs.

On the companies front it’s a tough market for Hays, progress for Capita and for Oxford Metrics it’s back to normal but with concerns over US university and research spending under the new regime.

Progressive client news focussed on one stock, Oxford Metrics, whose H1 results statement highlights H2 weighting along with a skew towards US academia - a market segment clearly under pressure from Trump's defunding of large chunks of US educational budgets. Smart Manufacturing growth will, over time, diversify the group away from these risks, but investors are worrying about the near-term.

Following a recent IPO, the UK now has its own version of the US-based Strategy (fka Microstrategy) - a "bitcoin treasury" business known as The Smarter Web Company. The stock has rocketed post its recent float, and Jeremy and Gareth discuss the fact that, from almost all bubbles and collapses, there are persistent changes, and some survivors...

Speaking of survivors, Thomas Moore's fund at Aberdeen has now moved to trading at a PREMIUM to its NAV - after a decade of discounts...and the fund is raising new capital.

Evidence of green shoots then, both in terms of micro-cap investor risk appetite, and investor perceptions of value at a steady and high-quality long term investment trust.

Next week looks quiet - US GDP and inflation data will allow Trump to blame "Too Late Jay" Jerome Powell (and maybe Joe Biden) although clearly events in the Middle East will be key.

More LSE departures - To read the eulogies you would think that Ricardo was the greater success story. Ricardo was just easy to explain and love. Spectris was a bit of an effort to understand but made the effort to grow. Few make the observation that WSP Global, the acquirer of Ricardo, was, not too long ago, a not-too-exciting Canadian small cap that simply had ambition, execution and its home market on its side.

Molten Ventures - the ~50% NAV discount persists. It’s complicated. It delivers NAV growth but it has a primary valuation driver, Revolut – and how do you value that?

GB Group - Whilst the revised management are getting to grips, will investors simply end up with a business model that the brokers could sell rather than one that works?

On the UK front, Jeremy makes the point that the ongoing M&A departures are nowhere near to being replaced by IPOs - by a factor of 30:1, based on some work by Peel Hunt. UK stocks are disappearing at a steady (and worrying) rate - those who remain are clearly "resilient" as we discussed previously, and they're becoming more and more scarce....hopefully this scarcity makes them attractive - a positive sign for valuations among those not (yet) acquired by mainly American bidders.

We had Progressive client news from Gear4Music, who acquired some cut-price assets from a failed competitor, Idox, who saw 9% y/y growth in their order book in the H1 they reported, and Intuitive Investments Group who raised just under £10m to propel activity in Hui10, a business involved in modernising and streamlining the antiquated Chinese state lottery.

Next week we have UK inflation and a rate decision (likely no change), and the US Fed rate decision (likely no change but watch for Trump's response). Also, keep an eye on Japan - they have a rate decision on Monday and inflation data on Friday; hopefully no surprises, although as Jeremy reminds us, at some point Japan could make headlines again. In the meantime, we hope that the Middle East sees a degree of calm returning.

The UK has had growth forecasts downgraded by the OECD, to levels well below the OBR (and presumably Rachel Reeves's) expectations - so the likelihood appears to be further tax increases and spending cuts. The Mansion House Accord and the Pensions Investment Review give some (but potentially morally questionable) impetus and cause for optimism - but Wise Technologies plans to move to a main US listing, and a pulled cobalt-related IPO bring us back to earth.

Progressive stocks mentioned include IG Design Group, tinyBuild, SDI, all with news, but most broadly relevant is Van Elle whose early-stage involvement in housebuilding projects is being delayed by building regulator logjams....alongside earlier news from MJ Gleeson this points to a more-cautious view on the recently-rosy prospects for housebuilders. 

Next week is all about US data - non-farm payrolls, inflation data and sentiment from the University of Michigan...

Ian is more immediately concerned about the impact of US government actions to curtail sales into China by Cadence, Synopsis and Siemens EDA – companies which, like ASML and TSMC, you really need to understand to truly get tech.

George and Ian ponder the Pensions Investment Review. Only serious AIM/small-cap Kool-Aid imbibers would have hoped for much, so AIM/Aquis ranking on a par with a theme park near Bedford is perhaps a result.

Directing money to infrastructure/tech direct impact is an easier sell to the party/public than bailing out UK public equities.

Consider those who look upon it from the outside. This is a government that is trying to do something to stimulate growth. Something that could, or even should, be seen as a positive development.

To outsiders the failings of UK public equities and small-cap / AIM in particular are all too evident and have been for quite some time. It’s widely recognised as a market and regulatory structure that does not work as it should for investors or companies. Perhaps that needs changing to get Rachel Reeves onside.

Grabbing the segue across to a market that has seen success on AIM, George highlights recent gaming sector newsflow and the potential for patient investors to gain from its returning health.

Much has happened subsequently in areas of energy policy, energy markets, politics, and global trade and conflict. And I was keen to catch up.

Doomberg utilises his expertise in understanding our fundamental and complex energy requirements and how they impact the broader macro and geopolitical landscape. And, as usual, he does not pull any punches in his well-reasoned views.

The pair discuss the rise of populism and the long-term outlook for energy supply and demand. In particular, how the additive energy requirements of AI might counterintuitively lead to much lower oil prices. It’s all to do with the unique economics of US shale and AI’s enormous demand for US natural gas.

Doomberg also offers a no-holds-barred view of the outlook for post-Ukraine war Europe, including the need for political realignment and an explanation of why sanctions fail.

Andrew Dickson, CFO
07:25 Performance against KPI's
10:30 H1 2025 Financial highlights
12:48 Cash generation
14:02 Income statement
14:38 Balance sheet

Louis Hall, CEO
15:09 Summary & outlook

17:10 Q&A

Cerillion has a 25-year track record in providing mission-critical software for billing, charging and customer relationship management ("CRM"), mainly to the telecommunications sector but also to other markets, including utilities and financial services. The Company has c. 80 customer installations across c. 45 countries.

