Investor Meet Company - Audio Archive

Quadrise PLC’s (AIM:QED) 2025 AGM and investor update highlighted the company’s strategic progress and near-term priorities as it advances its energy transition technologies. Management reaffirmed its focus on securing key maritime fuel trials, strengthening partnerships, and expanding its project pipeline to drive future revenue, EBITDA growth, and margin improvement. The AGM addressed standard governance matters - including approval of the annual report, remuneration, and the reappointment of directors and auditors - before shifting to a detailed business update. CEO Peter Borup outlined Quadrise’s position within a complex global shipping and fuel supply landscape, emphasizing the need for multi-partner collaboration, effective project management, and secure feedstock to achieve commercial deployment. He noted strong industry interest, including ongoing work with major shipping lines such as MSC, but stressed the importance of accelerating additional trials to grow the order book and demonstrate consistent technology performance. Regulatory pressure from the IMO, EU, and emerging markets continues to increase demand for compliant, cost-efficient transition fuels such as bioMSAR and MSAR, supported by Quadrise’s flexible, low-CAPEX emulsification platform. With an expanded leadership team, deeper technical partnerships, and active engagement with refineries, classification societies, and flag states, Quadrise is targeting critical milestones over the next three to six months, including launching commercial-scale marine trials, securing fuel supply agreements, and converting its growing pipeline into sustainable long-term growth.

ActiveOps PLC (AIM:AOM) delivered a strong interim investor update, highlighting robust company performance, accelerating ARR growth, and continued momentum in new customer acquisition. Management reaffirmed the group’s medium-term ambition to reach £100m ARR and a 25% EBITDA margin, underpinned by a resilient SaaS model with 90% gross margins, high revenue visibility, and solid cash generation. For the first half, organic SaaS revenue grew 22%, with total ARR reaching £41m including £8.1m from the Enlighten acquisition; excluding M&A, ARR increased 27% year-on-year, supported by exceptional net revenue retention of 116% as enterprise clients expanded deployments and adopted the broader decision-intelligence suite. New business traction remained strong, following a record FY25, with five new logos in the period and additional wins post-half-year. Adjusted EBITDA margins improved to 9% despite continued investment in sales capacity and product innovation. The strategic Enlighten acquisition is progressing on plan, contributing ARR, expanding the addressable market, and unlocking cost synergies without adding debt. Management highlighted a significant growth runway, with £130m of expansion potential in the existing customer base and over £900m across target enterprise accounts - representing less than 4% of the company’s immediately reachable TAM. ActiveOps’ strategy focuses on scaling its sales engine, deepening customer penetration, expanding its partner ecosystem, and enhancing its AI-driven operational performance platform. With strong cash reserves, no debt, and improving operational leverage, the company expects sustained double-digit ARR growth into FY26 and beyond, underscoring a strengthening order book, expanding margins, and a clear path to long-term value creation.

Empire Metals Limited (EEE:AIM) delivers an encouraging investor update, revealing a maiden Mineral Resource Estimate (MRE) at the Pitfield titanium project of 2.2 billion tonnes, representing one of the world’s largest high-grade titanium deposits with remarkable continuity and resource drilled over 400 metres. The company highlights its strategic advantage in supplying premium feedstock — naturally occurring anatase and rutile with very low levels of impurities — thereby avoiding the energy-intensive upgrading and carbon footprint associated with conventional ilmenite-derived supply. With strong infrastructure access near Perth, supportive Australian and international regulatory environments, and a recently completed £7 million equity raise boosting cash reserves to £11 million, Empire Metals is well positioned to advance its growth strategy. Planned next steps include expanded drilling campaigns to upgrade much of the resource to measured and indicated status, continuous pilot-scale processing commencing early 2026, and marketing of high-purity titanium pigments and potential metal feedstock. As demand for secure, high-grade titanium increases globally — particularly from aerospace, defence, energy and paints industries — this low-cost, scalable, Western-jurisdiction supply chain positions Pitfield as a compelling long-term value opportunity for investors.

