PIWORLD Investor Podcasts

NWF Chief Executive, Richard Whiting and Group Finance Director, Chris Belsham present the half year results for the period ended 30 November 2021. Richard Whiting, Chief Executive 00:18 Introduction 00:34 Overview and highlights Chris Belsham, Group Finance Director 07:40 Financial review Richard Whiting, Chief Executive 13:25 Development strategy Chris Belsham, Group Finance Director 17:30 Acquisition process Richard Whiting, Chief Executive 20:00 ESG framework 21:00 Summary and outlook Q&A 22:43 NWF Group plc is a United Kingdom-based company that is engaged in the sale and distribution of fuel oils, the warehousing and distribution of ambient groceries, and the manufacture and sale of animal feeds. The Company operates through three segments: Fuels, Food and Feeds. Its Fuels segment is engaged in the sale and distribution of domestic heating, industrial and road fuels. Its Food segment is engaged in the warehousing and distribution of client's ambient grocery and other products to supermarkets and other retail distribution centers. Its Feeds segment is engaged in the manufacture and sale of animal feeds and other agricultural products. The Company operates through its subsidiaries, which include NWF Agriculture Holdings Limited, NWF Distribution Holdings Limited, NWF Fuels Holdings Limited, NWF Agriculture Limited, New Breed (UK) Limited and Boughey Distribution Limited.

SThree Interim CEO, Timo Lehne, and CFO, Andrew Beach present the full year 2021 results for the year ended 30 November 2021. Timo Lehne, Interim CEO 00:20 – Introduction 02:42 – Strategy 03:47 – Highlights of the period 04:26 – Progress against strategic pillars 06:26 – ESG 07:59 – Our Purpose in action Andrew Beach, CFO 08:54 – Record net fees and profits 10:05 – Return to strong trading 11:07 – Very strong fee growth 11:43 – Continued trend towards employed contractors 12:37 – Regional and sector split 13:55 – Strong net fee margins driving performance 14:26 – Significant growth in productivity 15:06 – Record net fee performance drives operating profit 15:33 – Net cash position 15:07 – EPS and dividends 16:35 – Future visibility of the contract business 17:01 – Outlook 15:52 – Key financial takeaways Timo Lehne, Interim CEO 18:12 – Strategic outlook 19:52 – Driving towards continued growth SThree plc brings skilled people together to build the future. They are the only global pure-play specialist staffing business focused on roles in Science, Technology, Engineering and Mathematics (‘STEM’), providing permanent and flexible contract talent to a diverse base of over 8,000 clients across 14 countries with 2,700 staff. Their brands include Computer Futures, Progressive, Huxley, Real, JP Gray, Global Enterprise Partners and Madison Blacl. SThree is part of the Industrial Services sector and listed on the Premium Segment of the London Stock Exchange’s Main Market, trading with ticker code STEM.

IDOX CEO, David Meaden & CFO, Rob Grubb present the full year 2021 results for the year ended 31st October 2021, to analysts. David Meaden, CEO 00:18 Introduction & highlights 03:05 Strategy overview: Four pillars and three phases Rob Grubb, CFO 05:30 Financial review David Meaden, CEO 18:58 Strategy & operations Rob Grubb, CFO 25:14 Fly Phase: Buy and Build David Meaden, CEO 34:05 ESG 36:33 Outlook 37:34 Q&A Idox plc is a supplier of specialist information management software and solutions to the public and asset intensive sectors. The Company operates primarily in the United Kingdom, the United States of America, Europe and Australia. The Company provides applications to the United Kingdom local government for core functions relating to land, people and property, including planning systems and election management software. The Company's segments include Public Sector Software (PSS) and Engineering Information Management (EIM). PSS segment delivers specialist information management solutions and services to the public sector. The EIM segment delivers engineering document management and control solutions to asset intensive industry sectors, such as oil and gas, architecture and construction, mining, utilities, pharmaceuticals and transportation.

Accrol Executive Chairman, Dan Wright, CEO Gareth Jenkins and CFO, Richard Newman present interim results for the year ended 31 October 2021. Dan Wright, Executive Chairman 00:17 – Introduction Gareth Jenkins, CEO 01:59 – Performance summary 03:38 – Market and revenue overview Richard Newman, CFO 04:43 – Financial headlines 06:15 – Financial overview 07:53 – Protecting our margins Gareth Jenkins, CEO 09:39 – Commercial development 12:31 – Operational highlights 13:42 – ESG 14:28 – Outlook Dan Wright, Executive Chairman 15:53 – Strategic review 18:42 – Q&A Accrol Group Holdings plc is a United Kingdom-based independent tissue converter and supplier of toilet tissues, kitchen rolls and facial tissues. The Company supplies to a range of discounters and grocery retailers across the United Kingdom (UK). It imports Parent Reels from around the world and converts them into finished goods at its manufacturing, storage and distribution facility in Blackburn, Lancashire. The Company operates from five sites, including four in Lancashire. The Company has 15 converting lines in operation providing capacity of approximately 118,000 tons per annum. Its subsidiaries include Accrol UK Limited, Accrol Holdings Limited and Accrol Papers Limited.

