piworld audio investor podcasts

This week, Progressive's Jeremy McKeown and Gareth Evans talk about the dramatic overnight events in Iran, as Israel's actions have led to spikes in the prices of oil and gold, but not driven the usual "flight to the dollar" in any meaningful way - the USD is trading at three-year lows. Does this signal a loss of status as a safe haven, or is it simply that investors expect the conflict to be contained and localised? More broadly, we have seen the US / China trade deal being pieced together, although President Trump couldn't help himself launching some other tariff threats even as the China situation appears to be stabilising. Look for an interesting discussion next week about Jay Powell's competence if the FOMC dares to not lower rates... 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.

This week, Progressive's Jeremy McKeown and Gareth Evans describe what felt like a more normal few days, with signs of a slowing US economy and falling bond yields. This was suddenly upended by the public and bitter (and very rapid) falling apart of the Trump-Musk relationship. Musk's backing of Trump was at least partly predicated on promises of a smaller state, but Musk (and DOGE) have failed to deliver the meaningful cuts promised. Now we have Musk shouting from the sidelines about the unsustainability of the budget deficit, which could lead to downward pressure on the dollar, upward pressure on yields and increased expectations of inflation - hence buying of Gold. 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...

Progressive's George O'Connor and Ian Robertson catch up on events in and around the UK small and mid-cap listed tech. Looking to the US, Salesforce and C3.ai results show positive momentum for AI, as of course do Nvidia's. But investors are asking more questions and AI vs. Economic Downturn is a match that's difficult to call. 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.

Progressive's Jeremy McKeown recently had another chance to talk to Substack's No. 1 financial commentator, Doomberg. It has been some 15 months since they last spoke, a time when Rishi Sunak was Prime Minister and Joe Biden was President. 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.

Cerillion CEO, Louis Hall and CFO, Andrew Dickson present the business's Interim results for the six months ended 31 March 2025, followed by a Q&A session. Louis Hall, CEO 00:16 Introduction 01:14 Company background 01:50 Cerillion's products 03:33 Business overview 03:58 H1 2025 highlights 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.

Joe Bryan is a former investment bank derivatives trader turned sports betting entrepreneur who, during lockdown, went down the proverbial Bitcoin rabbit hole. After Joe exited the company that bought his sporting odds business last year, a friend invited him on a weekend away. Each guest had to prepare a short talk to lead a discussion on a topic of their choice. Joe chose Bitcoin; it was his passion and his specialist subject. 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.

This week Progressive's Gareth and Jeremy continue their discussion about the bond market's predicament. Japan's Ministry of Finance thought that sending a questionnaire to its bond investors would resolve its problem. But it soon encountered another difficult auction, suggesting that its first step in acknowledging the problem was insufficient. Meanwhile, Japan's manufacturing prowess is under attack from China, its biggest competitor and from the US, its largest customer. The fact that Japan holds over a trillion dollars of US Treasury debt is a card to consider in its trade talks with the US. 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.

Progressive's George O'Connor and Ian Robertson consider Sage's results and the return of the normal share price path following results. George points to Xero as Sage's rain cloud whilst Ian points to the success of Sage's Intacct offering. Gamma's AGM statement contained comments in the UK market that led to a share price fall, although the progress in Germany is something that the market should not ignore. Tech and defence is discussed – George and Ian reflect on the spoof potential, surely not!

This week Progressive's Jeremy McKeown and Gareth Evans discuss a smorgasbord of newsflow...from trade deals to interest rate cuts (or lack of them) and the selection of Maro Itoje as captain of the Lions team. UK stocks discussed include ZOO Digital and Van Elle, and Jeremy describes the divergent outcomes for Alpha Group and Argentex...two payments/FX trading platforms who have had their resilience tested in recent years, with wildly different results. Next week will see UK unemployment and GDP data, with US retail sales, inflation and consumer sentiment...watch for an angry Trump.