Kazera Global PLC (AIM:KZG) delivered a strong investor update outlining a transformational year marked by the shift from development to full production across Whale Head Minerals and Deep Blue Minerals, increased ownership of key assets, and meaningful progress toward positive cash flow. Management highlighted disciplined capital management and detailed how the company’s first fundraise in several years will support an optimisation programme focused on scaling heavy mineral sands throughput, improving product purity, upgrading diamond recovery systems, expanding logistics capacity, and strengthening operational resilience. These strategic investments are expected to enhance margins, support higher EBITDA, and increase revenue through greater processing volumes and improved recovery of high-value diamonds. With the anticipated granting of the 2A licence acting as a major growth catalyst, Kazera is positioning itself for controlled, sustainable expansion supported by a clearer operational base, a robust growth strategy, and a strengthening order book. Overall, the company emphasized improving operational performance, increased production visibility, and long-term value creation as it builds a more resilient, scalable business aligned with future market opportunities.

Intercede Group PLC delivered a detailed investor update showcasing resilient performance, expanding market opportunities, and a clear long-term growth strategy across its cybersecurity and digital identity solutions portfolio. The company reiterated its position as a leading provider of high-assurance authentication, credential management, and enterprise security software, serving blue-chip government, defence, aerospace, and global corporate clients. Management highlighted stable recurring revenue, strong cash generation, a debt-free balance sheet, and exceptionally low attrition, supported by a Net Promoter Score of 58—demonstrating high customer satisfaction and mission-critical product relevance.

First Property Group PLC’s (AIM:FPO) interim results for the six months to 30 September 2025 highlight a strong recovery in company performance, supported by rising income, disciplined cost control, and a streamlined balance sheet. Profit before tax increased to £1.48 million, driven by higher rental and service-charge income and reduced operating expenses, while net asset value grew to £47 million (31p per share) and £56.47 million on a market-value, triple-net basis. The Group significantly strengthened its financial position by cutting gross debt to £13.4 million and generating £4 million of post-period-end cash from property disposals, including a £1.2 million gain that will benefit full-year financial results. With rental income now exceeding the cost base, the Group expects sustained profitability even without one-off trading gains. Management continues to focus on value-driven property investments, illustrated by a recent rapid buy-and-sell transaction in the UK office sector. Although assets under management have declined amid wider market outflows, First Property’s earnings remain primarily underpinned by its directly owned portfolio, which carries conservative book values relative to independent valuations. The outlook highlights selective growth opportunities across the UK, Poland, and Romania, despite ongoing challenges such as tighter lending conditions, evolving EPC and ESG regulations, and the structural reset in commercial property markets. Overall, the Group’s improved margins, stronger order book of income-generating assets, and disciplined growth strategy position it well to navigate the current environment and capture emerging value opportunities for investors.

Cobra Resources PLC (LSE:COBR) delivered a comprehensive investor update showcasing strong financial positioning, accelerating project development, and a clear growth strategy across its South Australia–focused critical minerals portfolio. Management highlighted a solid cash position supported by recent warrant exercises and its strategic shareholding in Barton Gold, enabling continued advancement of the Boland ISR rare earths project and the high-impact Manor Hill copper–gold porphyry opportunity. The company emphasized robust metallurgical results, low reagent consumption, and successful hydrology testing that supports low-cost, environmentally responsible in-situ recovery of dysprosium, terbium, and key magnet rare earths - critical for global energy-transition supply chains. With more than 3,200 km² of prospective ground, upcoming 20,000 metres of resource-definition drilling, and progress toward a scoping study, Cobra is positioned to unlock scale and strengthen future financial results. At Manor Hill, newly granted access and historic high-grade intersections - including 48m at 2.2% Cu and 0.76 g/t Au - combined with major geophysical signatures underscore the project’s potential for a significant porphyry discovery. IP survey results, post-Christmas drilling, and multiple 2026 workstreams create a catalyst-rich outlook aimed at enhancing company performance, resource growth, and long-term shareholder value.

Rockwood Strategic PLC delivered a detailed investor update highlighting strong portfolio performance, disciplined value investing, and a robust growth strategy despite challenging UK market conditions. Managed by Richard Staveley, the £140m FTSE Small Cap fund continues to outperform UK small-cap benchmarks, driven by its concentrated portfolio, active engagement approach, and focus on undervalued companies with significant turnaround potential. The presentation underscored Rockwood’s rigorous investment process targeting 100% upside over 3–5 years, supported by deep due diligence, operational catalysts, and mean-reversion in profitability, valuation, and balance sheet strength.

