IG Design Group Interim Executive Chair, Stewart Gilliland and Chief Financial Officer Rohan Cummings present the group's results for the year ended 31 March 2025.

00:00 - Opener

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

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

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

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

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

22:36 Q&A

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

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

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

For further information please visit www.thedesigngroup.com.

Creightons PLC (CRL) Full Year 2025 results presentation for the year ended 31st March 2025, given by Paul Forster, Non Exec Chair, Philippa Clark, CEO and Qadeer Mohammed, CFO.

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

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

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

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

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

Wynnstay Group CEO, Alk Brand and CFO, Rob Thomas, present the group's results for the six months ended 30 April 2025, followed by Q&A.

Alk Brand, CEO
00:16 Introduction

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

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

Alk Brand, CEO
17:51 Project Genesis update

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

Wynnstay is a leading UK provider of agricultural supplies and services to farmers, mainly in England and Wales. The Group’s wide range of agricultural inputs includes feed, seeds and fertiliser. It also provides grain marketing services to arable farmers and its specialist teams offer farmers advice on animal health and nutrition products as well as on soil health, environmental measures, and the latest farming techniques. 
Wynnstay supplies both direct-to-farm and via its network of depots. These sell an extensive range of farm supplies, including hardware, feed and dairy hygiene products, and also cater for rural dwellers.

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

This week Progressive's George O'Connor and Ian Robertson canter through the newsflow of recent weeks, Bytes, Accesso, Northcoders and Hostelworld.

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

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

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

This week, Progressive's Gareth Evans and Jeremy McKeown discuss how an emboldened Trump has raised the tariff temperature while also considering the potential for a version of the future to be one of US economic growth. But whatever the path forward, Paul Tudor Jones' mantra, that all roads lead to inflation, seems increasingly appropriate.

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

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

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

Progressive's Jeremy McKeown and Gareth Evans discuss the week's macro market news and developments, comparing the plight of the Trump and Starmer administrations, which are six months and a year in, respectively. The differing outcomes, at least in part, reflect the degree to which the bond markets constrain the UK government more than the US.

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

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

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

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

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

Progressive Analysts George O'Connor and Ian Robertson catch up on events in and around the UK small and mid-cap listed tech.

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

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

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

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

WW3 is over, oil prices are plummeting, inflation is dead, Daddy Trump is putting the world back together, including doing a trade deal with China and getting interest rates down, even if it means sacking the man who is in his way. And the UK smaller company sector has discovered the Bitcoin magic money tree and is bathing in the prospect of free money. What a time to be alive! What could possibly go wrong?

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

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

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

1,700 companies on AIM in 2007 was too many (polite way to say it), but 700 now is too few.

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

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

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

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

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

Japan continues to confuse - and to present major risk - with high inflation and close-to-zero interest rates, while the US/Japan trade deal is still conspicuous by its absence.

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

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

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

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

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