Member Info for Hedgehog100

It's only relatively recently that NWT has been able to describe itself as a (leading) software provider; in its spring trading update two years ago, for example, it still didn't:-

9th Jun 2021 7:00 am RNS Year-end trading update

"Newmark Security plc (AIM: NWT), a leading provider of products and services in the security and data sectors announces an update on trading for the year ended 30 April 2021 ("FY 20/21"). ..."

https://www.lse.co.uk/rns/NWT/year-end-trading-update-kpu096pd6tcmodz.html

17th May 2023 7:00 am RNS Year-end trading update

" ... Newmark Security plc (AIM: NWT), a leading provider of electronic, software and physical security systems, today provides an update on trading for the year ended 30 April 2023 ("FY23"), reaffirming the Company's return to profitability. ...

About Newmark Security plc

Newmark is a leading provider of electronic, software and physical security systems that helps organisations protect human capital and provide safe spaces seamlessly and securely. ..."

https://www.lse.co.uk/rns/NWT/year-end-trading-update-5xr1fml6a08a34o.html

This is a sign of the company's relatively rapid transformation, albeit one which is the product of the company's multi-million pound investment in R&D stretching back further.

The next step - which is just starting - will be for the wider stock market to pick up on this transformation, and to reward the share with an appropriate re-rating upwards.

There's still a long way to go on this front, but the important thing is that the process is underway.

And the strong upward momentum this year - in challenging stock market conditions - is impressive.

17th May 2023 7:00 am RNS Year-end trading update

" ... Compliance with data remains a strong underpinning core value, and the business continues to leverage this in winning new HCM SaaS recurring revenue business in both the North American and European markets. This has resulted in a 133% increase in the HCM ARR to £2.1 million for April 2023 (April 2022: £0.9 million). ..."

https://www.lse.co.uk/rns/NWT/year-end-trading-update-5xr1fml6a08a34o.html

In investing, you really want shares that are enjoying tailwinds (& as many as possible), rather than struggling against headwinds ... so that they are swimming with the tide, rather than against it.

And biometric data privacy requirement is one of the multiple strong regulatory drivers NWT is enjoying.

This has been given a good emphasis in today's RNS, and is complemented by some new articles that have just been added to Grosvenor Technology websites ... including its 'USA website':-

"Biometrics & Privacy; Don’t Fall Foul of the Law

Colin Leatherbarrow

Managing Director

17 May 2023 3 min read

... Getting it right – with expert advice and support

GT Clocks is an industry leader in human capital management (HCM) solutions, serving states throughout the US. Continuous innovation sees the organization stay ahead of the curve with technological advances that not only streamline processes but maintain stringent compliance.

When personally Identifiable Information (PII) is collected by a business, it needs to be subject to robust encryption right from the get-go. Through GT Connect, GT Clocks ensures that all ‘people data’ is secure from the moment it is collected right through to the time it is erased. ...

Sharing Your Duty

GT Clocks can alleviate some of the burden of data management and security by providing solutions that strictly adhere to the relevant legislation in your locality. Our teams are well-versed in compliance and will recommend systems that ensure you don’t fall foul of costly lawsuits. Get in touch to find out more."

http://gtclocks.com/insights/biometrics-dont-fall-foul-of-the-law/

"Biometrics & Privacy; Understanding The Law

The US has some of the strictest privacy laws. Organisations who breach them do so at their peril – often at great cost.

Paul Smith

Head of Quality & Compliance

When it comes to privacy laws, the US is known for its stringent regulations. Data and privacy laws differ on both sides of the Atlantic, but that’s not to say businesses in the UK can’t learn a thing or two from their American neighbours. ..."

http://www.grosvenortechnology.com/insights/biometrics-understanding-the-law/

"Ensuring data security in the privacy age

Grosvenor Technology prides itself on the way in which it handles data collection ensuring that it remains compliant at all times.