Ashoka White Oak Emerging Markets Trust PLC’s (AWEM:LSE) latest investor presentation delivers a compelling investor update showcasing a disciplined, bottom-up investment philosophy, a well-resourced global team, and a diversified emerging-markets portfolio designed to generate long-term value. Established through the boutique asset manager White Oak — founded in 2017 — the Trust leverages over $11 billion in firm assets and draws on deep investment-management experience to select high-quality businesses trading at discounts to intrinsic value. The portfolio — biased toward mid and small-cap companies across democratically governed, non-state-dominated markets, with substantial overweight in India — emphasizes strong return on incremental capital (ROIC), scalability, free cash flow generation, and robust governance. With around 213 holdings, including broad representation across sectors such as technology, consumer and select niche industries, the Trust has delivered 260 bps of annualised alpha and roughly 840 bps of cumulative alpha since inception, with the bulk of outperformance attributed to stock selection rather than country or sector allocation. The Trust offers a performance-fee-only structure (no fixed annual management fee), and also retains the flexibility to invest at the pre-IPO level, adding potential for additional alpha. For investors seeking emerging-market equity exposure rooted in rigorous stock analysis, diversified risk, and alignment of interests, the Trust presents a compelling option.

Gelion PLC (GELN:AIM) delivered a highly positive investor update highlighting strong technology progress, commercialisation momentum, and disciplined financial performance across its lithium-sulphur battery strategy. Management positioned Gelion as the emerging “sulphur battery company,” targeting a fast-growing global cathode materials market expected to exceed $130bn by 2032, with its proprietary low-cost, high-energy sulphur cathode active materials designed as a drop-in alternative to NMC and LFP technologies. The company showcased major advancements in high-energy lithium-sulphur, drop-in pre-lithiated sulphur, and low-cost sodium-sulphur configurations — enabling high-performance batteries for drones, EVs, and mass-market energy storage with improved power, cycle life, and wide-temperature operation. Gelion emphasised the commercial validation provided by tier-one strategic collaborations including TDK Corporation and Kinetic, supported by UK and Australian government funding, with plans now expanding into the US market. Financially, Gelion reported first commercial revenue of £0.9m from its Integration Solutions division, a growing £17.5m pipeline, reduced cash burn, and its third consecutive year outperforming market expectations on revenue and adjusted EBITDA. A significantly oversubscribed £10.5m capital raise is now funding scale-up, commercial pouch cell development, US expansion, and strengthened working capital. The company also continues to build value through its Battery Minerals recycling subsidiary based on acquired Johnson Matthey IP. Overall, Gelion PLC’s investor presentation underscored accelerating commercial traction, a robust growth strategy, strong operating discipline, and a compelling position in next-generation battery innovation driving future revenue and margin expansion.

DSW Capital PLC delivered a resilient and strategically significant investor update in its Half Year Results presentation, highlighting strong network performance, enhanced diversification, and accelerating growth momentum. Management emphasized the strength of the company’s scalable advisory platform—now spanning both financial and legal services following the acquisition of DR Solicitors—which has materially reduced dependency on M&A activity and expanded recurring income streams. Key financial results included network revenue growth, an 18% like-for-like increase in total income, improved effective licence fees, and adjusted EBITDA of £0.7m with margins exceeding 24%, supported by high operating cash conversion of 133% and a strengthened net cash position. Fee earner numbers continued to rise, with headcount up 76% since IPO and revenue per earner stabilizing around £200k, reflecting improved utilisation and growing order book quality.

CellBxHealth PLC’s (AIM:CLBX) latest investor update outlines a strengthened growth strategy focused on accelerating commercialization of its Parsortix liquid biopsy platform and expanding its recurring-revenue “razor–razor blade” model. Management highlighted the significant clinical demand for circulating tumour cell (CTC) analysis as a complementary tool to ctDNA, addressing high tissue and liquid biopsy failure rates across oncology. Backed by a newly raised £6.8m and a major operational restructuring to reduce cash burn and lift margins above 70%, the company is targeting revenue growth to £8m+ in the medium term and EBITDA break-even by late 2028. A qualified sales pipeline of £12.6m - £4.5m of which is viewed as highly confident - supports this trajectory. Strategic partnerships with leading diagnostics and biopharma players, including Myriad Genetics and Roche Tissue Diagnostics, aim to integrate CTC workflows into large-scale clinical testing and drug-development programs, opening access to high-volume markets such as reflex testing for failed ctDNA assays. With a sharply reduced headcount, outsourced manufacturing, and a shift toward high-value laboratory-developed tests and CRO channels, CellBX Health positions itself as a leaner, commercially driven company ready to scale platform adoption. The investor presentation emphasizes a focused growth strategy, strengthened order book visibility, and a path toward sustainable financial performance as the liquid biopsy market continues to expand.

