PIWORLD Investor Podcasts

Netcall CEO, James Ormondroyd, and CFO, Richard Hughes, present the group's final results for the year ended 30 June 2026.

James Ormondroyd, CEO
0:17 Introduction
0:49 Liberty Platform Overview
1:48 FY26 Highlights
2:46 Market Opportunity
4:02 How Liberty Works
5:20 Why Customers Choose Netcall
6:24 Land & Expand Opportunity
7:26 Customer Expansion
8:41 Case Study – Wokingham
9:28 Cohort Growth
10:16 Three Drivers of Spend Growth
11:17 Expanding the Product Set
12:31 Cross-Selling New Products
13:56 AI Adoption on Liberty

Richard Hughes, CFO
15:55 Financial Summary
17:37 Cloud Revenue Growth
18:51 Cloud ACV Growth
20:27 Record Order Book
21:06 Revenue Growth & Cloud Mix
22:06 Profitability & Margins
23:32 Cash Generation
24:56 Acquisitions
26:00 Earnings & Dividends per Share

James Ormondroyd, CEO
26:50 Outlook

Netcall (AIM: NET) is a UK-based enterprise software company that unites automation and customer engagement in one AI-powered platform. Its Liberty platform makes work easier by digitising processes and simplifying customer interactions in a single, easy-to-use solution that reduces complexity. Today, around 700 organisations across healthcare, government and financial services depend on Netcall for business‑critical workflows, including two‑thirds of NHS Acute Health Trusts, one half of UK local authorities and major enterprises such as Legal & General, Baloise and Santander. For further information, please go to www.netcall.com.

The Pebble Group CEO, Chris Lee and CFO, Claire Thomson, present the group's results for the six months ended 30 June 2026, followed by a Q&A session.

Chris Lee, CEO
0:16 Introduction
1:00 Market Opportunity
2:35 Investment Case
5:05 HY26 Highlights

Claire Thomson, CFO
6:00 Income Statement
8:30 Balance Sheet
9:10 Cash Flow
9:40 Cash Generation

Chris Lee, CEO
10:30 Facilisgroup – Overview
12:15 Facilisgroup – Key Financial & Operational Metrics
13:20 Facilisgroup – Organic Growth
16:45 Facilisgroup – Strategy

Claire Thomson, CFO
17:50 Brand Addition – Overview
18:30 Brand Addition – Key Financial & Operational Metrics
19:20 Brand Addition – EBITDA
20:50 Brand Addition – New Business Acceleration
21:40 Brand Addition – Strategy

Chris Lee, CEO
23:15 ESG
24:38 Outlook
26:34 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

DF Capital CEO, Carl D’Ammassa provides an overview of the company’s results for the six months ended 30 June 2026.

00:25 Introduction
01:01 HY26 Review
04:27 Looking Ahead

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

The Group is listed on AIM on the London Stock Exchange under the ticker DFCH. For more information, please visit www.dfcapital.bank

Ian Corfield, CEO, provides an overview of the group’s results for the 6 months to 30 June 2025.

Ian Corfield, CEO
00:16 Introduction
00:49 Financial performance
01:30 Delivering against strategic priorities
03:06 Outlook
03:30 Summary

STB is an established, well‑funded and capitalised UK retail bank with a more than 72‑year trading track record. STB operates principally from its head office in Solihull, West Midlands. The Group's diversified lending portfolio focuses on two lending sectors, with multiple product verticals, supported by a strong deposits franchise:

(i) Business Finance, and

(ii) Retail Finance through its V12 brand

Cerillion CEO Louis Hall and CFO Gregory Price present the company's results for the half-year to 31 March 2026.

Louis Hall, CEO
00:18 Introduction
01:05 HY highlights
03:52 Operations
07:00 About Cerillion
09:55 Product offering
10:30 Delivery model
13:06 Customers
14:55 BSS/OSS Market size
15:36 Barriers to entry

Gregory Price, CFO
18:08 HY Financial KPIs

Louis Hall, CEO
19:50 Sales pipeline
20:37 Summary & Outlook

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

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

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

www.cerillion.com

IG Design Group Interim Executive Chair, Stewart Gilliland and CFO Rohan Cummings present the group's results for the year ended 31 March 2026, followed by a Q&A Session. CEO Designate, Gerald Kuehr also provides an overview of why he joined the group.

Stewart Gilliland, Interim Executive Chair
00:16 Introduction
00:48 FY2026 Summary
03:23 The Group Today
04:34 Progress against operational targets

Rohan Cummings, CFO
05:57 Progress against financial targets
08:45 Group Revenue
10:29 Adjusted operating profit
11:56 Design Group Europe
14:07 Design Group UK
16:22 Design Group Australia
18:20 Financial Summary
20:40 Cash Flow

Stewart Gilliland, Interim Executive Chair
23:14 Growth drivers
24:34 Capital allocation
26:19 Glenart acquisitiontt
28:12 Outlook

Gerald Kuehr, CEO Designate
30:06 Introduction & Joining Design Group

32:35 Q&A

IG Design Group plc is one of the world's leading designers, innovators and manufacturers of gift packaging, greeting cards, stationery, creative play products and related items. The Group designs, sources and manufactures a broad portfolio of products across multiple categories and occasions, encompassing every day, seasonal and celebration ranges.

The Group operates across key international markets, with a strong presence in the United Kingdom, Europe and Australia. Its products are sold to a diverse customer base including major retailers and supermarkets such as Tesco, Costco and Aldi, as well as discounters, online platforms and independent stores. The Group's heritage brand, Tom Smith, holds a Royal Warrant for the supply of Christmas crackers and Christmas wrapping paper to the Royal Family, a distinction it has held continuously since 1906.

Across IG Design Group's global teams, it manages a portfolio of more than 22,000 SKUs, supplying over 550 million units annually to customers in approximately 70 countries. The Group operates a vertically integrated model, combining in‑house design expertise with global sourcing, manufacturing, distribution and fulfilment capabilities. Its manufacturing footprint includes three facilities located in Wales, the Netherlands and Poland. This integrated platform enables the Group to deliver innovative, responsibly sourced products at scale, while maintaining cost efficiency, speed to market and flexibility.

IG Design Group plc is listed on the AIM market of the London Stock Exchange.

This week Progressive's Jeremy McKeown & Gareth Evans comment on the Middle East situation, its potentially huge and long-term impact on supply chains but also the ability of humanity to reinvent and rearrange very quickly.

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

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

Progressive's Jeremy McKeown brings together an investing "odd couple": Laurie Hulse, UK small-cap stock picker and manager of the Onward Opportunities Investment Trust, and The Shrub, a world-renowned meme trader, parody hedge fund manager, and macro commentator.

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

In this episode, they cover:

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

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

Progressive's George O'Connor and Ian Robertson catch up on recent news and events in UK small and mid-cap tech and discuss the (limited) SaaSpocalypse scenarios for Cerillion, DotDigital and GB Group – a few of the UK listeds that have been seen their share prices caught in the crossfire.

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

Ami Daniel on the Middle East energy shock, the death of cheap intelligence, and why the SaaS apocalypse is your opportunity

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

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

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

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

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

Five takeaways:

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

Brought to you by Progressive Equity.

Links mentioned in this episode:

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