Colin Leatherbarrow

Managing Director ..."

http://www.grosvenortechnology.com/insights/ensuring-data-security-in-the-privacy-age/

Today's muted reaction was largely the same after NWT's excellent interim results on 31st. January. The s.p. then was unchanged on the day at 44p. But investors gradually absorbed the info., and the s.p. climbed (closing at 56p today, down 0.5p).

That slightly delayed reaction is reflective of the sort of quality, buy-&-hold investors that a quality share like NWT attracts ... who like to carefully consider and mull over info. before investing, but then are far more likely to stay put.

There are signs that investor enthusiasm for battery stocks is returning:-

Ilika (IKA) has recently made its first customer shipments of its stacked Stereax® M300 batteries from its UK manufacturing facility.

And it's s.p. has c. doubled this year, from 24.25p to 48p (market cap. c. £76M.)

11th May 2023 7:00 am RNS First Customer Shipments of Stereax M300 Batteries

https://www.lse.co.uk/rns/IKA/first-customer-shipments-of-stereax-m300-batteries-eg3vpb6lf9wotxb.html

And from a 19.4.23 ARA video interview:-

"... The sectors that we're particularly interested in are in energy storage generally, but particularly in battery technologies. ..."

https://www.proactiveinvestors.co.uk/companies/news/1012600/aura-renewable-acquisitions-very-hopeful-of-making-a-transaction-this-year-1012600.html

Aura Renewable Acquisitions (ARA) 6p Market cap. £630K. Cash c. £800K.

https://www.lse.co.uk/SharePrice.html?shareprice=ARA&share=Aura-Renew-Acq

A further 289,528 ARA shares traded today, the second highest daily volume in the company's history.

Which means that the company's two highest volume days, in well over a year since listing, have occurred on Monday and Tuesday of this week.

Which should be setting the stage for some really tasty share price action here shortly (unless the share is suspended for a RTO first, at a massive premium).

"Volume Always Precedes Price

Tom Aspray Contributor

Jan 11, 2014,03:30pm EST

This statement is one of the cardinal beliefs held by most technicians. ..."

https://www.forbes.com/sites/tomaspray/2014/01/11/volume-always-precedes-price/?sh=5fa58c3b18a3

From the recent video interview with ARA's Chairman John Croft:-

"... we're very hopeful, put it like that, that we can do a transaction in this year. The sectors that we're particularly interested in are in energy storage generally, but particularly in battery technologies.

... there's a huge opportunity there ... I'm very hopeful we'll do something this year.

... with the minimum capitalisation having been moved up to thirty million pounds, it means actually that that valuation of the SPAC in the context of an overall transaction is relatively small. So we're starting to see valuations for SPACS in transactions heading up, and recently there have been some in London where the SPAC has been valued at multiple times of its cash balance, and multiple times the value of its original market cap. at the time it came to the market. So we see that as being very encouraging, and a positive sign for our shareholders going forward. ..."

https://www.proactiveinvestors.co.uk/companies/news/1012600/aura-renewable-acquisitions-very-hopeful-of-making-a-transaction-this-year-1012600.html

Remember that to complete a RTO transaction this year, you would really need to sign heads of terms in H1, to allow time for more detailed preparations, including prospectus preparation and FCA approval of.

So a deal could potentially be imminent.

And for ARA, these are the interview multiples concerned:-

2 - 3 times current cash = c. 15p - 22.5p / share

2 - 3 times IPO price = 20 - 30p / share

Compared to the current ARA s.p. of just 6p per share.

There are signs that investor enthusiasm for battery stocks is returning:-

The UK's first Lithium-Ion battery recycling plant has just been approved.

And the s.p. of its part owner, Technology Minerals (TM1), has more than doubled recently, from 0.875p on 24th. March, to 2.25p today (market cap. £34M.)