Headquartered in London, Cerillion also has operations in India and Bulgaria as well as a sales presence in the USA, Singapore and Australia.

The business was originally part of Logica plc before its management buyout, led by CEO, Louis Hall, in 1999. The Company joined AIM in March 2016.

Find out more about the company here.

However, it's a big subject and he didn’t know where to start. So, assuming no prior knowledge, he told a story explaining why Bitcoin exists and what it fixes. He called his presentation, “What’s the Problem?," and Bitcoin was deliberately not mentioned until the last slide.

The success of his pitch encouraged him to make a video, and earlier this year, Joe launched What’s The Problem? on YouTube and X.

The film tells the story of two identical countries with perfect economies and perfect money, save for the existence of a big red button only for use in case of emergency in the country run by Fiatello.

For the avoidance of doubt, the big red button equates to a central bank and today’s monetary policy. In so doing, Joe explains the wide range of common societal problems that stem from fiat money. These include loss of trust, obesity, family breakdowns, addiction, wealth inequality, and, of course, inflation.

Joe leads his audience to the door of the Bitcoin rabbit hole. He wants to spread the word because, as he sees it, Bitcoin is inevitable; everyone will find it in their own time, but eventually everyone will get drawn in, and they will own it at their own price.

Joe is a Bitcoin Maximalist who points to the launch of Bitcoin ETFs and the US Strategic Bitcoin Reserve as evidence that there is no stopping this train.

Of course, he could be wrong, and as always, what you are about to hear is not investment or any other type of advice. It is for your critical evaluation and is only for your information and entertainment. Always do your own research and take professional advice tailored to your own requirements before investing a penny of your money in these crazy markets.

Meanwhile, Trump's tariffs have encountered a judicial roadblock, causing a sharp recovery in risk assets. However, this was not so helpful for bond markets, where investors had hoped that tariffs might plug some of the fiscal hole left by Trump's Big Beautiful Bill.

In the UK, Rachel Reeves has signaled her intention to term forward its debt, increasing her interest rate exposure but lowering her short-term funding costs. Additionally, the IMF is offering air cover for her to bend her unbendable fiscal rules. A treat not afforded to her predecessors. Watch out for the spending spigots to turn fully on.

The takeaway is that long-term global inflation expectations are out of the bottle, the bond market term premia hares are running, and there is a return to the old idea of outrunning the looming debt crisis. This raises the risk of monetary debasement, which should be beneficial for Bitcoin, gold, and (selectively) equities.

Gareth covers updates from Beeks, and Watkins Jones.

Looking ahead, it's jobs week in the US. We get EA inflation data and the ECB rate decision. Additionally, confirmation that the economy slowed sharply in Q1 could raise concerns about the potential for a recession in the US.

Brought to you by Progressive Equity.

Tech and defence is discussed – George and Ian reflect on the spoof potential, surely not!

Next week will see UK unemployment and GDP data, with US retail sales, inflation and consumer sentiment...watch for an angry Trump.

Jeremy highlights that lower energy prices could help pressure Putin towards peace, as well as potentially saving Labour's bacon - if they can wean themselves off Net Zero....

Next week is all about interest rate decisions...Trump vs Powell back in the headlines.

He dedicates his time to analysing sources of risk and developing strategies designed to mitigate their impact. His approach involves embracing convexity—purchasing pockets of inexpensive volatility as a form of insurance against adverse outcomes in uncertain environments.

When should investors adopt this strategy? According to David, the answer is simple: always—just like insuring a house.

David holds strong and often contrarian views that challenge the foundational assumptions of Modern Portfolio Theory, which he refers to as "Sharpe World." In his view, this framework wrongly equates risk with volatility.

He brings these ideas to life through vivid anecdotes and illustrative examples that highlight the risks investors unknowingly take in markets shaped by Sharpe World principles and operated by what he calls "Rational Accounting Man."

Ian comments on Oxford Metrics’ in-line update, Northcoders, and then Tracsis, where investors who bought into an earnings growth and digitalisation story have to work out where the UK rail system is now heading.

Ian eulogises about the Stanford AI report. It provides some encouraging data for UK tech proponents and provides insight into how AI is actually being used and what limited gains AI provides.

George focuses on the AI benchmarks issue – are they meaningful? Which leads Ian to question, given the huge scale and nature of many AI projects, whether any of the returns and benefits data that everyone craves is going to be valid.

Still, risks abound, as the unfortunate Argentex investor base have seen - a canary in the coal mine, showing that volatility or abnormal market activity can lead to unforeseen consequences.

Jeremy wonders whether the attack on US university funding could likewise lead to unexpected outcomes....

This is a fascinating conversation with someone who is passionate about his work and carefully studies the world’s stock markets to find his formula.

We learn how he balances the less correlated world for opportunities to buy founder-led companies that offer good value, why China offers a great way to diversify a portfolio, and how BYD is poised to become the next Toyota.

The pair further discuss how meeting management is useful for understanding if the company is likely to do well next quarter, but not so useful for understanding whether it will compound for you over the coming decades.

Brought to you by Progressive Equity.

Kainos is steadier than it was, but do the cuts mean that it is now out of sync with the rest of the market. George looks to the global picture and raises the long-term question that faces the UK IT services business.

Accesso also looks to be regaining its poise but reminds us that it is not just hardware companies that are subject to customer and supply chain timing issues.

Cirata is growing sales but is it just the old UK small-cap trap (AIM business model) of sales before profits before fund raise. The change in sales strategy in the US keeps the focus on how this company can make and grow profitable sales.

Tiny Build looks to a busy year, with new products – is the games sector in a comeback year?

Finally, we touch upon the Stanford AI report – nearly 500 pages covering everything from models, to hardware, to costs to energy. Thankfully, concisely summarised.

Micro-cap news from Progressive clients tinyBuild and Gear4Music shows that stocks delivering "not worsening" news, having cut their costs and adapted their models, can perform strongly - both up 20% at one point this week.

The Easter weekend weather in the UK is forecast to disappoint - let's hope the UK's broader performance across the rest of the year reflects what we see as quite some potential.

