PIWORLD Investor Podcasts

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

Progressive's Jeremy McKeown is joined by Robert Marstrand, an author and investor who writes the investment stack OfWealth. They discuss Javier Milei, Argentina's 'Maverick President', covering Argentina's political and economic background and the effects of Milei's reforms. 00:00 Introduction - About Argentina and Javier Milei 08:07 Robert’s background 14:32 Argentina’s political background 17:24 How has Javier Milei met his goals? 20:17 What’s the evidence on the ground of the supply side response? 21:58 What’s the current political landscape? 24:07 Potential risks 28:01 What have been the effects of Milei’s changes to tariffs and taxes? 34:02 How fast will Milei move in his reforms? 35:31 Miliei’s relationship with Trump and the US 38:03 What’s been driving his popularity? 39:38 What does the future look like? 42:21 What does Argentina look like from an investor's perspective? 47:06 Conclusion 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.

Progressive’s Jeremy McKeown and Gareth Evans discuss the week’s macro picture, the impact on investors, companies reporting & what to look out for next week. 00:50 US rate reductions 04:44 UK Inflation and interest rates 06:53 Japanese interest rates 07:36 Other news: China, Russia, Trump 09:18 Idox (IDOX) and Petro matad (MATD) 10:48 Artisanal Spirits (ART) 14:01 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. About Progressive Research. Produced by Progressive Research, Distributed by PIWORLD

Progressive's Jeremy McKeown and David Seaman of Alpha Cygni Investment Management are joined by Richard Stuckey, the manager of the Ennismore Global Equity Fund, to discuss the management of a long-short strategy in smaller global companies. 00:22 - Introduction 09:49 - Managing risk in a long-short strategy 22:30 - How does shorting affect the overall portfolio structure? 24:11 - Genus (GNS) 33:38 - Paradox Interactive 40:51 - Geographic diversity & considering macro risks 43:18 - Managing market inefficiency driven by mega-cap tech stocks, passive investment and meme-driven markets 47:10 - Investing mistakes and learnings 50:32 - Conclusion 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

Progressive’s Jeremy McKeown and Gareth Evans discuss the week’s macro picture, the impact for investors, companies reporting & what to look out for next week. 01:00 Overview: Middle East Uncertainty, Trump 01:41 China’s monetary policy 02:31 USA 05:40 Springfield Properties (SPR) and VanElle Holdings (VANL) 06:36 UK - Ashtead and Games Workshop (GAW) 12:29 Forthcoming news: 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

Begbies Traynor Executive Chairman, Ric Traynor and Group Finance Director, Nick Taylor present the group's results for the six months ended 31 October 2024, followed by Q&A. Ric Traynor, Executive Chairman 00:16 - Introduction 01:05 - H1 highlights 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/.

SThree CEO, Timo Lehne and CFO, Andrew Beach give a trading update. Timo Lehne, CEO 00:16 - Introduction 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.

Progressive Analysts, George O'Connor and Ian Robertson’s regular review of the technology sector, including an overview of Oxford Metrics full-year results, reported last week, and FD Technologies focussing on its KX database business. 00:00 - Introduction 01:15 - Oxford Metrics (OMG) 07:38 - FD Technologies (FDP) 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

MindGym CEO, Christoffer Ellehuus and CFO, Emily Fyffe present the group's results for the six months ended 30 September 2024. Christoffer Ellehuus, CEO 00:16 - Introduction 04:04 - Market opportunity & dynamics 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

Cerillion CEO, Louis Hall and CFO, Andrew Dickson present the company's results for the year ended 30 September 2024, followed by Q&A. Louis Hall, CEO 00:16 - Introduction 01:31 - About Cerillion 08:32 - FY24 Highlights 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.