25/04/2023 07:00 UK Regulatory (RNS & others) Technology Minerals PLC EA Approves Lithium-ion Battery Recycling Plant LSE:TM1 Technology Minerals Plc

https://www.lse.co.uk/rns/TM1/ea-approves-lithium-ion-battery-recycling-plant-k9j12sx5b2uq0al.html

And from a 19.4.23 ARA video interview:-

"... The sectors that we're particularly interested in are in energy storage generally, but particularly in battery technologies. ..."

https://www.proactiveinvestors.co.uk/companies/news/1012600/aura-renewable-acquisitions-very-hopeful-of-making-a-transaction-this-year-1012600.html

Aura Renewable Acquisitions (ARA) 6.25p Market cap. £656.25K. Cash c. £800K.

https://www.lse.co.uk/SharePrice.asp?shareprice=ARA&share=Aura-Renew-Acq

Something has really sparked ARA into life today, which is quite appropriate for a potential battery stock!

Seventh on the top risers list, up 13.6% (by 0.75p, to 6.25p).

And what's also noticeable is the record daily volume of 548,789 ARA shares traded.

That's actually over 5% of the shares in issue, and is double the previous record.

Another battery stock enjoying enhanced investor enthusiasm this year is Ilika (IKA): it's s.p. has doubled this year, from 24.25p to 48.5p (market cap. £76.57M.)

The company has recently made its first customer shipments of its stacked Stereax® M300 batteries from its UK manufacturing facility.

11th May 2023 7:00 am RNS First Customer Shipments of Stereax M300 Batteries

"First Customer Shipments of Stereax® M300 Stacked Batteries

Ilika (AIM: IKA), a pioneer in solid-state battery technology, announces it has made a number of first customer shipments of stacked Stereax® M300 batteries from its UK manufacturing facility. Further to its announcement of 11 April 2023, these shipments are the first of a series of planned deliveries of Stereax M300 batteries to customers including CubeWorks, the developer of millimeter-scale smart sensing solutions for IoT, and Lura Health, a leading developer of wearable intraoral biosensors for salivary diagnostics. Stereax batteries can be configured such that they can be stacked, which provides customers with the flexibility to adapt the battery capacity for their application.

The small form factor of M300 batteries is of particular interest to Ilika's customers due to their compact, high-density and high-power characteristics. CubeWorks is designing CubiSensTM, a next generation sensing platform, aiming to transform biopharma cold chain logistics, security control, asset protection and environment monitoring. ..."

https://www.lse.co.uk/rns/IKA/first-customer-shipments-of-stereax-m300-batteries-eg3vpb6lf9wotxb.html

"DRIVING PEOPLE WITH PURPOSE TO THRIVE

7-8 JUNE 2023, Olympia London"

"The CIPD Festival of Work is back!

Are you ready for a journey of discovery, inspiration, and innovation? Look no further, because the CIPD Festival of Work is back and the conference and exhibition is now free for all to enjoy! We want to assist you in creating new relationships within organisations and empower better communication and collaboration between teams. It's time to immerse yourself in the world of HR, L&D, internal communications and more to help you in driving your people with purpose to thrive!

Now in its fifth year, the CIPD Festival of Work has evolved to help you build better working lives. With more carefully curated content than ever before, and over 5,000 senior professionals from the working landscape, the CIPD Festival of Work will be bigger and better than ever, all of this available free of charge! This experience is exclusively in-person only, join us at Olympia London."

https://www.festivalofwork.com/

Nice to see GT attending this important exhibition, which should be a wonderful opportunity to showcase its quite compelling proposition to numerous industry professionals.

And it could also be a chance for NWT shareholders to have a quick look too!

"Insights | Company News

Grosvenor Technology at CIPD Festival of Work 2023

Ben Lagden

Commercial Director

Grosvenor Technology are delighted to showcase our best-in-class HCM devices at CIPD Festival of Work 2023 on 7-8 June 2023 at Olympia, London.

What’s happening on our stand?

HR professionals ready to streamline their HR processes should make their way to stand number B43. Here they’ll see the enhanced reporting and analytics that our HCM devices provide. This technology allows an organisation deeper insight into the aspects of their business that support strategic growth with solutions that seamlessly fit within your organisation.

