Mello Results Special, 27th September 2023, 12pm - 6pm


12.00 pm Keynote presentation from Steve Clapham ‘Is Valuation still an anchor?’
12.20 pm Company presentation by Getech
1.00 pm Company presentation by tinyBuild
1.40 pm  Results Round up 1 with Graham Neary
1.50 pm Company presentation by Warpaint
2.20 pm Company presentation by Eleco
2.50 pm Results Round up 2 with Paul Scott
3.00 pm Company presentation by Dillistone Group plc
3.30 pm Company presentation by Galliford Try
4.00 pm Results Round up 3 with Paul Scott
4.10 pm Company presentation by STV
4.50 pm Company presentation by Belvoir
5.20 pm Results Round up 4 with Graham Neary 
5.30 pm Mello competition Draw

A Mello Virtual record, with a line up of eight company presentations!

Co-Host Megan Boxall

Results Round Up presenters Paul Scott and Graham Neary

Investor with a strong institutional performance track record and wide-ranging financial marketplace experience.

More recently, an independent financial consultant serving a portfolio of high-quality institutional clients in addition to a wide variety of demanding private clients. My research is read by thousands of investors every week.

I trained as an accountant with a Top 5 firm, but that was so boring that I spent too much time in the 1990s being a disco bunny, and busting moves on the dancefloor, and chilling out with mates back at either my house or theirs, and having a lot of fun!

Then spent 8 years as FD for a ladieswear retail chain called “Pilot”, leaving on great terms in 2002 – having been a key player in growing the business 10 fold. If the truth be told, I partied pretty hard at the weekends too, so bank reconciliations on Monday mornings were more luck than judgement!! But they were always correct.

I got bored with that and decided to become a professional small caps investor in 2002. I made millions, but got too cocky, and lost the lot in 2008, due to excessive gearing. A miserable, wilderness period occurred from 2008-2012.

Since then, the sun has begun to shine again! I am now utterly briliant again, and immerse myself in small caps, and am a walking encyclopedia on the subject. I love writing a daily report for on most weekday mornings, constantly researching daily results & trading updates for small caps. Cheese!

Analyst, Blogger, Company Director, Entrepreneur, Event Organiser, Private Investor

Investment Strategy
I search for fundamental value in smaller caps, especially companies which are overlooked, or where price has become irrationally low due to negative sentiment. I like businesses with decent cashflow, strong balance sheets, and like dividends. I tend to hold for 6 months to 10 years, but a typical investment is 2-3 years. Special situations, and situations where the market has not yet priced in an improving commercial outlook for a company particularly interest me, as do turnarounds. But above all, shares which are cheap!

Steve Clapham

Megan Boxall

Company Presentation – Dillistone Group plc

Dillistone Group Plc is a global leader in the supply of technology solutions and services to the recruitment sector worldwide, in both contingency recruitment and executive search markets. The Group trades through the Ikiru People brand selling into recruitment, staffing and executive search businesses, as well as corporate talent acquisition teams around the world.  Ikiru People provides the platforms its clients need to test and train candidates, support further development, enhance the recruitment process, and source the best talent. Selling into more than 50 countries over six continents and working with thousands of users, the Group boasts more than 30 years in the market and 100’s of years of collective experience.

Ian Mackin, Finance Director

Ian graduated with an honours degree in Accountancy Studies from the University of Huddersfield. Following CIMA qualification in 2004, Ian spent 11 years as Financial Controller of a Childcare chain before a stint as Director of Finance in a Care Home chain.

Ian joined the Group in 2018 and since 2019 has been Group Financial Controller, playing a key role in the restructuring of the Group. He joined the Group Board up in June 2022.

Jason Starr, CEO

Jason Starr joined the Group in 1994, becoming Marketing Manager in 1996 and Managing Director of the UK business in 1998. Following the MBO, Jason became Chief Executive of the Group. Jason was appointed a Non-Executive Director of AIM listed PCIPAL PLC from January 1st, 2015. Jason has a BA (Honours) business studies degree from the London Guildhall University.

Company Presentation – STV Group

STV is Scotland’s home of news, entertainment and drama. The Group brings audiences quality TV programming on air, online and on demand and is organised into three dynamic operating divisions – broadcast channel, STV; streaming service, STV Player; and production business, STV Studios.

