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Netcall CEO, James Ormondroyd, and CFO, Richard Hughes, present the group's final results for the year ended 30 June 2026. James Ormondroyd, CEO0:17 Introduction0:49 Liberty Platform Overview1:48 FY26 Highlights2:46 Market Opportunity4:02 How Liberty Works5:20 Why Customers Choose Netcall6:24 Land & Expand Opportunity7:26 Customer Expansion8:41 Case Study – Wokingham9:28 Cohort Growth10:16 Three Drivers of Spend Growth11:17 Expanding the Product Set12:31 Cross-Selling New Products13:56 AI Adoption on Liberty Richard Hughes, CFO15:55 Financial Summary17:37 Cloud Revenue Growth18:51 Cloud ACV Growth20:27 Record Order Book21:06 Revenue Growth & Cloud Mix22:06 Profitability & Margins23:32 Cash Generation24:56 Acquisitions26:00 Earnings & Dividends per Share James Ormondroyd, CEO26:50 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, CEO0:16 Introduction1:00 Market Opportunity2:35 Investment Case5:05 HY26 Highlights Claire Thomson, CFO6:00 Income Statement8:30 Balance Sheet9:10 Cash Flow9:40 Cash Generation Chris Lee, CEO10:30 Facilisgroup – Overview12:15 Facilisgroup – Key Financial & Operational Metrics13:20 Facilisgroup – Organic Growth16:45 Facilisgroup – Strategy Claire Thomson, CFO17:50 Brand Addition – Overview18:30 Brand Addition – Key Financial & Operational Metrics19:20 Brand Addition – EBITDA20:50 Brand Addition – New Business Acceleration21:40 Brand Addition – Strategy Chris Lee, CEO23:15 ESG24:38 Outlook26:34 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 Introduction01:01 HY26 Review04:27 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, CEO00:16 Introduction00:49 Financial performance01:30 Delivering against strategic priorities 03:06 Outlook03:30 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, CEO00:18 Introduction01:05 HY highlights03:52 Operations07:00 About Cerillion09:55 Product offering10:30 Delivery model13:06 Customers14:55 BSS/OSS Market size15:36 Barriers to entry Gregory Price, CFO18:08 HY Financial KPIs Louis Hall, CEO19:50 Sales pipeline20:37 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 Chair00:16 Introduction00:48 FY2026 Summary03:23 The Group Today04:34 Progress against operational targets Rohan Cummings, CFO05:57 Progress against financial targets08:45 Group Revenue10:29 Adjusted operating profit11:56 Design Group Europe14:07 Design Group UK16:22 Design Group Australia18:20 Financial Summary20:40 Cash Flow Stewart Gilliland, Interim Executive Chair23:14 Growth drivers24:34 Capital allocation26:19 Glenart acquisitiontt28:12 Outlook Gerald Kuehr, CEO Designate30:06 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: The Middle East energy shock is structural — there is no easy fixThe region is being geopolitically reshaped, and capital markets are repricing itDefensible data moats are the new scarce resource in an AI worldThe SaaS collapse is a patient investor's opportunityBack wartime CEOs — people who kept going when nobody believed in themBrought to you by Progressive Equity. Links mentioned in this episode: Windward insights: https://insights.windward.aiAmi Daniel on LinkedIn: https://www.linkedin.com/in/amidanielWindward on X: @WindwardAIAmi Daniel on X: @AmidanielOneOrlando Bravo / Thoma Bravo—software is a buying opportunity (CNBC): https://www.cnbc.com/2026/02/11/tech-investor-orlando-bravo-software-ai.htmlBen Horowitz — Peacetime CEO / Wartime CEO: https://a16z.com/peacetime-ceo-wartime-ceo/Previous episode with Ami (September 2024): https://substack.com/@jeremymckeown/p-148564789HyperNormal Times: https://jeremymckeown.substack.com

Operation Epic Fury is over, we are told. The bombs landed. The headlines can move on. And yet, the Strait of Hormuz has become a checkpoint run by the IRGC — with US allies quietly filing the paperwork to get through. In this solo ITCOM episode, Progressive's Jeremy McKeown cuts through the noise to explain what the US-Israeli campaign against Iran actually achieved, what it failed to achieve, and what the aftermath reveals about the real state of Western power in 2026. French diplomats negotiating with Iranian middlemen. Greek shipping companies submitting cargo manifests to IRGC checkpoints. Japan is in back channels with Tehran. America's closest allies are paying the toll — not because they want to, but because they cannot afford the alternative. That's not a military failure. It's something more consequential: it's normalisation. Jeremy covers: Why the Iranian Toll Booth is more consequential than a blockadeThe Western "clown show" responseWhat the death of the petrodollar looks likeWhy this is the Suez Moment that nobody's calling a Suez MomentWhere to position capital when the old maps stop workingDrawing on recent conversations with Doomberg, David Murrin, John Polomny, Charlie Garcia, and Michael Every — this is the episode for investors who want to understand the world as it is, not as the press conference says it is.

This week, Progressive's Jeremy McKeown and Gareth Evans discuss the only thing that matters - the "cardiac event" threatening the world's circulatory system for its oil lifeblood. Echoes of Suez reverberate - and the "petrodollar" arrangements of arms sales and protection look thoroughly undermined. Jeremy points out that this feels like "hypernormalisation"....everyone knows that the world order is changing, but is afraid to say it out loud. China may be the silent victor, but Japan's financial position and/or the bond markets could pose the real risk to markets. Investors might do well to look to real-world assets, especially if energy exploration is about to become important once again. Latin America could benefit from a more hinterland-focussed USA. Good luck to the soon-incoming Fed Chairman....what a time to be Kevin Warsh.