The GT Series is designed to streamline and simplify employee engagement, empowering a business to effortlessly improve workforce efficiency and reduce the burden on busy HR teams. We will have working demonstrations on our stand so you can see just how effective processes can be.

Showcasing the GT8 – The Powerhouse Of HCM

Incorporating fast, accurate facial and fingerprint recognition and stringent security, the GT8 delivers high performance that will streamline HCM processes.

• High-speed facial recognition for unhindered clocking

• Enhanced security, including encrypted PII/biometric data

• Surface Employee Self-service data for reduced administration

A system that streamlines your HR activities, monitors and protects staff is a critical part of your business. It is also essential that your chosen system grows with you, whether you need to add that new member of staff or you have a thousand new employees to on-board following your most recent corporate acquisition.

HR teams throughout Europe and the US already rely on Grosvenor Technology to reduce their costs and deliver a Net Present Value proposition.

And we offer much more than just clocks and terminals – we can deliver a complete end-to-end solution that reduces both administrative and life cycle costs.

Key benefits to HCM solutions:

• Control labour costs

• Empower employees

• Reduce operational cost

• Time save on administration

• Create rich data for strategic decision making

To register for your free tickets and to plan your journey to the CIPD Festival of Work visit: hxxps://www.festivalofwork.com/

Come and see us on stand B43. Grosvenor Technology has partnered with Quadrant2Design to expertly showcase our products in the best possible light."

https://www.grosvenortechnology.com/insights/grosvenor-technology-at-cipd-festival-of-work-2023/

A new shell with a similar name to SEED, so don't get confused:-

12th Apr 2023 12:09 pm RNS Admission of Shares to Standard List

"Seed Capital Solutions plc (LON: SCSP), a Company formed for the purpose of acquiring a business or businesses operating in market sectors that can display strong ESG credentials, is pleased to announce that commencement of dealings in its Ordinary Shares is expected to take place today, 12 April 2023 ("Admission"). ...

ABOUT SEED CAPITAL SOLUTIONS PLC

Seed Capital Solutions Plc (LON: SCSP) has been formed for the purpose of acquiring a business or businesses operating in market sectors that can display strong ESG credentials, thereby benefitting from the current trend of superior performance aligned with increased investor appetite."

https://www.lse.co.uk/rns/SCSP/admission-of-shares-to-standard-list-gj7a9g0qqdu1kjs.htm

Sorry about the non-appearance of most of the PYCR presentation extracts I have twice tried to post.

The 'less than' character seems to be the cause, so I won't try to copy it in again: but the line concerned is saying that PYCR has a market share of under 2%.

Some other extracts from Paycor's new investor presentation, for its just-reported Q3 2023:-

"$32B underserved market with strong growth potential"

"Modern HCM platforms comprise a small portion of the market"

"Our Disruptive SaaS Platform is Differentiated"

"Massive, growing & still underserved market"

https://investors.paycor.com/static-files/3f61b4d7-1910-42dc-9c77-6232fef11e23

https://investors.paycor.com/news-and-events/events-and-presentations

Some extracts from Paycor's new investor presentation, for its just-reported Q3 2023:-

"$32B underserved market with strong growth potential"

"

"Paycor & Grosvenor Technology: A Powerful Pair

... “ ... The Grosvenor Technology team is an amazing partner. The collaboration and communication as we worked on the development of our software was great. ...” ..."

http://www.grosvenortechnology.com/insights/paycor-grosvenor-technology-a-powerful-pair/

For GT to be praised as an "amazing partner", by a multi billion pound cap. company like Paycor (PYCR), is a terrific testament to its quality, and bodes very well for its growth prospects.

NWT's vision is to build a business that generates 2 - 3 times its current revenues in the next 3 - 5 years.

And a trebling of annual revenue in five years requires average annual revenue growth of just over 24% p.a for five years, compounded.