STV Studios is Scotland’s biggest production company, creating and producing world class content for a range of UK and international broadcast networks and streamers including BBC, ITV, Channel 4, Apple TV+, Really, Discovery+ and Sky. Shows include Catchphrase, Antiques Road Trip, Bridge of Lies, and dramas Screw and Blue Lights. STV Studios is a family of nine creative partnerships, with stakes in a number of innovative independent production companies. The business continues to be on a promising growth trajectory, delivering a record-breaking year in 2022 including 30 programme commissions, with a strong pipeline for future production. In July 2023, STV Studios acquired Greenbird Media, increasing their number of production labels to 24.

STV operates the Channel 3 broadcast licences across central and north Scotland and reaches 3.2 million adults each month, offering viewers a strong network schedule of programming alongside locally produced news, current affairs and factual entertainment programming. STV is the best-watched peak-time channel in Scotland and is home to some of the most popular shows on television. The channel is advertiser funded and its reach as a marketing platform is unrivalled in its home market.

STV’s rapidly growing free streaming service, STV Player is available across the UK on all major platforms and features an ever-growing library of premium content including high quality international drama, sport and factual entertainment. Viewers can become VIP members or upgrade to STV Player+, a subscription service which offers the opportunity to watch Player content ad-free and download shows for offline viewing. March was the streamer’s best month for VoD streaming, to date with the platform receiving a total of 11.6m streams from viewers across the UK.

In 2022, STV reported a strong financial performance. STV’s diversification strategy remains firmly on track and the business expects to achieve at least 50% of profits from outside of traditional broadcasting by the end of 2023.

STV’s unrivalled reach in Scotland allows the business to make a significant social impact in Scottish communities. The £30m Growth Fund supports Scottish SMEs by making TV advertising accessible, and has dedicated funds for diverse, inclusive and sustainable businesses. The STV Children’s Appeal supports worthwhile causes in the fight against child poverty, raising over £3m in 2022 and driving change through acclaimed documentary programming.

Appointed to the Board in January 2018, Simon set out a growth strategy to transform STV into a digital streaming and IP-led media business. After a period of consistent growth, STV posted record financial results in 2022.

Previously, Simon was on ITV’s executive board as Managing Director, Online, Pay TV, Interactive & Technology. Over a 17-year career there, he held a range of senior roles and, as Director of Strategy, was one of the main architects of the company’s strategic transformation under Archie Norman and Adam Crozier. Simon was on the board of ITN for eight years and prior to ITV, worked in the European Parliament.

He is Vice Chair of the Royal Television Society and trustee of the STV Children’s Appeal and of pre-school literary charity Oscar’s Book Prize.

Company Presentation – Getech

Getech is a leading locator of the essential energy and mineral resources vital for the world’s energy transition. Getech’s unique data encompassing the most recent 400 million years of Earth’s evolution, coupled with its geoscience expertise, AI-driven analytics and extensive GIS capabilities, enables the company to provide valuable and actionable insights to support resource discovery and development.

The company’s client portfolio is wide-ranging, from governments, municipalities and energy companies to consumer goods and computing services companies, all striving to become energy and minerals self-sufficient and drive towards net zero.
Founded in 1994 Getech is listed on the Alternative Investment Market of the London Stock Exchange (“AIM”), with ticker symbol GTC.

For further information, please visit

Richard Bennett, Executive Chairman

Richard Bennett has extensive business and listed company experience over a career spanning 30 years. During that time, he has worked for General Electric in Asia and the US and co-founded and listed on NASDAQ J2Global, an internet telecoms business currently valued at US$4.5 billion. He has worked in executive, chairman and non-executive roles with a series of highly successful growth-focused technology and clean energy companies, including the AIM-quoted wireless technology company, MTI Wireless Edge.

Company Presentation – Belvoir Group

Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir operates a nationwide property franchise Group with 487 offices across seven brands specialising in residential lettings, property management, residential sales and property-related financial services. With its Central Office in Grantham, Lincolnshire, the Group manages 75,500 properties and reported record revenues of £33.7m in 2022 marking Belvoir’s 26th year of unbroken profit growth

Dorian Gonsalves, Chief Executive Officer

Dorian has extensive experience in the property industry having spent seven years with Countrywide before joining Belvoir in 2005 as Business Development Manager. Appointed Sales Director a year later and subsequently Chief Executive Officer, Dorian also spent five years as a director of The Property Ombudsman. Dorian has a deep understanding of franchising and the strategic vision to deliver a successful franchise operation.

Louise is a Chartered Accountant having qualified with Ernst & Young in 1991. She has 20 years’ board-level experience with AIM-listed companies overseeing a wide range of corporate transactions. Over the past eight years Louise has undertaken nine significant acquisitions for the Group. Louise, who is also a Chartered Secretary, serves as Company Secretary to the Group.