Sean has a first-hand take on how capital flows have shaped equity values and built up today’s imbalances.

While relative value is not sufficient reason for capital to flow, it is a necessary pre-condition. Sean says there are now multiple reasons investors, typically fully loaded in the US market, want to recycle their capital.

He talks about how he looks for value, why he has recently moved overweight in the UK, why emerging markets have many developed market characteristics, and why he doesn’t meet the management of the companies he invests in.

As he says, he can best objectively determine the effectiveness of management by watching what they do, not necessarily by listening to what they say.

Sean delivers a master class on the principles of value investing combined with an acute sense of how the world is changing and how best to load up on asymmetric risk opportunities that will likely operate in his favour as we confront an unforecastable future.

While Trump's economic guns are all trained on China, Scott Bessent is on his way to Japan - a major owner and buyer of US treasuries....remember the carry trade unwind panic of mid-last year...?

Closer to home, we hope that the UK is next on Bessent's list, with a trade deal in the offing.  Small-cap news was from Nexus Infrastructure, Beeks and SDI Group.

Big data next week includes China GDP (required to be c.5%), UK inflation for March, US retail sales and hopefully a rate-cut from the European Central Bank.

BIG Technologies and the broken small and mid-cap due diligence stack. Whilst there’s still an interesting business, there is a far more interesting story that highlights how share-based remuneration can be a useful pointer into the heart of a company and its management.

And Alphawave Semi which has had Qualcomm come sniffing. Could the market be just as confused on Alphawave’s departure as it was on Alphawave’s arrival?

UK stock news from Gear4Music, Pharos, tinyBuild, Intuitive Investments, Peel Hunt and Alphawave. 

Next week - in addition to early responses to the US tariffs - we get Chinese inflation data, plus both inflation and sentiment survey info from the USA.

Brought to you by Progressive Equity. 

DF Capital was founded in 2016 to support the working capital needs of manufacturers and UK dealers. Today, having received full authorisation as a bank in September 2020, we work with over 90 manufacturers and over 1,250 dealers in the leisure, commercial and powersports sectors. In 2023, we provided over £1.2bn of distribution and inventory finance across these sectors.

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.

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

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). 

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).

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!

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. 

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’.

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.

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.

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.

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.

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.

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/

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.

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.

• 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.

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.

• 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.

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.

About:

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.

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.

About Progressive Research.

Produced by Progressive Research, Distributed by PIWORLD

About:

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.

About Progressive Research.

Produced by Progressive Research, Distributed by PIWORLD

• Chinese production data (Mon 16 Dec)
• UK inflation data (Weds 18 Dec)
• US interest rates (Weds 18 Dec)
• Bank of Japan interest rates (Thurs 19 Dec)
• UK Interest rates (Thurs 19 Dec)

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.

About Progressive Research.

Produced by Progressive Research, Distributed by PIWORLD

Nick Taylor, Group Finance Director
03:04 - H1 financial highlights
06:45 - Reconciliation of adjusted EBITDA to statutory profit
07:38 - Financial position
11:02 - Financial summary & outlook

Ric Traynor, Executive Chairman
12:22 - Insolvency levels
14:08 - Property market transaction levels
15:23 - Divisional growth
17:24 - Case studies
18:25 - Organic growth
19:58 - Growth strategy
20:43 - Growth in property advisory
21:33 - Historic performance
22:06 - Summary & outlook

22:48 - Q&A

Begbies Traynor Group plc is a leading UK advisory firm with expertise in business recovery, advisory and corporate finance, valuations, asset sales and property consultancy.

We have 1,300 colleagues operating from 45 locations across the UK, together with four offshore offices. Our multidisciplinary professional teams include insolvency practitioners, accountants, lawyers, funding professionals and chartered surveyors.

• Business recovery
  • Corporate and personal insolvency; contentious insolvency; creditor services
• Advisory and corporate finance
  • Debt advisory and finance broking; corporate finance; special situations M&A; financial advisory
• Valuations
  • Property, business and asset valuations
• Asset sales
  • Property, plant and machinery auctions; property and business sales agency
• Property consultancy
  • Building consultancy; transport planning; commercial property management; insurance and protection

Further information can be accessed via the group's website at https://ir.begbies-traynorgroup.com/.

Andrew Beach, CFO
01:46 - Financial performance
02:24 - Contract order book
02:51 - Balance sheet

Timo Lehne, CEO
03:14 - Summary & Outlook

SThree plc brings skilled people together to build the future. We are the only global specialist talent partner focused on roles in Science, Technology, Engineering and Mathematics ('STEM'), providing permanent and flexible contract talent to a diverse base of around 6,000 clients across 11 countries. Our Group's c.2,700 staff cover the Technology, Life Sciences and Engineering sectors. SThree is part of the Industrial Services sector. We are listed on the London Stock Exchange's Main Market, trading with ticker code STEM.

View Oxford Metrics (OMG) research here.

About: George O'Connor has been a financial analyst for the past 25 years, covering London-listed Software & IT Services, e-comm and hardware companies. 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.

Ian Robertson has over two decades of experience in the smaller companies and technology sectors working as investor, analyst and advisor. Ian Started his career by qualifying as a chartered accountant before moving onto roles in corporate finance at EY and then fund management at Gartmore and RSA. Ian then moved across to sell-side equity research at HSBC and subsequently worked at a number of UK small-cap specialist brokers, including Altium, Evolution and Seymour Pierce.

Find out more about Progressive Research here.

Produced by Progressive Research, Distributed by PIWORLD

Emily Fyffe, CFO
07:11 - HY FY25 financial highlights

Christoffer Ellehuus, CEO
10:00 - Global energy framework case study
12:15 - Finastra case study
14:33 - Vision for growth
15:50 - Packaged solutions
17:43 - Technology platform partnerships
18:56 - New product launches
22:01 - Diagnostics & analytics products
26:16 - Summary & outlook

MindGym is a company that delivers business improvement solutions using scalable, proprietary products which are based on behavioural science. The Group operates in three global markets: business transformation, human capital management and learning & development.

