DirectorsTalk Interviews

Team plc’s (LON:TEAM) FY25 results show a business gaining traction before the bigger step-up in scale. In this interview, Mark Clubb explains how organic growth, tighter cost control and a profitable International division laid the groundwork, before the WH Ireland and EPIC Fund Services deals moved the platform from sub-scale to scalable and sharpened the route to profitability. Team plc is a wealth, investment management and financial services group serving intermediaries, institutions and clients across multiple jurisdictions.Key moments00:13 – Strong FY25 numbers land00:29 – Organic growth proves the model02:08 – Divisions fire across the board04:11 – WH Ireland changes the scale06:02 – Acquisitions shift TEAM up a gear06:24 – FY26 focus turns to profitabilityTeam plc is a wealth and investment management group offering advisory, discretionary and international financial services.

Criterium Energy (TSX:CEQ) is moving into a new phase in Indonesia, with CEO Matthew Klukas outlining how low-cost gas developments, existing infrastructure and supportive market dynamics are setting up a step-change in production and cash flow. The interview highlights why Indonesia stands out, how the company has shifted beyond capital constraints, and why Southeast Mengoepeh could be the first in a repeatable run of value-driving gas projects.Key Moments:00:14 – Indonesia investment case02:57 – Asset portfolio snapshot03:18 – From constraint to momentum04:18 – Southeast Mengoepeh focus04:42 – Production uplift potential05:16 – Gas drives the next phase05:56 – Follow-on gas pipeline06:59 – Bulu adds bigger upside07:27 – Why this year mattersWhat the Criterium doesCriterium Energy is an oil and gas company focused on developing and producing assets in Indonesia, with exposure to both oil production and gas development across operated and non-operated interests.

Mark Thomas, Analyst at Hardman & Co, discusses the investment case for ICG Enterprise Trust plc, highlighting strong portfolio performance, healthy liquidity and a capital allocation approach that combines new investments with progressive dividends and buybacks. He also explains how the trust’s relationship with ICG supports access to attractive opportunities, active portfolio management and a focus on delivering private equity returns with a careful eye on risk. ICG Enterprise Trust plc is a listed investment trust that gives shareholders access to a diversified portfolio of private companies.

Jimmy Jobe explains why fragmented cloud systems are driving up cost and complexity, and how SentientDB is built to bring control, automation and resilience back to enterprise database operations.Key moments00:14 – The hidden chaos behind multi-cloud IT.02:31 – Why seven systems cannot run like one business.03:09 – AI demand and cost pressure raise the stakes.04:19 – Why some firms are pulling back from public cloud.06:44 – Jobe’s answer to cloud fragmentation.08:22 – SentientDB enters the picture.10:05 – What makes SentientDB stand out.10:43 – Automation that fixes issues before they escalate.11:58 – One view across the whole database estate.

Gattaca plc’s (LON:GATC) first-half numbers point to more than a routine improvement. In this interview, CEO Matthew Wragg sets out how double-digit NFI growth, a sharp rise in underlying profit, strength across infrastructure, defence and energy, and the integration of InfoSec are combining to build real momentum. He also explains why the group sees long-term demand in specialist skill markets that remain critical, scarce and less exposed to AI disruption.Key Moments:00:04 – Results just in00:22 – Momentum builds00:52 – Profit surge01:02 – Cash explained01:23 – Dividend boost01:44 – What is working03:14 – Top-performing sectors04:47 – InfoSec update05:57 – The investment case06:35 – Why AI risk matters07:35 – Wrap-up

Nuformix moves a step closer to unlocking the commercial potential of NXP002 in idiopathic pulmonary fibrosis, securing US orphan drug designation in a market that drives the majority of global revenues.Dr Dan Gooding explains how this regulatory milestone strengthens exclusivity, enhances partnering appeal and supports ongoing licensing discussions. With fresh funding in place, the focus now shifts to addressing due diligence questions and progressing conversations with potential partners.The interview also outlines how NXP002’s inhaled delivery could improve efficacy while reducing side effects, positioning it against existing therapies that fall short on both outcomes and tolerability.Nuformix is a drug development company repurposing known drugs into new, patent-protected forms for novel uses, advancing programmes to proof of concept before licensing to pharmaceutical partners.

