Every IR team wants to hear good feedback from investors. But it’s the negative feedback that has the most value. In this episode, you’ll hear Dan Homan, Investor Relations Director at Currys plc, explain why honesty and genuine two-way conversations between IR and investors are a must to achieve continuous improvement in IR efforts.

Investors value honesty above all else

Prior to joining Currys, Dan was a Director at Citi Investment Research where he was a lead analyst on top-ranked teams covering the European Retail sector. Alongside Investor Relations, Dan has responsibility for UK strategy, property and the Group's defined benefit pension scheme.

He joins Enquire, the Investor Relations Podcast to shed light on Currys’ approach to investor relations, communication with the board, and hosting capital market events. We hear about the challenges that his team and Currys has faced over the past few years, including a takeover bid from Elliot Advisors and company restructures. Coming from the sell-side and now working alongside other departments such as property, Dan brings a lot of additional insight into different areas of the business that he says make him better at IR.

Dan shares his approach to shareholder management, working with brokers and analysts, and why he actively seeks negative feedback from investors. He also explains his thoughts on what makes someone good at IR and advice for anyone considering it as a career.

In This Episode:

• Dan shares an overview of his career story before coming to Currys
• Why companies shouldn’t forget to tell their equity story
• The top things that surprised Dan about his transition to IR
• Dan’s advice on preparing for a bid defence
• How the IR team interact with other communication functions
• Currys approach to ESG
• How Dan hosts site visits and capital market events
• How Dan receives feedback from investors
• The best way to strengthen credibility with investors
• Why Dan believes KPIs are too difficult to set for IR
• What makes someone good at IR

Quotes:

• “A number of listed companies forget to tell their equity story regularly enough. At full year updates and interims, they’d just be giving an update on results and assuming everyone knew what they were trying to do as a company.”
  
  
• “I’m very interested in the negative feedback. It can sometimes be difficult to hear, but it’s the most important stuff that we can action.”
  
  
• "You need a ruthless focus on simplicity. The simpler you can make the message for the market, the more that investors are going to appreciate you."

Resources:

• Connect with Dan Homan

When done right, the collaboration between analysts and investor relations professionals can transform how a company's story is told, understood, and valued by investors. In this episode, we speak with Ciarán Donnelly, Technology & Media Equity Research Analyst at Berenberg to hear his insights of the technology, media, and telecommunications (TMT) sector.

Consistency, Availability, and Proactivity: An Analyst’s IR Wish List

Ciarán shares stories from his decade-long career in investment banking. You’ll hear what a typical day looks like for him, from dissecting results day announcements to communicating with IR to running global roadshows.

We hear what Ciarán would most like to see from IROs when it comes to assessing his modelling approach and why he thinks that IR should be involved far earlier in the process when it comes to an IPO.

While there’s been some negativity about the UK market, Ciarán is confident that things are looking up and explains why many analysts like him have an optimistic view of UK equities. As a topic that affects Ciarán’s sector a great deal, we discuss how AI is impacting both his role internally and the companies he researches. We hear his take on AI in the wider TNT market and why it can be a productivity enhancer.

In This Episode

• The typical day of a sell-side analyst
• Why IR should be involved earlier in an IPO process
• How AI is impacting IR
• What makes meetings with IR, companies, and investors more productive
• The key attributes of great IROs when communicating with analysts
• Why now is the time for optimism in the UK market

Quotes:

"We are starting to see practical examples of where [AI] is either benefitting or changing business models."

“The equity story is hugely important to whether or not an IPO gets done. If an IR professional can be in situ in a private company even 12 months in advance, I think that is a really good opportunity.”

"There's always going to be demand for quality assets and there is a lot of quality assets in the UK. So we think you're likely to see that trend continue in 2025 and beyond."

Resources:

• Connect with Ciarán Donnelly

Seismic shifts in the markets and the wider geopolitical environment have become top discussion points for IR, fund managers, and investment companies. But are these shifts the norm or simply blips? Mitesh Sheth, CIO of Multi-Asset at Newton Investment Management Group (“Newton”), discusses his take on the current markets in this episode.

Expect the Unexpected in the Market

Mitesh’s varied career has given him unique insight across different areas of investment management. Beginning as an actuary, he later moved into roles including Head of Fixed Income and Director of Business Innovation at Henderson Global Investors and then Director of Strategy and CEO at Redington.

As the Chief Investment Officer of Multi-Asset at Newton, Mitesh has oversight of Newton’s multi-asset and fixed-income teams based in London, as well as Newton’s quantitative multi-asset solutions team in San Francisco.

Mitesh shares his perspective on what he describes as the new macro regime and explains that while volatility has brought big changes to markets, change has always been inevitable. His warning for anyone in investment management is to not become complacent with what the “norm” is, because it’s changing all the time.

Mitesh also shares advice for IR professionals on how to communicate better with investors and fund managers and how to protect against volatility expected through the rest of 2025.