MindGym is listed on the London Stock Exchange Alternative Investment Market (ticker: MIND) and headquartered in London. The business has offices in London, New York and Singapore.

Further information is available at www.themindgym.com

Andrew Dickson, CFO
11:24 - FY24 financial highlights
14:30 - Cash generation
17:02 - Income statement
18:53 - Balance sheet
19:20 - Cash flow statement

Louis Hall, CEO
19:31 - Operations
24:55 - Summary & Outlook

26:15 - Q&A

Cerillion has a 25-year track record in providing mission-critical software for billing, charging and customer relationship management ("CRM"), mainly to the telecommunications sector but also to other markets, including utilities and financial services. The Company has c. 80 customer installations across c. 45 countries.

Headquartered in London, Cerillion also has operations in India and Bulgaria as well as a sales presence in the USA, Singapore and Australia.

The business was originally part of Logica plc before its management buyout, led by CEO, Louis Hall, in 1999. The Company joined AIM in March 2016.

Andrew Kelly, CFO
13:20 - FY2024 financial highlights
16:41 - Divisional performance
18:43 - Cash position
19:53 - Operating model transformation
22:33 - Growth strategy

Chris Barnes, CEO
24:03 - Contract wins & pipeline growth

Andrew Kelly, CFO
34:41 - Summary & outlook

37:34 - Q&A

Tracsis plc is a technology company and a leading provider of software and hardware products, data capture and data analytics/GIS services for the rail, traffic data and wider transport industries.

Tracsis's products and services are widely used to increase efficiency, reduce cost and risk, improve operational and asset performance, improve safety management and decision making capabilities and improve the overall end-user experience for clients and customers.

The Group is split into two principal operating areas built around detailed industry knowledge and expertise:

• Rail Technology & Services: A software, technology and product led business. It develops and supplies software that solves complex resource, asset optimisation and control problems for Train Operators, and smart ticketing, delay repay and other retail software to improve the customer experience for rail users. It also develops remote condition monitoring hardware, data acquisition software, and safety and risk management software for rail infrastructure providers.
• Data, Analytics, Consultancy & Events: A largely services led business that focuses on data capture, data analytics, GIS, earth observation, data insights, consultancy and event traffic management within a range of transport and pedestrian rich environments. The business provides technology and bespoke products and data that underpin large scale intelligent transport systems, smart city planning and positive environmental decision making.

Tracsis has a blue-chip client base which includes all major UK transport owning groups, Network Rail, Passenger and Freight Train Operating Companies, the Department for Transport, TfL, multiple local authorities, major outdoor music and sporting event organisers, and a wide variety of large engineering and infrastructure companies. In North America our clients include Class 1 rail freight companies, transit operators, shortline railroads and several large rail served ports and industrials.

The business drives growth both organically and through acquisition and has made seventeen acquisitions since 2008.

For more information on Tracsis please visit http://www.tracsis.com

Qadeer Mohammed, Director of Finance
05:13 - Revenue streams
06:30 - Gross profit margin
07:44 - Operating profit before exceptional costs
08:40 - Cashflow movement

Pippa Clark, Group Managing Director
09:35 - Strategy summary
10:12 - Building brands
12:34 - Growing private label share
13:52 - Team & people development
15:32 - Maintaining business foundations
16:16 - R&D
18:04 - Manufacturing capability & investment
19:51 - Summary

21:54 - Q&A

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.

Pete Fendall, CFO & COO
06:25 - H1 FY25 financial highlights
08:48 - Income statement
10:21 - Balance sheet
11:08 - Cashflow
12:01 - Network KPI's
14:15 - Recriutment

Shru Morris, CEO designate
15:51 - Growth opportunities
18:39 - Acquisition of DR Solicitors Limited

James Dow, CEO
21:45 - Management changes
23:19 - Summary & Outlook

26:17 - Q&A

DSW Capital, owner of the Dow Schofield Watts and DR Solicitors brands, is a profitable, mid-market, challenger professional services network with a cash generative business model and scalable platform for growth. Originally established in 2002, by three KPMG alumni, Dow Schofield Watts is one of the first platform models disrupting the traditional model of accounting professional services firms. DSW Capital operates licensing arrangements with its businesses and has over 130 fee earners across 12 offices in the UK. These businesses trade primarily under the Dow Schofield Watts and DR Solicitors brands.

DSW Capital's vision is for our brands to become the most sought-after destinations for ambitious, entrepreneurial professionals to start and develop their own businesses. Through a licensing model, DSW Capital gives professionals the autonomy and flexibility to fulfil their potential.

Being part of the DSW Capital group brings support benefits in recruitment, funding and infrastructure. DSW Capital's challenger model attracts experienced, senior professionals, predominantly with a "Big 4" accounting firm or "Magic Circle" legal background, who want to launch their own businesses and recognise the value of DSW Capital's brands and the synergies which come from being part of the network.

DSW Capital aims to scale its agile model through organic growth, geographical expansion, additional service lines and acquisitions. The Directors are targeting high margin, complementary, niche service lines with a strong synergistic fit with the existing network.

Steve Dilks, CFO
02:17 - H2 Outlook

Ali Hall & Julie Lavington, Co-CEOs
03:58 - Store rollout
05:33 - Halo effect of stores
07:19 - First 10 weeks since opening

Steve Dilks, CFO
08:06 - Increasing margin
10:26 - H1 FY25 Financial highlights
11:27 - Income statement
12:34 - Balance sheet
13:32 - Cashflow

Ali Hall & Julie Lavington, Co-CEOs
14:28 - Product sucess
15:19 - New product categories
16:13 - Next homeware licencing partnership
17:17 - Summary & Outlook

18:19 - Q&A

Sosandar is a women's fashion brand in the UK targeting style conscious women who have graduated from lower quality, price-led alternatives. The Company offers this underserved audience fashion-forward, affordable, quality clothing to make them feel sexy, feminine, and chic. The business sells predominantly own-label exclusive product designed and tested in-house.