Louise George, Chief Financial Officer

Company Presentation – Warpaint

Warpaint has been listed on AIM since 2016, and is a profitable, cash generative, dividend-paying business with no debt. Warpaint sells branded cosmetics under the lead brand names of W7 and Technic. W7 is sold in the UK primarily to major retailers and internationally to local distributors or retail chains. The Technic brand is sold in the UK and continental Europe with a significant focus on the gifting market, principally for high street retailers and supermarkets. In addition, Warpaint supplies own brand white label cosmetics produced for several major high street retailers. The Group also sells cosmetics using its other brand names of Man’stuff, Body Collection, Very Vegan, and Chit Chat, each targeting a different demographic.

 Sam Bazini, CEO

On leaving school at 16, Sam started work in a cosmetics warehouse, supplementing his income by selling cosmetics directly to the public at numerous London street markets. Selling directly to the public gave him an invaluable insight into consumer needs and in 1981 at the age of 18, using £500 he had saved he set up his own business, buying and selling close-out and end of line cosmetics and fragrance. During the course of the next ten years, Sam and Eoin’s paths crossed on numerous occasions, working intermittently with each other on a joint venture basis until they formally went into business together in 1992. Together with Eoin Macleod, Sam developed the business which resulted in the formation of W7.

Company Presentation – Eleco plc (AIM:ELCO)

Eleco plc is an AIM-listed, specialist international provider of software and related services to the built environment through its operating brands Elecosoft®, BestOutcome® and Veeuze® from operations in the UK, Sweden, Germany, the Netherlands and the US. Eleco’s solutions are trusted by international customers and used throughout the building lifecycle from early planning and design stages to construction, interior fit out, asset management and facilities management to support project management, estimation, visualisation, Building Information Modelling (BIM) and property management.

The Group’s strategy has been focused on delivering best-of-breed products to core customer segments whilst also transitioning to SaaS and maintaining high customer retention rates. The vision is to create certainty for the built environment by being the trusted technology partner to all stakeholders, which is especially important in the current economic climate.

As companies in the construction and built environment sectors move increasingly towards digitalisation and more efficient and sustainable building methodologies, Eleco’s software is proving crucial in improving decision-making, driving productivity and better planning of resources. Operating in such an attractive market gives the Group an excellent opportunity to leverage its market position, strengthen its platform and drive organic growth.

Jonathan Hunter, Chief Executive Officer

Jonathan was appointed Chief Executive Officer in September 2020 following three years as Chief Operating Officer with the Group, and is responsible for implementing the Group’s strategy. Having joined the Board in June 2016, he played a fundamental role in the transition to a software group during and post divestment of the Building Systems division and has been at the forefront of the Group’s M&A and integration activity since the commencement of his directorship.

Jonathan holds bachelor’s degrees in Business Management and Multimedia from Griffith University, Australia and as well as attending relevant professional training and coaching, he continues to be involved in growth company roundtables and forums as a member of Criticaleye.

Appointed to the Board in October 2022, Neil brings a wealth of international public company experience in technology driven businesses to the Board.

Neil has previously been Chief Financial Officer (CFO) and Executive Director at Corero Network Security plc, a global leader in real-time, high-performance, automatic DDoS cyber defence solutions and, prior to this Group Financial Director and Executive Director at London listed technology business CML Microsystems plc Group, and Finance Director of the UK and Eire division of the DAX-listed group Continental AG. Neil also held senior financial positions with quoted companies Delta plc Group, now Valmont Industries, and Yule Catto & Co plc, renamed to Synthomer plc Group. Neil has successfully conducted many merger and acquisition (M&A) transactions throughout his career.

Neil is a qualified chartered accountant, holding an FCA, having spent six years with KPMG London in audit, treasury and forensic transaction services (TS) for M&A transaction roles. He holds an Economics and Politics degree from the University of Bath, UK.

Neil Pritchard, Chief Financial Officer

Company Presentation – tinyBuild

Founded in 2013, tinyBuild (AIM: TBLD) is a leading premium AA-rated and indie video games publisher and developer. tinyBuild was admitted to AIM in March 2021.

tinyBuild has a unique strategy that balances ownership of a game’s IP (intellectual property) from which it can build multi-game and multimedia franchises, with a well-diversified portfolio of over 80 titles. tinyBuild has more than 20 titles in development. It has a loyal customer base built through innovative grassroots marketing. New title Punch Club 2 demonstrates how tinyBuild can engage with this base to deliver a successful game over time (you can read more here).

Headquartered in Seattle, Washington, USA, the business has grown to more than 400 staff, with operations across the Americas, Europe, and Asia. This geographic diversity enables it to source high-potential IP, and cost-effective development resources.