In This Episode

• How Mitesh began his career as an actuary
• How being an actuary gave him longer-term perspective of markets
• Why learning from others has been his career north star
• Mitesh’s perspectives on the shifts in the “macro regime” and why change is inevitable
• Newton’s approach to market fluctuations
• Consolidation in the fund management industry
• How AI is changing investment management
• Navigating the trend of fund outflows in the UK market
• Predictions for 2025
• Advice for communicating with investors today

Quotes:

"You're not trying to predict the future. You're trying to prepare for different future scenarios and ensure that clients' assets are protected, and their goals are met somewhat regardless of different scenarios."

"The best IR professionals are meaningfully additive to the share price."

“Trust is more important than ever before... And ultimately trust comes down to not over-promising.”

Resources:

• Connect with Mitesh Sheth

Are we overlooking the UK equity market? It hasn’t incited the same level of excitement as the growth in the US market, but that doesn’t mean investors should disregard it. As Wes McCoy explains in this episode, even long market cycles come to an end, so are you prepared for what’s next?

Is UK Equity Due for a Comeback?

Wes is the Senior Investment Director at abrdn and has over 20 years’ experience in various roles within UK equity. He sits down with us to talk about why he thinks the UK market is overlooked but also why this could pose a great opportunity for investors planning for the long term.

We hear a bit of Wes’ backstory as he takes us through the highlights of his career journey to where he is today and how he came to build his fund that oversees 35 stocks. Wes explains the realities of market cycles and tells us the best and worst investments he’s made over the years; plus the biggest lessons each experience taught him.

Wes also shares some important advice for IR professionals on how to communicate better with investors and why trying to be everything for everyone is the wrong move.

In This Episode

• Wes talks about the challenge of fund outflows in the UK
• How we could reignite the London Stock Exchange
• The realities of market cycles
• Three priorities that Wes considers before investing
• Wes’ take on IPOs and advice for companies
• Red flags that would put Wes off from investing
• Wes shares some details of his own fund
• The best and worst investments Wes has made and what he’s learned
• What to look for in a fund manager
• What an ideal investor meeting looks like
• Advice for communicating with investors

Quotes:

 “I’m a believer in value versus expensive.”

“Look out for a manager who owns their mistakes and attributes some of their success to luck. That's usually the right blend, not the other way around.”

“If companies can explain [their value] to you exceedingly well, it usually means they explain it well to customers and employees. The people that nail that are the people that have authenticity and don't put on different faces and masks for different audiences.”

Resources:

• Connect with Wes McCoy

What can we expect in 2025 when it comes to the UK equity market? While there have been challenges and volatility over the past few years, 2025 seems to be a promising start for companies, investors and IR professionals alike.

Are Things Looking Up in UK Equity?

Joining this episode is James Lowen, a Senior Fund Manager with 30 years’ industry experience at J O Hambro Capital Management, where he co-manages the J O Hambro Capital Management UK Equity Income Fund. James offers a broad perspective on the UK equity market in its current state and shares four key reasons why we should be optimistic this year. We discuss the various geopolitical issues impacting the market and his advice for IR professionals and companies trying to navigate the changes.

We hear James’ view of what makes a perfect shareholder meeting, his advice for companies presenting to current and potential investors, and what IR managers can do to form greater relationships with investors.

In This Episode

• James’ career history and how fund management has changed over time
• UK equity market performance and what changes are needed
• How James engages with company management to help unlock value
• IPO market challenges and the valuation gap
• How James manages their fund
• Red flags in financial disclosure
• What makes an effective IR director?
• Best practices for companies presenting information to shareholders
• Examples of a good company meeting
• ESG trends, the impact of current geopolitics and Board interaction
• Four reasons for optimism in 2025

Quotes:

“I think companies have to be audacious in this world of low valuation.”

“I think this is the most interesting time, probably in the 20 years we've been operating, and that's why we're quite fired up at the moment.”

“More communication is good. We don't like where companies just pop out their results meeting twice a year. We'd like them to do things in the middle.”

Resources:

• Connect with James Lowen
• The Long & The Low of it

£20 billion is the estimated outflow from of UK equities in the last three to four years, with almost half originating from small-mid cap equities. So, what separates companies that retain investor confidence and interest vs. those that don’t?

The Right Guidance and Communication Strategy to Weather the Storm

UK fund managers have been kept very busy over the past few years. Economic turbulence, sweeping political shifts, and the financial impacts of a pandemic have all contributed to the uncertainty around UK equities, affecting UK fund growth and performance.

In this episode, we hear the fund manager’s perspective from Siddarth Chand Lall, the Lead Fund Manager of the Marlborough Multi Cap Income Fund at Canaccord Genuity Wealth Management.

We explore the ways companies can improve their communication approach with investors and what needs to change to attract investment back to UK equities. Siddarth shares his perspective on the most influential changes in the market and his advice for investors, IR professionals and fund managers for this year.