Progressive's Jeremy McKeown and Gareth Evans discuss a slightly more normal week - Larry Fink and Jamie Dimon are talking up the UK market just as capital is being freed-up from the Mag Seven. The UK small-cap space is delivering strong performance from stocks able to deliver not-worsening performance...we discuss Watkin Jones, Sanderson Design Group and IG Design as well as global shipping heavyweight Clarkson. 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.

Progressive's Jeremy McKeown recently spoke with David Dredge of Convex Strategies in Singapore. David is widely regarded for his deep understanding of risk and for delivering his insights in a highly engaging and entertaining manner. 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."

Progressive's George O'Connor and Ian Robertson catch up on news and events affecting UK small and mid-cap tech. IBM's figures get George pondering the differing paths with AI for software vs IT professional services. He highlights the Asian IT services area, where growth is notably better than in the EU or North America, before looking at results from ActiveOps, GB Group and iOmart. 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.

This week, Progressive's Jeremy McKeown and Gareth Evans wonder whether there are signs of life... UK plc is perhaps "priced for failure" and recent share price moves suggest that even in-line performance (or only a small warning!) can lead to material upside. Severfield is a case in point, but this week has seen a number of examples. Jupiter and AJ Bell are also talking more positively. 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....

Progressive's Jeremy McKeown talks with Lawrence Lam, who invests globally in founder-led companies. Lawrence has run the Lumenary Global Founders Fund since 2017 and is the author of "The Founder Effect - The Three Pillars of Success in Founder-Led Companies." – A great read if you are trying to understand good long-term management decisions and how to spot them. Jeremy and Lawrence discuss what exactly is the founder effect, and how can investors accurately determine whether a management team has this elusive characteristic? 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.

Progressive's George O'Connor and Ian Robertson catch up on events in and around the UK small and mid-cap listed tech. Alphawave's lack of guidance for 2025 is no great surprise, but in an industry as complex as semiconductors can anyone take forecasts seriously. Ensilica's recent newsflow suggests not. We can, however, confidently predict that the forecasts are wrong. 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.

This week, Progressive's Jeremy McKeown and Gareth Evans consider the ongoing shocks to the global system - and wonder whether the UK (or UK plc at least) is unusually well positioned, as well as attractively priced. Although Trump's "shock and awe" has calmed this week, gold is rising, the dollar is falling and US government debt is highly volatile...it feels as though we've had "America's Brexit moment", a "global Liz Truss event" and now a re-run of Covid supply chain pressures - as we hear reports of ships halted in ports awaiting instruction, and markets can't tell whether current demand is real or stocking-up for an uncertain future. The UK has had more than its fair share of such volatility - and maybe we can manage it better. 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.

David Seaman of Alpha Cygni Asset Management and a seasoned emerging markets investor joins Progressive's Jeremy McKeown for a fascinating discussion with Sean Peche, the manager of the Ranmore Global Equity Fund. Sean recounts how he honed his value investing credentials at Orbis after qualifying as an accountant in South Africa and before launching Ranmore in London in 2008. 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.

This week, Progressive's Jeremy McKeown and Gareth Evans talk less about tariffs and more about their impact on capital markets - bonds in particular. Jeremy makes the point that the USA is now experiencing a Brexit AND "Liz Truss" moment at the same time - resulting in a falling dollar and rising rates.  Keep an eye on those two, and the gold price, and you have three metrics which give dashboard of the current situation - and level of trust in the US administration. 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.

George and Ian catch up on the jumble of news, both good and bad, for UK-listed tech. Pinewood.AI and Raspberry Pi deliver – although inventory build at Raspberry Pi is an issue that must be monitored. 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?

Jeremy and Gareth react to Donald Trump's tariff pronouncements - major downward moves in US equities, and increased risk of a US slowdown. But there is  some hope that the UK could navigate these choppy waters cleverly - and even a small proportion of the capital currently being reallocated could make a huge difference to the UK markets. 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. 