Sosandar's product range is diverse, providing its customers with an array of choice for all occasions across all women's fashion categories. The company sells through Sosandar.com and its own stores, and has a number of high value brand partnerships including with NEXT and Marks & Spencer.

Sosandar's success has been built on an exceptional product range, seamless customer experience and impactful, lifestyle marketing, all of which is underpinned by combining innovation with data analysis. Our growth strategy is focused on continuing to grow brand awareness and expand our addressable market and routes to market, reaching customers wherever they wish to shop. This is achieved both through direct to consumer channels and through chosen third-party partners.

Sosandar was founded in 2016 and listed on AIM in 2017. More information is available at www.sosandar-ir.com

Rohan Cummings, CFO
15:40 - Group revenue
18:04 - Adjusted operating profit
19:55 - Profit & Loss
21:57 - Cash flow

Paul Bal, CEO
23:34 - Strategy
25:15 - Summary and outlook

28:21 - Q&A

IG Design Group plc is a United Kingdom-based company that is engaged in the design manufacture and distribution of celebration, craft & creative play, stationery, gifting and not-for-resale consumable products. The Company is a producer of Celebrations products, including greetings cards, gift wrap, Christmas crackers, gift bags and partyware. The Company design, manufacture and sources a range of stationery products for consumers of all ages, for use in education, commercial and home settings. Its not-for-resale consumables product combines Polaris business with Paper Twist Handle Bags. The Company’s segments include DG Americas and DG International. The DG Americas segment includes overseas operations in Asia, Australia, the United Kingdom (UK), India and Mexico, and the United States companies. The DG International segment comprises the consolidation of the separately owned UK, European and Australian businesses.

Andrew Kelly, CFO
02:28 - Financial highlights

Chris Barnes, CEO
06:03 - Commercial successes and opportunities

Andrew Kelly, CFO
08:23 - Operating model transformation

Chris Barnes, CEO
10:24 - Outlook

Tracsis plc is a technology company and a leading provider of software and hardware products, data capture and data analytics/GIS services for the rail, traffic data and wider transport industries.

Tracsis’ products and services are widely used to increase efficiency, reduce cost and risk, improve operational and asset performance, improve safety management and decision making capabilities and improve the overall end-user experience for clients and customers.

The Group is split into two principal operating areas built around detailed industry knowledge and expertise:

– Rail Technology & Services: A software, technology and product led business. It develops and supplies software that solves complex resource, asset optimisation and control problems for Train Operators, and Smart Ticketing, Delay Repay and other retail software to improve the customer experience for rail users. It also develops remote condition monitoring hardware, data acquisition software, and safety and risk management software for rail infrastructure providers.

– Data, Analytics, Consultancy & Events: A largely services led business that focuses on data capture, data analytics, GIS, earth observation, data insights, consultancy and event traffic management within a range of transport and pedestrian rich environments. The business provides technology and bespoke products and data that underpin large scale intelligent transport systems, smart city planning and positive environmental decision making.

Tracsis has a blue-chip client base which includes all major UK transport owning groups, Network Rail, Passenger and Freight Train Operating Companies, the Department for Transport, TfL, multiple local authorities, major outdoor music and sporting event organisers, and a wide variety of large engineering and infrastructure companies. In North America our clients include Class 1 rail freight companies, transit operators, shortline railroads and several large rail served ports and industrials.

The business drives growth both organically and through acquisition and has made seventeen acquisitions since 2008.

For more information on Tracsis please visit http://www.tracsis.com

Emma Salthouse, CFO
06:58 - Commercial model
08:20 - H1 FY25 financial highlights
09:41 - EBITDA bridge
11:11 - SaaS ARR
13:14 - Australian Tier 1 banking customer case study
16:19 - Financial Summary

Richard Jeffery, Executive Chair
17:00 - Market drivers
18:19 - AI opportunity
21:25 - Control IQ Series 4.0
22:48 - Sales team expansion
24:57 - Addressable market
26:35 - Summary & outlook

ActiveOps is a Software as a Service business, dedicated to helping organisations create more value from their service operations. ActiveOps' Decision Intelligence software solutions are specifically designed to support leaders with the vast number of decisions they make daily in the running their operations. Our customers make better decisions and consume less time and effort making them. The outcomes are significantly improved turnaround times and double-digit improvements in productivity with backlogs of work materially reduced. Customers also leverage the capacity created to invest in transformation and development, and more efficiently utilise resources.

The Company's AI-powered SaaS solutions are underpinned by 15+ years of operational data and its AOM methodology which is proven to enhance cross departmental decision-making.

The Company has approximately 190 employees, serving a global base of enterprise customers from offices in the UK, Ireland, USA, Canada, Australia, India, and South Africa. The Group's customers are predominantly in the banking, insurance, healthcare administration and business process outsourcing (BPO) sectors, including Nationwide, TD Bank, Elevance and Xchanging.

Concurrent Technologies Plc develops and manufactures high-end embedded plug-in cards and systems for use in a wide range of high-performance, long-life cycle applications within the telecommunications, defence, security, telemetry, scientific and aerospace markets, including applications within extremely harsh environments. The processor products feature Intel® processors, including the latest generation embedded Intel® Core™ processors, Intel® Xeon® and Intel Atom™ processors. The products are designed to be compliant with industry specifications and support many of today's leading embedded operating systems. The products are sold worldwide.