In This Episode

• How companies can improve their engagement with investors
• What needs to change to attract investment back to UK equities
• The role of boards in investor communications
• How MiFID II impacted company information access and coverage
• Managing ESG considerations in an income-focused strategy
• The outlook for UK equity markets in 2025

Quotes:

"When communicating with shareholders, they are partial owners. They are on your side, and there can be a partnership. They want you to do well, so it doesn't need to be combative."

“To under promise and over deliver is so important. It really is one of the golden rules in any listed entity. If you can do that, that's where you protect the share price.

“When you start off by saying everything's great and we're okay, and then at the end, you say, 'Oh, by the way, there's this negative thing to tell you about,' hoping that maybe some people wouldn't care about it... that really irritates investors."

Resources:

• Connect with Siddarth Lall

As a business model unique to the UK, we dive into what it’s like managing investor relations for a royalty-based company that invests in the mining industry in this episode. Geoff Callow, Head of Investor Relations at Ecora Resources, joins the podcast to share his insights into his role.

IR Strategies in a Royalty-Based Business Model

Geoff gives us the background on his 20-year career, from accountancy to financial PR and eventually to IR. He highlights the top learnings from his previous roles and discusses the importance of having both financial skills and strong communication abilities.

The conversation then explores Ecora Resources' distinctive business model as a royalty-based investor in mining projects. Geoff explains how this structure impacts IR strategies, including the challenges and benefits of managing investor communications for a globally dispersed business. We hear how he communicates with the board and analysts and why and how he leverages external advisors and brokers to explore a broader market perspective.

In This Episode

• Geoff’s experience transitioning from financial PR to IR
• What it’s like to have an in-house IR role
• How IR has evolved since he first began his career
• How Ecora’s unusual business model presents challenges and opportunities for IR
• How the IR team leverages advisors and brokers for an outside perspective
• Geoff explains how Ecora has invested in communicating through content
• The challenge of working with KPIs when things are beyond your control
• The benefits of working in a small team and interacting with the board
• Geoff’s strategy for getting direct feedback from investors
• Geoff explains Ecora Resources’ approach to annual reporting
• How Geoff’s team is starting to experiment with AI
• Advice for starting your career in IR

Quotes:

“It's all data. The analysis and the data lead us in directions to try and capitalise on who the right buyers are.”

“Being a small company, which doesn't have operational control, the two things the chief exec says we can do well are, we can invest our money smartly. And then we can tell a good IR story.”

“It's [IR] not just talking to investors but it's actually, I think if it's done well, understanding the opinion in the market, bringing that back in and when you bring that information back into the business and help the business then to make better decisions and more informed decisions, I think that's where it really becomes valuable and people are starting to see the value in that.”

Resources:

• Connect with Geoff Callow
• Ecora Resources

Is financial acumen or simply good communication the most important ingredient to succeeding in investor relations? Communication and the ability to build rapport with investors is often highlighted as the one thing that sets great IR professionals apart. But in this episode, Karen Keyes, Head of IR at Canadian Tire Corporation (‘CTC’), explains why financial knowledge is crucial when communicating well with investors.

Don’t Underestimate the Need for Good Financial Knowledge

Karen joins the podcast to discuss her 20+ years of experience in IR across different industries and countries. We hear about the challenges of managing major corporate events such as acquisitions and shareholder activism, economic downturns, and adjusting to different IR practices in the UK and Canada.

As we talk about her current role at Canadian Tire Corporation, Karen explains how she manages investor perspectives while representing a beloved national brand. She shares her must-have IR tools, how her team is experimenting with AI, and her thoughts on how IR has changed throughout her career.

In This Episode

• Karen gives us the highlights of her career and the challenges she’s navigated
• How IR practices differ in Canada vs. the UK
• The top mistake IR professionals make
• The most transferable skills and steepest learning curves in IR
• How IR has evolved throughout Karen’s career
• How CTC maintains brand trust
• Why financial knowledge is a priority for Karen’s team
• How Karen’s team manages time and measures success
• How Karen manages difficult conversations with investors and the board
• CTC’s approach to ESG matters
• How day-to-day activities have evolved in the digital age
• Karen’s thoughts on how AI is useful in IR
• Advice for entry-level IR professionals
• The most challenging parts of leading IR

Quotes:

“One of the mistakes people sometimes make in IR is getting very fixated on the market and the investor and analyst audience. I think it's really important, to be successful, to be able to transition and think about stakeholder relations.”

“The biggest feedback for people trying to explore AI for IR would be that it's really about the prompts and it's about human intelligence and learning. So there's no substitute for knowing IR and then using the tool to help you be more efficient.”

“I think the most transferable skill has been the skill that you acquire by being part of the finance team, how to think about a P&L and a balance sheet, how to think about valuation. You need to be able to sit in a finance leadership meeting and listen for the right information.”

Resources:

• Connect with Karen Keyes