Progressive analysts George O'Connor and Ian Robertson catch up on small and mid-cap tech news. George has been looking at some resilient and upbeat news from smaller less well-known players SRT, Xaar and Microlise and is still recovering from the not too surprising news that Computacenter has not delivered its 20th year of earnings growth.   Gamma results have encouraged Ian and whilst enthused by Judges Scientific as a company he is disappointed by the analyst meeting – where did all the research go?   The leads to reflection on Ian's recent blog comparing listed company micro-cap funds and VC funds, which suggests that something has gone wrong with the small-cap due-diligence / investment decision ‘stack'.  This has knock on impacts across small and mid-cap.  Is more research the answer?

DF Capital Holdings CEO, Carl D'Ammassa provides an overview of the group's results for the year ended 31 December 2024. Carl D'Ammassa, CEO 00:24 Introduction 02:10 FY24 Review 04:57 Strategy update 06:45 Looking ahead 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.

This week, Jeremy and Gareth discuss some home truths about the UK economy - Rachel Reeves has reassured bond investors for now, but the low-growth, stubborn-inflation structural problems persist. Ironically, Trump's erratic tariff-wielding tactics could drive capital AWAY from the USA, to the benefit of China, Germany and even the UK equity market. 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.

Headline grabbing Trump noise from Washington has died down but with concerns around tariffs, and issues in the Ukraine and the Middle East still not settled, Jeremy and Gareth discuss the common theme this week which has been central bankers and companies talking about trade related uncertainty. Overall the forecasts of GDP growth in the major economies in the world are coming down, but inflation expectations remain heightened. Big US corporates such as Nike and FedEx cited trade uncertainty as a major issue and it's been referenced increasingly in UK RNS announcements.  With US focus seemingly now more on longer term interest rates than the level of the US stock market, overriding market sentiment is one of capital flight from the US to the rest of the world. A survey documenting the capital allocation intentions of the world's largest asset managers listed the biggest one month allocation away from US equities ever recorded. Some has gone to Germany and the wider European market, some has gone into China and there's also been a big allocation into US treasuries. Although there's no direct evidence of much of this capital finding its way into the UK market yet, Jeremy and Gareth remain hopeful!  In the UK, Gareth talks about Beeks (BKS) and FDM who both had results. Employment data this week was pretty much as expected. However UK government borrowing data was running ahead of expectations,which doesn't bode well for next week's Spring Statement and the brewing government dispute about whether they should continue to look to raise taxes or to reduce government spending. Next week we have UK inflation data on Wednesday, and on Friday we get US PCE data (the Federal Reserve's preferred inflation measure).   Brought to you by Progressive Equity. 

The Pebble Group CEO, Chris Lee and CFO, Claire Thomson present the group's results for the year ended 31 December 2024, followed by a Q&A session. Chris Lee, CEO 00:16 Introduction 01:21 Market opportunity 03:30 Investment case 04:02 FY24 Highlights 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

This week, Jeremy and Gareth mull over the macro situation - the US economy seems to be slowing (but inflation persists) while Europe, especially Germany, has been bullied into spending more than ever. The UK, and arguably Europe, haven't yet seen much benefit from the outflow of capital from the MAG Seven, but remember, the whole German market cap is not dissimilar to the value of Microsoft - so there's a lot more to go for. 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). 

Secure Trust Bank CEO, David McCreadie provides an overview of the group's results for the 12 months to 31 December 2023. David McCreadie, CEO 00:29 Introduction 00:49 Vehicle Finance Sector challenges 02:03 Strategic goals & targets 04:31 2024 performance highlights 06:32 Strategic initiatives 08:39 Outlook and conclusion 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).

This week, Gareth and Jeremy try to keep up with the gyrations from across the Atlantic - both around defence alliances and tariff policies. In terms of the impact on Europe and the UK, Germany is stepping up and spending big, which is driving up both (European) stock markets and (German) borrowing costs. Trump seems to be ignoring the stock market and is probably happy that US borrowing costs are falling - crucial for the upcoming refinancing of a significant chunk of US government debt. 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!