Real Estate Credit Investments (LON:RECI) sets out a clear case for sustained double-digit yields, combining disciplined credit preservation with a steady dividend track record. In this conversation, Hardman & Co analyst Mark Thomas explains how a resilient lending model, active capital recycling, and a strong recovery framework are shaping returns while navigating macroeconomic uncertainty.Key Moments:00:04 – 00:07 – Introduction to the report and focus on Real Estate Credit Investments00:14 – 00:18 – Why the report carries a standard regulatory disclaimer00:50 – 01:09 – Overview of the manager presentation and fund strategy01:13 – 01:26 – Shareholder support and continuation vote insights01:56 – 02:08 – Core soundbite: delivering 10%+ yield via senior secured loans02:31 – 02:53 – Buybacks, dividend stability, and shareholder returns03:08 – 03:35 – Key priorities: credit preservation and lending discipline03:54 – 04:14 – Dividend sustainability and closing the NAV discount04:24 – 04:56 – Risks: recession, rates, property prices, and macro pressures

Ilika’s Goliath batteries are proving their worth beyond EVs, with live-fire defence tests showcasing exceptional resilience. As geopolitical tensions rise, this unexpected application could open a new commercial pathway while reinforcing the safety advantages of solid-state technology.Key Moments:00:04 – 00:25: Introduction and context around UK defence agency testing00:25 – 00:47: Goliath batteries originally built for EV roadmap, not defence00:47 – 01:22: Shift in demand driven by rising geopolitical tensions01:27 – 02:06: Firing range tests vs nail penetration tests explained02:06 – 03:13: Defence use cases: infantry gear, vehicles, drones03:13 – 04:05: Licensing model and pilot line production strategy04:05 – 04:42: Upcoming feedback from automotive customersIlika plc develops solid-state battery technology, with its Goliath cells designed primarily for electric vehicles, alongside its smaller-scale Stereax batteries targeting IoT and medical applications.#Ilika #SolidStateBatteries #EVTechnology #DefenceTech #BatteryInnovation #EnergyStorage #AdvancedMaterials #CleanTech #Investing #UKStocks

Firering Strategic Minerals (LON:FRG) is beginning to reveal what its Limeco asset can really deliver, as kiln modifications push output beyond earlier limits and set the tone for what comes next. Vassilios Carellas explains how operational tweaks are driving immediate gains, why the next phase of kiln construction matters, and how early revenue trends are starting to reflect a business moving through its ramp-up phase.Key Moments00:31 – 01:23: Output beats original kiln benchmark01:23 – 02:10: The change that fixed heat flow02:28 – 03:11: New kilns move closer to reality03:11 – 04:06: Extra circuit adds another layer to growth04:20 – 05:07: Where demand is coming from05:17 – 06:09: Early revenue momentum builds

Fresh drilling at MB01 North is sharpening the scale of Oriole Resources (LON:ORR) gold system in Cameroon. Executive Director Claire Bay outlines how wide near-surface intersections, including the programme’s best hit to date, are confirming continuity across the target while setting the stage for a maiden JORC resource. With results suggesting stronger grades than the southern deposit and the system still open in all directions, the company believes the wider MB licence could evolve into a multi-deposit gold project.Key Moments00:24 – Best intersection yet at MB01 North: 56.2m near surface01:20 – Mineralisation confirmed across a 700m by 300m system02:26 – Maiden resource could add hundreds of thousands of ounces03:23 – Why MB01 could become a multi-deposit gold project04:45 – Next drilling programme already planned at MB01 South05:24 – Wider Cameroon licence shows district-scale gold potential#OrioleResources #GoldExploration #GoldStocks #Mining #MiningStocks #JuniorMining #Cameroon #GoldDiscovery #ResourceGrowth #MiningInvesting

Investors in The Diverse Income Trust (LON:DIVI) face an important decision as the board proposes giving shareholders the option to roll into the Premier Miton UK Multicap Income Fund. In this interview, fund manager Gervais Williams explains the trust’s long record of income growth, why persistent discounts and redemptions have forced a rethink, and why a multi-cap income strategy could be particularly powerful as undervalued UK smaller companies move into a potential catch-up phase.

Ilika plc (LON:IKA) has delivered its first batch of commercial-grade Stereax cathodes to Cirtec Medical, turning a January purchase order into tangible production progress. CEO Graeme Purdy explains why keeping cathode manufacturing in the UK is central to the strategy, how the supply pipeline to Cirtec will now begin a steady cadence, and where the Stereax M300 is gaining traction across next-generation implantable medical devices.Key Moments00:11 – Interview introduction – Graeme Purdy joins to discuss delivery of commercial-grade Stereax electrodes to Cirtec Medical for Stereax M300 production.00:22 – What’s new in the announcement – Ilika confirms it has delivered the first batch of commercial-grade electrodes, fulfilling the initial purchase order.01:03 – Role of the cathode – Explanation of how the cathode stores lithium in a solid-state battery and moves ions during charging.01:43 – Why production is split UK and US – Cathode manufacturing remains in the UK as the most complex step, helping ensure a smooth technology transfer to Cirtec.02:29 – Key applications for Stereax M300 – Implantable sensors, smart orthopaedics, neurostimulators, orthodontics and ophthalmology devices.03:59 – Commercial-grade batteries entering testing and prototypes – Some units entering extended testing while others support early product integration.04:37 – Regular supply expected – A “drumbeat” of electrode supply planned as production ramps through this year and next.Ilika Plc is a pioneer in solid state battery technology, enabling solutions for applications such as Industrial IoT, MedTech, Electric Vehicals and Consumer Electronics.