John Bevan, Managing Director, Commercial Finance
07:04 - Introduction to commercial finance
12:01 - Business growth
13:18 - Collaborative model
15:03 - Addressable market
16:15 - Growth drivers
16:43 - Commercial finance summary

Sean Powell, National Sales Director, Commerical finance
17:10 - Business proposition
19:27 - Target market
21:29 - Hobbycraft case study
22:32 - Income growth
23:29 - Routes to market
24:58 - Market opportunity

James Hodkinson, COO, Commercial Finance
26:26 - Benefits of the relationship model
32:06 - Client satisfaction
33:46 - Client retention
34:31 - BM Steel case study

Will Airey, Head of Risk, Commercial Finance
36:01 - Specialist underwriting
38:32 - Balance sheet protection
40:28 - Case study
41:47 - Cost of risk

David McCreadie, CEO
42:40 - Summary & Outlook

44:56 - Q&A

Secure Trust Bank is an established, well‐funded and capitalised UK retail bank with over 70‐years of trading history. Secure Trust Bank operates principally from its head office in Solihull, West Midlands, and had 897 employees (full‐time equivalent) as at 30 September 2024. The Group's diversified lending portfolio currently focuses on two sectors:

(i) Business finance through its Real Estate Finance and Commercial Finance divisions, and

(ii) Consumer finance through its Vehicle Finance and Retail Finance divisions.

Secure Trust Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Grant Foley, CFO
03:21 - Income statement
05:02 - Revenue mix
05:32 - Revenue Diversification
07:20 - Operating costs
07:55 - Liquidity
08:22 - KPIs

James Gundy, CEO
10:04 - Market and rates
12:30 - Summary & outlook

14:18 - Q&A

Braemar provides expert advice in shipping investment, chartering, and risk management to enable its clients to secure sustainable returns and mitigate risk in the volatile world of shipping. Our experienced brokers work in tandem with specialist professionals to form teams tailored to our customers' needs, and provide an integrated service supported by a collaborative culture.

Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.

For more information visit www.braemar.com and follow Braemar on LinkedIn.

Ali Hall, Co-CEO
01:46 - Strategic highlights

Steve Dilks, CFO
03:55 - Financial highlights

Julie Lavington, Co-CEO
06:03 - Outlook

06:58 - Q&A

Sosandar is a women's fashion brand in the UK targeting style conscious women who have graduated from lower quality, price-led alternatives. The Company offers this underserved audience fashion-forward, affordable, quality clothing to make them feel sexy, feminine, and chic. The business sells predominantly own-label exclusive product designed and tested in-house.

Sosandar's product range is diverse, providing its customers with an array of choice for all occasions across all women's fashion categories. The company sells through Sosandar.com and its own stores, and has a number of high value brand partnerships including with Next and Marks & Spencer.

Sosandar's success has been built on an exceptional product range, seamless customer experience and impactful, lifestyle marketing, all of which is underpinned by combining innovation with data analysis. Our growth strategy is focused on continuing to grow brand awareness and expand our addressable market and routes to market, reaching customers wherever they wish to shop. This is achieved both through direct to consumer channels and through chosen third party partners.

Sosandar was founded in 2016 and listed on AIM in 2017. More information is available at www.sosandar-ir.com.

Stuart Ritchie, CFO
07:41 - H1 FY25 Financial highlights
09:25 - Income statement
10:50 - Cashflow
12:43 - Regional revenue
14:21 - Recurring revenue growth
15:04 - Gross profit
15:37 - Business model evolution

Claire Milverton, CEO
16:20 - Market opportunity
17:33 - NG9-1-1
20:55 - 1Streetworks
27:01 - Outlook

1Spatial plc is a global leader in providing Location Master Data Management (LMDM) software, solutions and business applications, primarily to the Government, Utilities and Transport sectors via the 1Spatial platform and SaaS offerings. Our solutions ensure data governance, facilitating the efficient, effective and sustainable operation of customers around the world. It allows them to master their data on any device, anywhere, anytime and can be deployed as SaaS in the cloud, on-premise, or as a hybrid of both. Our global clients include national mapping and land management agencies, utility companies, transportation organisations, government and defence departments.

We have two SaaS offerings for which we see considerable potential - NG9-1-1 and 1Streetworks. 1Streetworks automates the production of traffic management plans, diversion routing and asset inventory lists in the UK, producing a comprehensive, site-specific traffic management plan in just a few minutes. Our Public Safety NG-9-1-1 solution combines a powerful rules engine and data aggregator with a self-service cloud platform to support public safety entities with their data readiness needs.

1Spatial plc is AIM-listed, headquartered in Cambridge, UK, with operations in the UK, Ireland, USA, France, Belgium, Tunisia, and Australia.

www.1spatial.com

James Lamb, Interim CFO
05:21 - Income statement
06:27 - Balance sheet
07:27 - Net debt bridge

Mitesh Dhanak, CEO
08:27 - Orderbook
10:27 - Solutions
12:23 - Technology IP
13:58 - Addressable market
16:34 - Growth strategy
18:00 - Case studies
20:58 - Outlook

22:52 - Q&A

Eneraqua Technologies (AIM:ETP) is a specialist in energy and water efficiency. The Group has two divisions energy and water. Energy is the larger division, with the Company focused on clients with end of life gas, oil or electric heating and hot water systems. The Group provides turnkey retrofit district or communal heating systems based either on high-efficiency gas or ground/air source heat pump solutions that support Net Zero and decarbonisation goals.

The water division is a growing service offering focused on water efficiency upgrades for utilities and commercial clients including hotels and care homes.

The activities in both divisions are underpinned by the Company's wholly-owned intellectual property, the Control Flow HL2024 family of products which reduce water wastage and improve the performance of heating and hot water systems.

The Company's main country of operation is the United Kingdom. The Company's head office is based in London with additional offices in Leeds, Washington (Sunderland), India, Spain and the Netherlands. The Company has 168 employees, with the majority employed within the UK. Eneraqua Technologies has received the London Stock Exchange's Green Economy Mark.

To find out more, please visit: www.eneraquatechnologies.com

Eneraqua Technologies plc (AIM:ETP) is a specialist in energy and water efficiency. The Group has two divisions energy and water. Energy is the larger division, with the Company focused on clients with end of life gas, oil or electric heating and hot water systems. The Group provides turnkey retrofit district or communal heating systems based either on high-efficiency gas or ground/air source heat pump solutions that support Net Zero and decarbonisation goals.

The water division is a growing service offering focused on water efficiency upgrades for utilities and commercial clients including hotels and care homes.