Progressive's Gareth Evans recently sat down with Jason Paltrowitz, Executive Vice President, Corporate Services at OTC Markets. The two discuss how the business operates and the opportunities that the OTC offers for companies and investors. 00:00 Opener 00:31 What are OTC Markets, and how do they operate? 02:58 Are there any additional regulatory overheads? 04:50 Is the ability to offer easier-to-manage shares for US employees a motivator for listing? 07:13 How much of the growth in volume trading comes from new companies listing, and how much comes from trading of existing stocks? 08:59 Do you think we'll ever reach overnight trading? 11:37 I see you run a $1billon + index, could you talk about why companies of that scale are interested in having an OTC listing? 13:25 What are the costs of listing on the OTC? 16:51 Closing comments 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. 

Progressive Analysts, George O'Connor and Ian Robertson's regular review of the technology sector. 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'.

Nexteq's recently appointed management team of Duncan Faithfull, CEO, and Matt Straight, CFO, along with senior leaders from across the business present the Group's three-year plan and strategic ambitions for the end of 2027 at its 2025 Capital Markets Event. The presentations also showcase, through practical demonstrations, the Group's innovative new technology solutions which are being launched across Nexteq's focus markets. Duncan Faithfull, CEO 00:18 One Nexteq & 3-year plan 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.

Jeremy and Gareth talk this week about Trump 2.0 launching with a number of "adults in the room" who Trump trusts, and who can get things done. 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.

Wynnstay Group CEO, Alk Brand and CFO, Rob Thomas present the group's results for the year ended 31 October 2024, followed by Q&A. Alk Brand, CEO 00:16 Introduction 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.

This week, Progressive's Gareth Evans and Jeremy McKeown tackle the investment implications of Trump 2.0. After shocking the world with his suggestion of turning Gaza into the Riveria of the Middle East, Trump has moved on to Ukraine. Such events illustrate how the accepted World order has broken down. Where is the UN in all of this? 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.

SDI Group's CEO, Stephen Brown, CFO, Amitabh Sharma and Head of Corporate Development, James Dimitriou, answer investor questions following the Group's recent December Interims. Read the latest research here: https://progressive-research.com/company/sdi-group-plc/ 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.

Made Tech CEO, Rory MacDonald and CFO, Neil Elton present the group's results for the six months ended 30 November 2024, followed by a Q&A session. Rory MacDonald, CEO & Founder 00:16 Introduction 00:59 H1 FY25 Highlights 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/

Progressive's Gareth Evans is joined by tech analyst George O'Connor as they glance back at the week's macro events and market themes and discuss the impact on investors and companies. They discuss selected UK company news and let us know what to look out for in the week ahead… 00:00 Introduction 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.

Progressive's Jeremy McKeown and Gareth Evans glance back at the week's macro events and market themes and discuss the impact on investors and companies. They discuss selected UK company news and let us know what to look out for in the week ahead… 00:00 Introduction 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.

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. 00:00 Introduction 01:04 The Return of Bond Vigilantes 04:05 UK market news 06:24 National insurance rises 07:55 Progressive client news - Petro Matad (MATD), Xaar (XAR) and Gamma (GAMA) 11:04 Upcoming macro news 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.

Tern hosted an investor presentation and Q&A session on 9 January 2025. Presentations were given by the portfolio companies, which reinforced that all three businesses have made significant progress with major key accounts and important strategic partnerships. Read Progressive's latest research note here or visit Tern's website here. 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.

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. 00:00 Opener 00:52 Uncertainty around Trump 04:38 UK macro backdrop for 2025 06:38 UK news: Trading updates from Retailers &  Christmas consumer spending 08:03 Investing in the UK with the current macro backdrop 12:37 Upcoming macro news: 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.

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.