In this episode of In the Company of Mavericks, host Jeremy McKeown sits down with David Murrin, the renowned geopolitical forecaster, author of Breaking the Code of History, and founder of Global Forecaster. Known for his uncanny ability to predict global shifts by studying human behaviour and historical patterns, Murrin delivers a stark and urgent assessment of the world in 2026. Murrin applies his unique behavioural models—including Isaac Asimov-inspired "psychohistory" and Kondratiev waves—to dissect the current global crises. From the ongoing proxy conflicts draining Western military resources to the looming technological singularity, this episode explores the mathematical certainty of empire cycles and what Western democracies must do to adapt and survive. Key Topics Covered: World War III is Already Here: Murrin explains his controversial thesis that WW3 officially began with the invasion of Ukraine. He outlines the immediate military triggers and "pilot wars" that signal China’s imminent, kinetic move against the US and its allies in the Pacific.The Iranian Bear Trap: A deep dive into how the United States is currently entangled in an asymmetric war of attrition in the Middle East. Murrin discusses how Iran's use of cheap drones and mines is depleting US mid-course interceptors, creating a strategic opening for China's hegemonic challenge.The Five Stages of Empire & American Decline: Murrin breaks down his Five Phase Life Cycle model (Regionalisation, Ascension, Maturity, Overextension, and Decline/Legacy). He discusses why the US is firmly in the terminal decline stage, characterised by debt reliance and linear bureaucracy, while China is in the aggressive ascension stage.Linear vs. Lateral Leadership: Why are Western nations suffering from a plague of idiots in leadership? Murrin explains the symbiotic relationship between linear thinkers (who maintain the status quo) and lateral or dyslexic strategic thinkers (who drive adaptation and survive high-entropy events). He argues that elevating lateral thinkers is critical to surviving the current geopolitical crisis.The K-Wave Commodity Cycle & Resource Scarcity: An analysis of the Kondratiev commodity cycle, which Murrin predicts will peak between 2025 and 2030. Learn how the simultaneous implosion of the debt-fueled Doomsday Bubble and soaring food and energy prices will reshape global survival strategies.The AI Singularity & The Future of Warfare: Murrin assesses the risk of an AI singularity, driven by the escalating global arms race. He explores how hypersonic weapons, drone swarms, and quantum technologies are permanently altering the fundamental Theory of Warfare.

Are we over-indexed on the "Digital Masters of the Universe" while starving the physical supply chains that underpin national security? In this episode, Progressive's Jeremy McKeown dives into why global capital might be facing the wrong direction. He's joined by Django Davidson, Partner and Portfolio Manager at Hosking Partners, to explore the Capital Cycle Theory—an investment framework made famous by Marathon Asset Management and financial historian Edward Chancellor. While most of Wall Street obsesses over uncertain future demand, the Capital Cycle approach focuses on the one thing we can track: Supply. In this episode, they discuss: The Mag Seven vs. Physical Reality: Why the chronic underinvestment in critical infrastructure is creating a massive valuation gap.The Chancellor Doctrine: Understanding why return on capital—driven by industry competition—is the ultimate north star for share prices.The Return of the Cycle: How the current market mirrors the dot-com boom/bust and why we are in the early phases of a long-term capital rotation.Supply over Demand: Why analysing where capital is flowing (or fleeing) is more effective than chasing quarterly earnings.Django breaks down the "huge valuation discrepancies" waiting to unwind and why the next decade of investing won’t look anything like the last.

In this episode of In the Company of Mavericks, Progressive's Jeremy McKeown is joined by Michael Every, Global Strategist at Rabobank, for a deep dive into the chaos of our current geopolitical and macroeconomic landscape.  With over two decades of experience as an economist and strategist—including senior roles at Silk Road Associates, the Royal Bank of Canada, and Dun & Bradstreet—Michael brings a highly differentiated analytical framework that challenges traditional big-bank thinking. Drawing on a diverse intellectual background ranging from early Marxist influences to firsthand observations of post-communist transitions, Michael exposes the critical flaws of neoclassical and neoliberal economics, arguing that the world is driven by raw power rather than by natural market equilibria. Key topics discussed in this episode include: The Flaws of Traditional Economics: Why the neoclassical presumption of "mean reversion" and perfect market equilibrium fails to explain our current reality.Wave Theories of History: How alternative frameworks—such as Kondratiev waves, the Austrian business cycle, Dalio’s debt cycles, the Fourth Turning, and Peter Turchin’s elite overproduction—can help investors better navigate today's geopolitical tipping points.The US vs. China Hegemony: An analysis of shifting global power dynamics, China's neomercantilism, and whether the United States is facing a modern equivalent of the "1956 Suez Crisis".The De-Financialisation of the West: Why the West must urgently pivot from financial engineering and asset speculation toward re-industrialisation, commodities, and "economic statecraft" to compete with the East.The Middle East and Global Commodities: How the ongoing conflict in the Middle East ties directly into global struggles for control over base commodities, energy, and the future of the US dollar.The Realities of Artificial Intelligence: The physical resource constraints holding AI back (such as copper and electricity shortages), its impact on the labour market, and whether it will lead to a technological utopia or a dystopian cognitive decline.