The activities in both divisions are underpinned by the Company's wholly-owned intellectual property, the Control Flow HL2024 family of products which reduce water wastage and improve the performance of heating and hot water systems.

The Company's main country of operation is the United Kingdom. The Company's head office is based in London with additional offices in Leeds, Washington (Sunderland), India, Spain and the Netherlands. The Company has 168 employees, with the majority employed within the UK. Eneraqua Technologies has received the London Stock Exchange's Green Economy Mark.
www.eneraquatechnologies.com

Richard Hughes, CFO
19:25 – FY24 financial highlights
21:01 – Reccuring subscription model
22:20 – ACV
24:27 – Order book
25:26 – Revenue Growth
27:23 – Operating margins
28:33 – Cash flow
29:21 – EPS & dividends
30:06 – Net funds

James Ormondroyd, CEO
31:03 – Summary & Outlook

Netcall’s Liberty software platform with Intelligent Automation and Customer Engagement solutions helps organisations digitally transform their businesses faster and more efficiently, empowering them to create a leaner, more customer-centric organisation.

Netcall’s customers span enterprise, healthcare and government sectors. These include two-thirds of the NHS Acute Health Trusts and leading corporates including Legal and General, Lloyds Banking Group, Aon and Santander.

For further information, please go to www.netcall.com.

Neil Elton, CFO
04:32 - FY24 financial highlights
06:13 - Diversification & client rentention
08:52 - Bookings & Revenue
09:43 - Adjusted EBITDA bridge
11:58 - Balance sheet
12:39 - Cashflow

Rory MacDonald, CEO
13:47 - Operational highlights
16:02 - Clients & Industries
17:11 - Services
19:59 - Case studies
22:40 - Software products
26:03 - Case studies
28:32 - Outlook

29:44 - 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/

Anna Brown, CFO
03:16 - HY24 Financial highlights

Simon Phillips, CEO
05:18 - HY24 Operational highlights

Anna Brown, CFO
07:06 - Income statement
09:13 - Revenue bridge
10:41 - Gross profit margin bridge
12:26 - Adjusted EBITDA bridge
13:47 - Balance sheet
14:42 - Net debt bridge
16:17 - ESG

Simon Phillips, CEO
17:09 - Operational review
19:23 - Automation
20:31 - Outlook

22:00 - Q&A

CT Automotive is engaged in the design, development and manufacture of bespoke automotive interior finishes (for example, dashboard panels and fascia finishes) and kinematic assemblies (for example, air registers, arm rests, deployable cup holders and storage systems), as well as their associated tooling, for the world's leading automotive original equipment suppliers ("OEMs") and global Tier One manufacturers.

The Group is headquartered in the UK with a low cost manufacturing footprint. Key production facilities are located in Shenzhen and Ganzhou, China complemented by additional manufacturing facilities in Mexico, Türkiye and Czechia.

CT Automotive's operating model enables it to pursue a price leadership strategy, supplying high quality parts to customers at a lower overall landed cost than competitors. This has helped the Group build a high-quality portfolio of OEM customers, both directly and via Tier One suppliers including Forvia and Marelli. End customers include volume manufacturers, such as Nissan, Ford, GM and Volkswagen Audi Group, and premium luxury car brands such as Bentley and Lamborghini. In addition, the Group supplies all our customer base with a range of products for PHEV and BEV platforms and supplies electric car manufacturers, including Rivian and a US based major EV OEM.

The Group currently supplies component part types to over 57 different models for 22 OEMs. Since its formation, the Group has been one of the very few new entrants to the market, which is characterised by high barriers to entry.

Brad Ormsby, CFO
11:11 - H1 FInancial highlights
14:34 - Performance
15:16 - Financial summary
17:33 - Profit Bridge
18:13 - Balance sheet and cashflow
19:42 - Amendment of banking facilities
20:32 - Return on Total Invested Capital
21:24 - Group diversification
22:30 - Financial history

David Cicurel, CEO
23:17 - Growth Strategy
23:27 - Aquisitions

Mark Lavelle, COO & Tim Prestidge, GBDD
29:34 - Organic model

David Cicurel, CEO
40:19 - Outlook & investment case

42:36 - Q&A

Judges Scientific plc (AIM: JDG), is a group focused on acquiring and developing companies in the scientific instrument sector. The Group now consists of 25 businesses acquired since 2005.

The acquired companies are primarily UK-based with products sold worldwide to a diverse range of markets including: higher education institutions, scientific research facilities, manufacturers and regulatory authorities. The UK is a recognised centre of excellence for scientific instruments. The Group has received five Queen's Awards for innovation and export.

The Group's companies predominantly operate in global niche markets, with long term growth fundamentals and resilient margins.

Judges Scientific maintains a policy of selectively acquiring businesses that generate sustainable profits and cash. Shareholder returns are created through the reduction of debt, organic growth and dividends.

For further information, please visit www.judges.uk.com

Enzo LiCausi, CFO
04:41 - Financial highlights
06:03 - Operating results
07:13 - Financial position
08:13 - Cash flows

Jesse Aho, COO
08:59 - New products

Jack Cooney, CEO
10:20 - International growth (Europe)
10:46 - International growth (Australia)
11:07 - 2024 Outlook

12:09 - Q&A

Somero Enterprises provides industry-leading concrete-levelling equipment, training, education and support to customers in over 90 countries. The Company's cutting-edge technology allows its customers to install high-quality horizontal concrete floors faster, flatter and with fewer people. Somero® equipment that incorporates laser-technology and wide-placement methods is used to place and screed the concrete slab in all building types and has been specified for use in a wide range of commercial construction projects for numerous global blue-chip companies.

Somero pioneered the Laser Screed® market in 1986 and has maintained its market-leading position by continuing to focus on bringing new products to market and developing patent-protected proprietary designs. In addition to its products, Somero offers customers unparalleled global service, technical support, training and education, reflecting the Company's emphasis on helping its customers achieve their business and profitability goals, a key differentiator to its peers.