Here is the seventh Stockopedia / PIWORLD StockSlam hosted by Damian Cannon. The format, each ‘slammer’ has 3 minutes to ‘slam’ their stock followed by 3 minutes of audience questions. All are really great pitches, which shows the variety of private investor styles. We are really grateful to all the 'slammers'. This event only happens because of them and the fabulous community we all enjoy. If you’d like to 'slam' at a future StockSlam, please contact us via the PIWORLD contact page. Remember, these are just ideas, the presenter is probably talking their own book. Please do your own research! The next Stockopedia/PIWORLD StockSlam is Wednesday 6th April, 6pm. Register to attend via the events page. Email via the contact page to take part. 00:18 Introduction by Damian with a review of the performance of previous slams. 03:00 Damian Cannon: Henderson Smaller Companies IT (HSL) 09:45 Rebecca Stewart: Frasers (FRAS) 16:30 Martin Flitton: GETBUSY (GETB) 24:35 Dave Sullivan: Shield Therapeutics (STX) 33:30 Robert Corden: Jade Road Investments (JADE) 40:45 Vivek Sharma: Premier Foods (PFD) This was recorded 19.1.22 prior to the earnings upgrade the following day. Good call! 48:40 Michael Tuckman: Bango (BGO) 55:37 James Tapp: Time Finance (TIME) 01:03:39 Ben Miller: Beazley (BEZ) 01:11:12 Jack Brumby: CentralNic (CNIC)

The Creightons management team present the interim results for the period ended 30 September 2021. Bernard Johnson, Group Managing Director 00:17 – Introduction Eamon Murphy, Group Finance & Commercial Director 03:36 – Financial highlights 06:37 – Revenue 07:53 – Operating profit before exceptional costs 08:34 – Profit margin 09:00 – Diluted EPS 10:00 – Cash flow statement 11:55 – Working Capital 13:00 – Acquisitions Pippa Clark, Global Marketing Director/Deputy MD 14:18 – Market overview 17:46 – Divisional performance 23:04 – Brand performance 26:27 – Brand acquisition: Emma Hardie 29:25 – Brand acquisition: Brodie + Stone 31:30 – Brand penetration 33:10 – Brand: Digital 34:31 – Drivers for growth 35:25 – Opportunities & Challenges 36:58 – The way ahead Gary Armstrong, Head of Business Strategy 38:52 – Introduction 40:42 – Brand acquisitions 43:43 – Digital 44:56 – Sustainability Bernard Johnson, Group Managing Director 46:37 – The way ahead 50:39 – Aspirations 55:27 – Q&A Creightons plc is a United Kingdom-based company engaged in development, marketing and manufacturing of toiletries and fragrances. The Company operates through three business streams: own branded business, private label business, and contract manufacturing business. The own branded business develops, markets, sells and distributes products it has developed and owns the rights to. The private label business focuses on private label products for street retailers and supermarket chains. The contract manufacturing business develops and manufactures products on behalf of third-party brand owners. Its toiletries product portfolio consists of haircare, skincare, bath and body, and male grooming. 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, Bronze Ambition, Sunshine Blonde and Beautiful Brunette, and Just Hair.

Richard Crow (@RebelHQ) comes back to defend his title against Daniel Jones and @leoinvestorUK. Each deliver a 10 minute pitch to Andy Brough, Schroders, Judith MacKenzie, Downing and Stephen English, Stellar Asset Management. Excellent presentations followed by penetrating Q&A. Then, the Fund Managers deliver their verdict on the pitch and the stock. Who has Sold it to the City this time? And, who will ultimately win the prize lunch with one of these fund managers? Great fun and insight. 00:18 Introduction 02:00 Richard Crow, (@RebelHQ) pitching: Shoe Zone (SHOE) Obviously Richard pitched this stock (10.1.22) a day before SHOE's FY results, so events have overtaken, with the share price up c20% on results. Good call! 10:05 Shoe Zone (SHOE) Q&A 20:18 Fund managers feedback on Shoe Zone (SHOE) & Richard’s pitch 26:23 Daniel Jones, Synthomer (SYNT) 35:57 Synthomer (SYNT) Q&A 44.00 Fund managers feedback on Synthomer (SYNT) & Daniel's pitch 47:40 @LeoInvestorUK Capital Drilling (CAPD) 57:25 Capital Drilling (CAPD) Q&A 1:07:57 Fund managers feedback on Capital (CAPD) & Leo’s pitch 1:12:05 The scores! Please get in touch via the PIWORLD contact page, to put yourself forward to pitch at the next Sell it to the City. We'd love any investors to come forward, especially younger investors who might be trying to get into the City. What better opportunity to get your name known and to add the experience to your CV? For those with more years, it's a great challenge, and forces us to really analyse that prize holding. The idea is to find a hidden gem that these Fund Managers know little about or have missed in their own research, and to have a bit of fun. https://www.piworld.co.uk/contact/ The first episode of Sell it to the City is here.