Hargreaves Services PLC (HSP:AIM) delivers a confident investor update outlining strong momentum across its services operations, continued stability in its land portfolio, and strategic progress in its German HRMS joint venture, supported by recurring cash flows that underpin group dividends. Management highlights robust financial performance, including consistent 30% annual profit growth in the services division, 6% margins, strong free cash flow conversion, and an attractive return on capital employed, reinforced by long-term contractual relationships with more than 70 blue-chip customers. The presentation showcases expanding opportunities across major UK infrastructure programmes—spanning HS2, Sizewell C, Lower Thames Crossing, regional transport upgrades, energy-from-waste, nuclear SMRs, reservoirs, data centres, and clean-energy assets—supported by the government’s £725bn 10-year infrastructure plan. Leadership emphasizes a clear growth strategy built around people development, operational excellence, and disciplined contract selection, while spotlighting Blackwell Earthmoving’s capacity expansion, low-carbon fleet investments, talent attraction initiatives, and involvement in nationally significant projects. Additional focus is placed on new industrial recycling opportunities, including steel waste and in-house technologies for zinc oxide recovery, reinforcing the group’s commitment to sustainability and margin-accretive innovation. Overall, Hargreaves presents a compelling outlook grounded in strong fundamentals, a resilient business model, and a significant forward pipeline poised to drive future revenue, EBITDA and shareholder value.

Investor Meet Company will be hosting ALTONA RARE EARTHS PLC - Annual General Meeting, at 26th Nov 2025 at 10:00am GMT.

Pulsar Helium (PLSR:AIM) delivered a detailed investor update highlighting strong operational progress at its Topaz helium project in Minnesota, where the company has confirmed a rare terrestrial discovery of helium-3 alongside high-grade helium-4 concentrations of up to 15%. CEO Thomas Abraham-James and advisor Dr. Peter Barry outlined ongoing drilling success across the Jetstream well series, noting high reservoir pressures, CO₂-rich gas composition, and promising indicators of a large-scale, potentially interconnected system. With a multi-well appraisal program underway through Q1 next year, Pulsar aims to establish commercial volumes to advance into production, supported by planned fabrication of a dedicated processing plant with Chart Industries. The company emphasized significant strategic value tied to helium demand in AI, semiconductors, quantum computing, national security, and MRI technologies—sectors increasingly reliant on domestic supply chains. Pulsar also highlighted first-mover advantage in a new U.S. helium district, growing regional expansion potential into Michigan’s Upper Peninsula, and a strengthened balance sheet thanks to warrant exercises and a financing facility from University Bank. Management reiterated confidence in the project’s economic and environmental credentials, with production-ready infrastructure already in place at initial wells and advanced testing planned to confirm reservoir extent, connectivity, and lifecycle potential. With helium-3 extremely scarce on Earth and costly to source from lunar initiatives, the Topaz discovery positions Pulsar as a strategically important future supplier enabling critical U.S. technologies.

Annual General Meeting 2025

Fusion Antibodies PLC (FAB:AIM) delivers an investor-focused update highlighting its strategic transformation towards fully integrated, next-generation antibody discovery services, underpinned by the forthcoming launch of its first-in-class Optimal platform and growing commercial traction across humanization, engineering, and AI-enabled antibody design. The company reiterates its core position as a CRO specialising in therapeutic antibody discovery and development, addressing a global market forecast to grow from $253bn in 2024 to nearly $500bn by 2029, with strong demand for faster, higher-quality candidate generation. Management emphasises its shift from being known primarily for industry-leading humanization capabilities to providing end-to-end discovery-to-cell-line offerings through Optimal, Optiphage, and AIM Lab, enabling client retention from target nomination through clinic-ready cell lines. Pre-launch validation with the National Cancer Institute has confirmed Optimal’s best-in-class performance, delivering single-digit nanomolar binders across proteins and peptides, supporting strong early expressions of interest. H1 revenue of £0.84m represents an 11% improvement versus H2 FY25, with gross margin improving to 30% (from 13.9% in H2), EBITDA loss reduced by 47.4%, and disciplined cash management holding cash at £252k. R&D investment increased to £350k, supported by FMI and DR5 grant inflows, while post-period highlights include a contract win with a European global pharma group and continued strengthening of the company’s reputation as a leading humanization provider. Management reiterates confidence in the commercial opportunity ahead of Optimal’s December launch, supported by operational momentum, strengthened margins, and increasing industry engagement.