Founder and CEO, Alex Nichiporchik has overseen this expansion and retains a 37.8% stake in the company, which demonstrates his confidence in its prospects. This is an alignment of interests with investors when it comes to value creation.  The formula for value creation adopted by tinyBuild is simple and relies on two pillars. One pillar is maximising returns through IP ownership. Ownership ensures tinyBuild’s interests are aligned with that of the developers to make the IP as successful in as many ways as possible through its franchise approach. This franchise approach is based on the success of the Hello Neighbor IP, which was enriched by multiple titles across different genres, with the IP extended to books, graphic novels and, more recently, an animated series. When a game is successful, the Company and developer share the future upside and can immediately expand the franchise without the need to renegotiate contracts.

The other pillar is minimising risk through a well-diversified portfolio of back catalogue games and new titles, across different genres, audiences, and price points.
Having started as an independent publisher of smaller games, over the course of 2021 and 2022 tinyBuild stepped up investments on larger titles, with development budgets of $1-5 million focusing on Game as a Service opportunities. These are games which enthuse players so much that they want to play every day for years with regular updates that enhance the experience and keep them involved. More information on this focus on the ‘thousand-hour game’ is here

This strategy has been a proven success as shown by the 1.9 times average return on investment achieved by the three large-budget games launched in 2022. Alongside launching new games, tinyBuild has monetisable events every year across its portfolio. These events include games updates, new platform launches, downloadable content, and sequels.

Core revenue from direct sales to consumers continues to grow strongly. tinyBuild is fully focused on organic growth and the track record over the past five years (CAGR 2017-22) demonstrates impeccable execution and resilience: 41% CAGR in net game revenue, 65% for adjusted EBITDA (net of amortisation of development costs) and 66% in adjusted cash from operations (adjusted EBITDA minus changes in net working capital). tinyBuild is also in a strong financial position. Net cash at the end of December 2023 is expected to be $10-20 million plus a large credit facility completely undrawn.

tinyBuild is looking forward to the contribution of more large budget games scheduled to launch in 2024 and 2025, which have the potential to become evergreen franchises, adding to the Company’s promising future.

Alex founded tinyBuild in 2013, with Luke Burtis. Alex has over 18 years of experience working in the video games and marketing sectors. Having started out as pro-gamer, Alex then moved to become a games journalist, then games producer and finally a marketing executive. This combination of experience enabled Alex to kickstart tinyBuild. Prior to, and since, founding tinyBuild, Alex has accumulated invaluable expertise in games development and publishing. Alex’s proficiency in selecting and enhancing IP has been imperative in tinyBuild’s success to date.

  Alex Nichiporchik, Chief Executive Officer

Giasone (Jaz) Salati, Chief Financial Officer

Jaz has over twenty years’ experience as an equity research analyst in the TMT space previously working at Credit Suisse, Redburn and Macquarie, and was ranked #1 Stock Picker in 2019. Alongside his career in finance, he worked on innovation and reorganisation for the CEOs of media and tech companies, more recently at Ascential (LSE: ASCL). Jaz read economics at La Sorbonne and attained a master’s degree in Finance from LBS.

Company Presentation – Galliford Try plc (LON:GFRD)

Galliford Try is one of the UK’s leading construction groups, working to improve the UK’s built environment, delivering positive, lasting change for the communities we work in on behalf of our clients.

Our business operates mainly under the Galliford Try and Morrison Construction brands, focusing on areas where we have core and proven strengths, namely in Building, Highways and Environment. We see long-term growth and appropriate margins in these markets.

Our company is founded on our values of excellence, passion, integrity and collaboration, and our vision is to be a people-orientated, progressive business, driven by our values to deliver lasting change for our stakeholders and the communities we work in.

Andrew Duxbury, Finance Director

Andrew Duxbury was appointed Group Finance Director in March 2019. Andrew joined Galliford Try in March 2012 as Group Financial Controller and from 2016, held a number of operational finance roles, including Finance Director of Linden Homes prior to the demerger of the housing division. Andrew is a Fellow of the Institute of Chartered Accountants and, prior to joining Galliford Try, he worked for PwC.

Steve Clapham presents ‘Is Valuation still an anchor?’

Steve Clapham

Stephen Clapham of investment research and training consultancy Behind the Balance Sheet will be here again with another instalment of his accounting red flags and investing tips series. In accounting red flags he will talk about comparing operating cash flow to earnings, and give some tips on adjustments to ensure you are comparing like with like. In the investing tips series, he will explain why supply is often a much better indicator to use than demand when evaluating the outlook for industry pricing.