Knights CEO, David Beech and CFO, Kate Lewis present the interim results for the period ended 31st October 2021, to analysts. David Beech, CEO 00:18 Introduction & overview Kate Lewis, CFO 05:33 The financials David Beech, CEO 22:25 Growth strategy 33:56 Summary & outlook David Beech, CEO & Kate Lewis, CFO 35:00 Q&A Knights Group Holdings plc is a United Kingdom-based holding company. The Company is primarily engaged in the provision of legal and professional services through its subsidiaries. The Company invests in various sectors, including agriculture and the food supply chain, aviation, consumer and retail, Energy, waste and natural resources, financial and professional services, gambling, healthcare, industrials, transport and support services, property management and development, technology, media and telecommunications. The Company’s service line includes real estate, dispute resolution, corporate, employment and private client services. It delivers services to over 13,000 business clients from approximately 17 office locations across the United Kingdom.

Begbies Traynor Executive Chairman, Ric Traynor and CFO, Nick Taylor outline the interim results for the period ended 31st October 2021. Ric Traynor, Executive Chairman 00:32 What Begbies Traynor does 01:39 Summary of results Nick Taylor, CFO 02:34 Financial highlights 03:33 Growth by division 05:53 Update on acquisitions 07:40 Cash Ric Traynor, Executive Chairman 09:22 The insolvency market 11:39 Recovery and advisory developments 13:21 Property - growth opportunities 14:45 Growth strategy 16:00 Growth track record 16:38 Outlook 17:28 Q&A Begbies Traynor Group plc is a business recovery, financial advisory and property services consultancy company. It operates through two segments: business recovery and financial advisory services, and property advisory and transactional services. It provides a range of services, including corporate and personal insolvency, corporate finance, financial advisory, valuations, transactional services, and property consultancy, planning, and management. The corporate and personal insolvency services include handling of corporate appointments in the United Kingdom, serving the mid-market and smaller companies. Its corporate finance services include buy and sell side support on corporate transactions. Its financial advisory services include debt advisory, due diligence, and transactional support, pensions advisory, business, and financial restructuring, forensic accounting and investigations. Its valuation services include valuation of property, businesses, machinery, and business assets.

Richard talks through the thrills and spills of his year. Up 42.5% at his high, and still up over 30% when we spoke, now, probably higher with National World #NWOR reporting ahead of expectations on 16th December, a day after recording. A brilliant performance but not everything went to plan. As always, Richard gives us some great nuggets, take profits when your weighting goes above your comfort threshold; weight your position size according to the market cap, and he observes, the top holdings are where you make your money, the bottom is where you get whiplashed. His main learning of the year is to have more patience. Richard may be long or short any companies mentioned, please do your own research. 00:58 Richard’s year to date performance 02:24 What went badly: Synthoma #SYNT 13:17 What went well? Polar Capital #POLR 17:47 Made.com #MADE 28:33 Best performer: Reach #RCH 35:37 National World #NWOR 37:22 UP Global Sourcing #UPGS; Macfarlane #MACF & Devro #DVO 39:57 Bloomsbury #BMY 43:39 IPOs and liquidity/illiquidity 44:40 Has the macro picture changed your stock selection criteria? 49:33 AB Foods #ABF; Homeserve #HSV 50:45 Cash 52:45 Santa rally 53:39 Seraphine #BUMP 59:40 Wincanton #WIN 01:01 52 Will the FTSE100 close up, down or flat by 15th December 2022? Richard’s background in his own words: My interest in the London stock market came about in the early 80’s – working over the summer holidays whilst at college, as a post boy – leading to being somewhat of a gofer for a man called Zimmerman, who help build Mercury Asset Management in the 1980s. The taste of the moving parts of the City gave me my first real joy of City life – and I loved it. 1986 – joined Lazard Brothers (via the back door) as a Trust Accountant, valuing and doing the daily book-keeping for investment trusts/unit trusts. Had my chance to move to the front office in 1988 as an assistant fund manager on the bond the international desks. Met my first real mentor John Innes, helping to manage and win major international global accounts – flying around the world in my mid 20’s. Realised the real way to learn the skills needed to manage money was via mentors – very good ones. My real passion is to manage money invested directly in stocks and shares – where I saw the excitement and thrills – and having the belief I could make serious money. Passed my analyst and other professional exams then had the chance to join a real modern-day investment legend – Richard Smith – becoming his no.2 on the Lazard UK Small Companies desk. Over the following 5 years gained the opportunity to build the investment style foundation stones – I still follow today. The importance of skilled mentors – is the real key to the success of any young professional – especially in the investment world. True 30 years ago – true today. 1997 – left Lazard to join the sell-side (stockbroking), Chaterhouse – specialising in small and mid-cap UK companies. An amazing experience, helping to take a mid-ranking firm to No1. 2001 – sold my soul to Merill Lynch. 2005 – returned to the buy-side with Cazenove to help run the UK-focused hedge funds – mixing my stock-picking skills to their business cycle style. Ended up with about £1.5billion of funds to manage and becoming one of the most successful performing UK hedge funds in the UK in that period, especially the GFC. 2010 – left Cazenove to join Trium – a private family wealth office – managing our own money – no clients – simply an absolute returned focused approach. Long – short. And both short and long-term objectives and managing my own pa. money alongside.