For more information, visit www.somero.com

Andrew Beach, CFO
01:59 - Financial highlights
02:34 - Per segment performance
03:06 - Regional performance
05:07 - Headcount
05:28 - Contract order book
05:56 - Balance sheet

Timo Lehne, CEO
06:12 - Summary and outlook

SThree plc brings skilled people together to build the future. We are the only global specialist talent partner focused on roles in Science, Technology, Engineering and Mathematics ('STEM'), providing permanent and flexible contract talent to a diverse base of over 5,400 clients (with whom we worked in the Q3 year to date period) across 11 countries. Our Group's c.2,600 staff cover the Technology, Life Sciences and Engineering sectors. SThree is part of the Industrial Services sector. We are listed on the London Stock Exchange's Main Market, trading with ticker code STEM.

Lucy Sharman-Munday, CFO
07:46 - FY24 Financial highlights
08:21 - ARR growth
09:57 - FY24 Revenue analysis
12:53 - Sector split
14:23 - Income statement
16:38 - Direct profit
18:15 - Net cash bridge
19:49 - Financial summary

Tim Mason, CEO
21:28 - Geographic opportunities
22:18 - Key initiatives
22:40 - Increased focus on 'Win'
25:50 - Partnerships
28:32 - Packaged products
30:58 - EagleAI
35:11 - Case study
36:17 - People
38:23 - Summary & outlook

Eagle Eye is a leading SaaS technology company enabling retail, travel and hospitality brands to earn the loyalty of their end customers by powering their real-time, omnichannel and personalised consumer marketing activities.

Eagle Eye AIR is a cloud-based platform, which provides the most flexible and scalable loyalty and promotions capability in the world. More than 850 million personalised offers are executed via the platform every week, and it currently hosts over 500 million loyalty member wallets for businesses all over the world. Eagle Eye is trusted to deliver a secure service at hundreds of thousands of physical POS destinations worldwide, enabling the real-time issuance and redemption of promotional coupons, loyalty offers, gift cards, subscription benefits and more.

The Eagle Eye AIR platform is currently powering loyalty and customer engagement solutions for enterprise businesses all over the world, including Asda, Tesco, Morrisons, Waitrose and John Lewis & Partners, JD Sports, Pret a Manger, Loblaws, Southeastern Grocers, Giant Eagle, and the Woolworths Group. In January 2024, Eagle Eye launched EagleAI, a next-generation data science solution for personalisation, already being used by leading retailers worldwide including Carrefour, Auchan and Pattison Food Group. Web - www.eagleeye.com.

Claire Thomson, CFO
04:52 - HY24 financial highlights
05:25 - Key financial dynamics
05:56 - Income statement
06:15 - Balance sheet
06:43 - Cash flow
07:13 - Use of capital

Chris Lee, CEO
08:26 - Facilis Group performance

Claire Thomson, CFO
15:45 - Brand addition performance

Chris Lee, CEO
18:16 - ESG
20:09 - Summary & Outlook

21:12 - Q&A

The Pebble Group is a provider of digital commerce, 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. For further information, please visit www.thepebblegroup.com.

Inspired PLC is a United Kingdom-based technology enabled service provider supporting businesses in their drive to reduce energy consumption, deliver net-zero, control energy costs and manage their response to climate change. Its segments include Assurance, Optimisation, Software and ESG. Assurance segment provides services that include the review, analysis and negotiation of gas and electricity contracts on behalf of clients in the United Kingdom and Ireland. Optimisation segment is focused on the optimisation of a client's energy consumption and provides services that include forensic audits, energy efficiency projects and water solutions. Software segment comprises the provision of energy management software to third parties. ESG segment manages the data collection and validation of consumption data to provide the resources for the creation of mandatory ESG disclosures, such as Streamlined Energy and Carbon Reporting and Task Force on Climate related Financial Disclosures reporting.

Mark Pickett, CEO
00:18 Introduction to Tribal
01:40 H1 overview
03:52 New wins & successful implementations

Diane McIntyre, CFO
06:33 Financial performance summary
08:38 Segments: SIS & ETIO
12:33 Cashflow
14:07 Summary of financial performance

Mark Pickett, CEO
14:50 The strategy
23:23 Summary & Outlook for H2 2024

Tribal Group plc is a pioneering world-leader of education software and services. Its portfolio includes Student Information Systems; a broad range of education services covering quality assurance, peer review, benchmarking and improvement; and student surveys that provide the leading global benchmarks for student experience. Working with Higher Education, Further and Tertiary Education, schools, Government and State bodies, training providers and employers, in over 55 countries; Tribal Group’s mission is to empower the world of education with products and services that underpin student success.

Diane Giddy, CFO
05:13 - H1 Financial summary
07:54 - Income statement
08:53 - Balance sheet
09:58 - Cashflow
10:49 - Segmental performance

Chris Gillespie, CEO
17:33 - Maxcroft acquisition
19:29 - Store estate
23:41 - Retail strategy
26:22 - Macroeconomic factors
27:21 - H&T investment case
29:46 - Summary & outlook

31:55 - Q&A

H&T is the UK's largest pawnbroker, a leading retailer of high quality new and pre-owned jewellery and pre-owned watches and provides a range of financial products tailored for a customer base which has limited access to or is excluded from the traditional banking sector. These products include Pawnbroking, Retail and Foreign Currency.

H&T's store estate of over 280 stores across the UK provide customers with small-sum short-term non-recourse pawnbroking loans secured by pledged personal property, which consists primarily of gold, jewellery items and watches. H&T also buys and sells new and pre-owned gold, jewellery items and watches along with providing foreign currency exchange, international money transfer, third-party cheque encashment and watch repair services to its customers.

H&T is regulated by the Financial Conduct Authority for its pawnbroking activities.

H&T's common stock (ticker symbol "HAT") is traded on AIM, which is the London Stock Exchange's market for small and medium size growth companies.

For more information regarding H&T and the services the Group offers, please visit H&T's website at http://handt.co.uk.