Judges Scientific (JDG): an update at Mello 26.9.16

Brad Ormsby, FD.  Talks through the H1 results, where trading has been difficult, and how things have been going since.

David Cicurel, CEO.   Talks through the acquisitions, particularly Dia-Stron, and the general market place, and the outlook.

Presentation Slides here.

Full corporate slide presentation on the Judges Scientific website:

http://www.judges.uk.com/corporate-presentation

1pm (OPM) presentation at Mello 26th September 2016

Presentation by Ian Smith, CEO

Length: c.45 minutes

Ian Smith took over as CEO, in February 2016, having been bought in 2 and a half years ago to initiate a strategic growth plan..


Ian Smith covers:

1. What OPM do
2. The market
3. Breakdown of revenue across the original business and acquisitions
4. The latest results
5. The strategy for future growth

With questions and answers by the Mello audience.

Presentation slides can be downloaded here.

Watkin Jones (WJG) at Mello 13.7.16

Presentation by Mark Watkin Jones, CEO; Phillip Byrom, CFO; Alex Pease, Investment Director.

A brief overview of this comprehensive presentation:

Mark Watkin Jones, is the final family member in the company after many generations.  In 1990 Mark opened an office in Chester.  A contract to build 30 Premier Inn’s for Whitbread launched him.   They then did contracts for Tescos and other supermarkets followed.

They started work on student accommodation in 1999, which has since become a core part of the business.

In 2008 WJG had £160m bank debt with HBOS, when Lloyds took over the debt, they wanted their money back.  This forced WJG to find another source of finance.  This is when they started working with the institutions to provide funding, providing them with exposure to property as an asset class and the yield it provides.

Today WJG are most focussed on student accommodation (84% revenue and 94% profit), with more scope to grow in the Private Rental Sector.  Earnings are highly visible and they have low CAPEX requirement.

At every stage WJG keep risk and leverage to a minimum.  They have a carefully mapped out model, the stages are: site procurement and planning; transaction and funding; construction and delivery; scheme management.  They want 20% return on capital employed.  Most of the costs are known in advance, and they know the yield they can achieve post construction.  So site costs are negotiated based on that.  A site is bought subject to planning, again avoiding risk.  Occasionally if there’s good visibility on planning, they’ll buy without planning, which means they’ll get a 20% increase on the return.
 
WJG work with many different institutions including M&G, Legal and General.  They know who to go to for different opportunities.
 
Alex Pease, Investment Director, talks through a little of the axioms of land purchase, and bringing the institutions on board.

Phillip Byrom, CFO, runs through the H1 figures in detail.  Rev up 40.6% Adj PTP up 85%. GM has gone up to 16.1% from 14.7%, and this should increase to 17.9% in H2. 
WJG have a small residential section focussed on N Wales and the NW.  This has a land bank for future developments.

The IPO in March 2016 bought out the rest of the family.  Today, Mark is the only family member actively involved in the company.  Senior management have shares in the company.

With Brexit, it’s too early to know if there’s any impact.  To date, all is going ahead as normal.  Student accommodation is a good sector in uncertain times.  Institutional investors are in for the long term.  It’s too early to judge if yields will change.  (Yields currently 4-7% dependent on location).

Schemes for FY17 are all sold; they’re currently working on FY18 and 19 to underpin future revenues.

Presentation Slides can be downloaded here

Photo-Me - PHTM - Mello Monday 15.2.16

Gabriel Pirona, Group Finance Director outlines the Photo-Me business.

22,000 photo booths worldwide. Rapidly growing in Japan, where there is a new ID card with photo supplied by Photo-Me.

Expanding into launderettes, where they make a higher margin.  Roll out of 1,000 machines per anum.

Japan is currently driving the photo booth business, as illustrated by the profit upgrade today, 26.2.16.  This is the highest growth market.

Future: 3-D pictures to provide even greater security.

Strong balance sheet.

Pays 5% dividend.

A much fuller write up is provided here: http://boards.fool.co.uk/phtm-photo-me-international-mello-flavour-13331410.aspx  thanks to RicGains.

Presentation slides here.

Brokers note here.

IQE at Mello January 2016

Phillip Rasmussen, Group Finance Director, outlines IQEs business, the flattening demand of wireless, expected to be c.5%pa, and where future growth will come from: lasers and sensors should see 25-50%pa, solar and power should be the biggest drivers with 100% growth (probably from a low base), although as Phil says, difficult with tech to know timings – he indicates 3-5 years.

The presentation covers a lot of what they do and is quite technical.  Do give comments and your thoughts below.

Forgive the filming angle, we’re always a bit constrained by the venue.

 

Presentation slides can be downloaded here.

Creightons (CRL) at Mello Monday 16th November

Creightons (CRL) presentation at Mello, November 2015, by the MD, Global Marketing Director, UK Marketing Director and Director of Exports.

The full write up by Dinocras here, gives an amusing, and highly informative write up of the presentation.

Creightons develop, manufacture and brand personal care products: skin, hair, baby, tanning, etc.  Supplying all sectors of the market, from Aldi, Boots to The White Company.   Their presentation gives insight to their products, their business case, and their enthusiasm.

As Dinocras says, “a fascinating little company that seems to be doing many things right.”  Although a minnow, £5m market cap, which is illiquid - a 22% spread 6-7.5p (4.1.16)!

Proactis (PHD) presentation at Mello Monday 19.10.15

By Rod Jones, CEO, and Tim Sykes, CFO

An excellent introduction to Proactis: what they do, who for, and how they do it.

It outlines the key aspects of the FY results 13.10.15

Rod covers the history from IPO in 2006, and the evolution of their strategy to focus on shareholder value – and the results of that strategy over the last 4 years.

Tim looks to the future, outlining their vision – including M&A, development of supplier networks - alongside the obvious, growing new customers and selling more products to existing customers.

Well worth the time .

Great questions, as always, by the Mello crowd

Click here to view the Proactis slides