Silver Bullet Data Services (LON:SBDS) has entered a new phase of maturity after delivering a trading update that signals a shift into EBITDA positivity while positioning the business at the centre of corporate AI transformation. In this interview, CEO Ian James explains how operational streamlining, new client wins and rising demand for robust data infrastructure are reshaping the company’s trajectory. With 73% of expected revenue already secured for the year and a strong Q1 underway, the business is now focused on scaling long-term client relationships while enabling organisations to unlock the value of their data for AI-driven growth.Key Moments00:10 – IntroductionIan James joins DirectorsTalk to discuss the company’s trading update for the year ending 31 December 2025.00:26 – Review of 2025 performanceRevenue remained broadly flat year-on-year due to slower decision-making from US clients and the impact of the US government shutdown.01:08 – Strategic cost restructuringThe company streamlined its operations and reduced costs, creating a leaner structure that is now driving profitability.01:20 – EBITDA positive milestoneSilver Bullet Data Services reports it is already trading EBITDA positive in the early months of the year.02:11 – AI transformation opportunityGrowing demand for AI adoption is increasing the need for robust data infrastructure and advanced data tools.02:32 – New client winsThe company secured a major European airline client and a significant US data products client, which will contribute to 2026 growth.03:06 – Return to growth outlookManagement is confident the business will return to growth while maintaining profitability.04:43 – 73% of revenue already securedA strong base of recurring revenue provides visibility and confidence in achieving budget targets.06:14 – What investors should watchFocus remains on expanding the client base, delivering AI-driven data solutions and maintaining EBITDA momentum.Silver Bullet Data Services helps organisations unlock value from their data by providing advanced data infrastructure, AI-ready data capabilities and expert consultancy services that support digital and AI transformation.

Accesso Technology Group plc (LON:ACSO) is tightening its grip on the leisure technology market with a new embedded payments strategy, a sizeable tender offer, and upgraded margin expectations. In this interview, Hardman & Co analyst Richard Jeans explains why the Adyen partnership materially deepens Accesso’s role in the value chain, how virtual queuing remains resilient despite sector headwinds, and why the shares trade at a level he believes does not reflect the improving quality of earnings.Key Moments00:10 – Overview of Accesso’s business model and global footprint01:29 – Adyen selected as global white-labelled payments partner02:04 – Virtual queuing update and Six Flags contract extension03:38 – Revenue beat and improving cash EBITDA margins04:33 – Strategic importance of the Adyen partnership05:31 – £14.5m tender offer at 300p and capital allocation rationale06:18 – Assessing AI disruption risk in vertical SaaS07:05 – Updated forecasts and restructuring impact08:23 – Investment case: valuation, cash generation and peer discountAccesso Technology Group plc provides mission-critical vertical software to the global leisure industry, serving more than 1,100 venues across 33 countries. Its solutions optimise the entire guest journey, helping attractions, cultural venues and live entertainment operators increase revenue through better capacity utilisation, higher in-venue spending and data-driven commercial decisions.

Thor Energy Plc (LON:THR) has secured two new regulated substance exploration licence applications in South Australia, strengthening its position at the centre of the emerging natural hydrogen sector. CEO Andrew Hume outlines how these awards extend the company’s hydrogen and helium portfolio in the Onshore Otway Basin, where historical drilling revealed unexpected hydrogen concentrations that now point to multi-energy upside. With a strategic partnership in place and a carefully balanced portfolio spanning hydrogen, gas storage and critical minerals, Thor is positioning itself to unlock value across multiple resource streams.Thor Energy is an exploration company focused on natural hydrogen, helium, gas storage and critical minerals, with a core portfolio in South Australia complemented by assets in the Northern Territory and the United States.

Cooks Coffee Company is entering a new phase of disciplined expansion.In this latest interview, Executive Chairman Keith Jackson outlines how the group is driving like-for-like sales growth through customer loyalty, product innovation and digital enhancements, while scaling its franchise network across the UK and Ireland.Strategic partnerships with established retail brands are increasing visibility, and new master franchise agreements in the UAE and India add a meaningful international growth dimension.With market share still relatively low in core territories, management sees significant headroom for continued expansion and improved financial performance over time.#CooksCoffeeCompany #FranchiseDevelopment #UKBusiness #RetailPartnerships #GrowthStrategy