Liontrust Asset Management Plc's (LSE:LIO) latest investor update highlights a resilient business navigating challenging market conditions while positioning for long-term growth. The company reported half-year 2025 adjusted profit of just under £16 million, strong capital reserves, and announced a share buyback of up to £10 million alongside continued investment in efficiency and technology. Despite subdued flows, Liontrust emphasised a strengthening pipeline, including £250 million of newly won institutional mandates, growing international interest, and sustained demand across high-conviction active strategies. Management expects improving industry tailwinds driven by lower forecast market returns, valuation opportunities in UK and European equities, and rising concerns over index concentration - factors that enhance the relevance of active management. The presentation outlined strong performance across several key funds, including European equities, long/short strategies, high-yield and income bond funds, and the expanding global innovation and global equity teams. With average AUM at £22.4 billion and an adjusted operating margin of 23.8%, Liontrust continues to focus on margins, EBITDA discipline, and operating model enhancements through partnerships with BlackRock and BNY. The business has identified a further £1.5 million in annual cost efficiencies by 2026. Brand strength, client engagement, and global distribution remain core competitive advantages, supported by positive institutional feedback and growing buyer-list inclusion across regions. Management reiterated that market cycles are turning, presenting a favourable backdrop for stock selection, diversification, and active risk management. Liontrust maintains confidence in its growth strategy, capital allocation framework, and long-term ability to deliver value through disciplined investment processes, strong client service, and consistent performance.

Hercules PLC (AIM:HERC) delivered a strong investor update showcasing robust company performance, record financial results, and a clear long-term growth strategy across the UK infrastructure market. For FY2025, the group reported double-digit growth with revenue up 18% to £54.6m in H1, adjusted EBITDA up 26%, EPS up 19%, and adjusted PBT rising 47%. Full-year revenue is expected to reach at least £111m, supported by a rapidly expanding labour supply division that now represents 86% of turnover. Hercules strengthened its position through strategic M&A, completing four acquisitions—including Advantage Energy, Lions Power Services and QTT—to accelerate entry into the high-growth power and energy sectors and expand its training capabilities. The Hercules Academy has now upskilled over 2,000 operatives, helping the company meet surging demand amid the UK’s skilled-labour shortage. With over 1,700 operatives deployed weekly, a fast-growing recruitment app exceeding 20,000 registered workers, and strong blue-chip client relationships, Hercules is positioned to capitalise on £725bn of committed UK infrastructure investment across water, highways, rail, nuclear, and energy transmission projects. The company is also expanding geographically into Scotland and exploring international opportunities in Saudi Arabia. Supported by a strong order book, cross-selling capabilities, a solid balance sheet, and ongoing investment in new technology systems, Hercules PLC expects continued organic growth and further earnings expansion into FY2026 and beyond—reinforcing its position as a leading technology-enabled labour supply partner for major infrastructure programmes.

Grainger PLC (GRI:LSE) delivered a strong full-year investor update highlighting robust earnings momentum, disciplined capital allocation, and accelerating rental income growth driven by its position as the UK’s largest build-to-rent investor-operator. Following its recent conversion to REIT status—which removes corporation tax on rental income and adds £15m to annual returns—the company reported 12% net rental income growth, 12% earnings growth, 10% dividend growth, and high operational performance with 98.1% occupancy, 61% retention, and rents averaging just 28% of tenant income. Management reiterated guidance of £60m EPRA earnings by FY26 and £72m by FY29, representing 50% growth from FY24 despite refinancing into higher interest rates, supported by 3–3.5% expected annual rental growth, a committed £343m pipeline (only £130m left to invest), continued £175m+ annual disposals from £900m of low-yielding legacy assets, and EBITDA margin expansion toward 60% as the platform scales. Market fundamentals remain favourable, with intensifying UK housing shortages, rising rental demand, and private landlords exiting the sector, reinforcing Grainger’s low-risk, inflation-linked income model. Regulatory clarity following the Renters’ Rights Act confirms no rent controls and aligns with Grainger’s operational standards, while technology-driven customer insight supports sector-leading satisfaction scores and strong leasing performance. With a clear deleveraging plan targeting £300–350m debt reduction, LTV moving toward 30%, and dividends transitioning fully to EPRA earnings coverage by FY28, the company emphasised a compelling long-term growth trajectory grounded in secure pipeline delivery, operational excellence, and sustained demand for professionally managed rental homes.