Markets shrugged off political theatre and macro uncertainty to finish 2025 at record highs — but Craig Farley says the real story sits beneath the surface. In this conversation, the TEAM plc (LON:TEAM) Chief Investment Officer explains how a barbell equity approach, zero exposure to long-dated government debt, and a decisive allocation to precious metals powered 20 percent plus sterling returns. He also outlines why AI capex maths may not stack up, why Trump’s revived Monroe-style doctrine changes the geopolitical playbook, and how a second inflation wave could emerge just as investors grow complacent.Key Moments00:30 – 2025 described as a year of stock market resilience despite US political drama01:05 – TEAM delivers 20%+ sterling returns across conservative, balanced and growth strategies01:40 – Early signs of AI fatigue and scrutiny of hyperscaler capex02:00 – Introduction of the “Don Roe doctrine” and its implications for foreign policy04:29 – $45bn AI revenues versus $650bn capex raises valuation concerns04:49 – Japan carry trade unwind risk and potential global spillovers05:40 – Prospect of unconventional US stimulus ahead of midterms06:07 – Increasing allocation to UK large caps amid style rotation07:16 – Portfolio positioning for 2026: tilt away from US mega-cap tech08:00 – Zero exposure to long-term government debt remains core stanceTEAM plc is an international wealth, asset management and financial services group offering multi-asset investment solutions designed to grow and preserve client capital over the long term.

Global energy crunch, precious metals volatility, and a shifting AI-fuelled economy — Co-Fund Manager Robert Crayfourd of CQS Natural Resources Growth & Income Fund (LON:CYN) lays out the structural shifts investors can’t afford to ignore. In this wide-ranging discussion, Crayfourd explains how the trust is capitalising on under-owned real assets, the strategic edge in commodities allocation, and why nuclear and fossil fuels may be set for a dramatic re-rating.Key Moments:00:24 – What sets the trust apart from others02:07 – Key drivers of the commodities resurgence04:22 – Are precious metals peaking or just getting started?08:12 – The coming energy bottleneck and nuclear positioning10:08 – Short- and long-term fund performance insights11:57 – Why the focus is shifting from top-down macro to bottom-up fundamentals

Verici Dx (LON:VRCI) is no longer just a diagnostics innovator—it’s a commercial-stage disruptor with momentum. In this interview, CEO Sara Barrington outlines how their flagship RNA-based test, Tutivia, is outperforming legacy transplant diagnostics, not only in validation trials but now in real-world use. With reimbursement locked in, early commercial traction, and a clear runway to capture a $900M addressable market, Verici Dx is positioned to redefine transplant care. Add in licensing success with Thermo Fisher (Clarava) and pipeline expansion toward fibrosis and urine-based diagnostics, and this is one growth story investors should be watching closely.Key Moments:00:11 – Interview begins with Sara Barrington, CEO of Verici Dx00:38 – Focus on transplant diagnostics and AI-powered RNA testing01:53 – Why Verici started with kidney transplant and how Clarava (pre-transplant test) fits in02:48 – Tutivia’s role in post-transplant rejection detection04:05 – Overview of test pipeline and unmet clinical needs04:26 – What de-risked and ready for scale-up actually means05:26 – Reimbursement wins including Medicare and Palmetto coverage07:03 – Why validation was intentionally high-risk to gain clinical trust08:20 – Unmatched comprehensiveness vs competitors09:55 – Financial positioning and alignment with investor expectations11:03 – Capital focused on sales, marketing, and KOL engagement12:04 – $900M US market opportunity and Verici’s strategic entry points14:08 – Tutivia’s advantage in early-stage rejection vs. cell-free DNA rivals15:20 – Commercial ramp: scaling sales team from 4 to 1517:09 – Expected news flow: centre expansion, payer contracts, and commercial traction

Patrick Chopard, CEO of Ethtry Plc (LON:ETHY), lays out a bold roadmap blending Ethereum balance sheet strategy, high-conviction partnerships, and operational clarity. From aligning with LTIM on digital asset infrastructure to collaborating with AMINA Bank for treasury innovation, Ethtry isn’t just adopting crypto—it’s operationalising it. In this first conversation, Chopard outlines how blockchain is being fused into traditional business DNA, and why Ethtry’s crypto-backed operating model is more than just a tech experiment.Key Moments:00:11 — Introduction to Patrick Chopard & overview of Ethtry01:25 — Equity partnership with LTIM and its dual strategic value02:36 — Why Ethtry holds Ethereum on its balance sheet03:31 — Partnership with AMINA Bank and how it unlocks value04:12 — Ethtry’s updated operating strategy and the role of crypto treasury05:12 — What investors can expect nextEthtry Plc is an acquisition operating company focused on breakthrough technologies, anchored by an Ethereum-based crypto treasury.#Ethtry #EthereumTreasury #Web3Strategy #DigitalAssets #CryptoFinance #BlockchainBusiness #LTIM #AMINABank #PatrickChopard #InvestorInsights