So Paycor's new 32% year-over-year quarterly revenue growth helps to show how achievable NWT's vision is.

Some extracts from Paycor's new investor presentation, for its just-reported Q3 2023:-

"$32B underserved market with strong growth potential"

"

"Paycor HCM (PYCR) Q3 2023 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Thu, May 11, 2023 at 8:30 AM GMT+1

... Rachel White -- Vice President, Investor Relations

Good afternoon, and welcome to Paycor's earnings call for the third quarter of fiscal year 2023, which ended on March 31. On the call with me today are Raul Villar, Jr., Paycor's chief executive officer; and Adam Ante, Paycor's chief financial officer. ... With that, I'll turn the call over to Raul.

Raul Villar -- Chief Executive Officer

Thank you, Rachel, and thank you all for joining us to discuss Paycor's fiscal third quarter results. As employee engagement nationwide dropped to the lowest level in nearly a decade, we are seeing robust demand for our modern and differentiated HCM suite that enables leaders to more effectively coach, optimize and retain their people. With these essential talent tools, our customers are improving the core strength of their critical frontline leaders and increasing their employee retention by 10%. Revenue grew 32% this quarter as we continue to make great progress expanding our sales coverage and increasing PEPM.

This also marks the fourth consecutive quarter of margin expansion, delivering over 400 basis points of improvement year over year, while investing in capabilities that further differentiate Paycor in the market. Paycor's strong results are evidence of consistent execution across the enterprise. We continue to expand our go-to-market capabilities, seller headcount growth remains on track for 20%. Win rates remain high, average deal size continues to expand, and we are pleased to report another record third quarter for bookings.

I would like to thank the entire Paycor team for these amazing results. With that, I'll turn the call over to Adam to discuss our financial results and guidance.

Adam Ante -- Chief Financial Officer

Thanks, Raul. I'll discuss our third quarter results and outlook for the remainder of the fiscal year. As a reminder, my comments related to financial measures are on a non-GAAP basis. We delivered another strong quarter with total revenues of $161 million, a 32% increase year over year and recurring revenue growth of 23% over the prior year, marking the sixth straight quarter of achieving our 20%-plus target and a testament to the consistent execution from our team. ..."

https://www.fool.com/earnings/call-transcripts/2023/05/11/paycor-hcm-pycr-q3-2023-earnings-call-transcript/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article

So it's another quarter, and another set of stunning quarterly results from Paycor ... which is more great news for NWT.

Paycor's tools are essential, it consistently beats expectations, its margins are expanding, and it has a high level of recurring revenue.

"Paycor HCM, Inc. (PYCR) Q3 Earnings and Revenues Surpass Estimates

Zacks Equity Research

Wed, May 10, 2023 at 10:55 PM GMT+1

Paycor HCM, Inc. (PYCR) came out with quarterly earnings of $0.18 per share, beating the Zacks Consensus Estimate of $0.15 per share. This compares to earnings of $0.11 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 20%. A quarter ago, it was expected that this company would post earnings of $0.06 per share when it actually produced earnings of $0.08, delivering a surprise of 33.33%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Paycor HCM, Inc. , which belongs to the Zacks Internet - Software industry, posted revenues of $161.48 million for the quarter ended March 2023, surpassing the Zacks Consensus Estimate by 3.46%. This compares to year-ago revenues of $122.6 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. ..."

https://finance.yahoo.com/news/paycor-hcm-inc-pycr-q3-215509491.html

"Paycor Announces Third Quarter Fiscal Year 2023 Financial Results

... Third Quarter and Recent Business Highlights

• Acquired Verb, a modern behavioral science-based microlearning solution to develop frontline leaders and their teams. Paycor plans to integrate Verb into its HCM platform to help organizations inspire positive, sustainable behavioral change through personalized development journeys.

• Building on artificial intelligence-driven innovation such as Paycor Smart Sourcing and Predictive Resignation, Paycor introduced its existing natural language processing and sentiment analysis engines into Performance Reviews to provide frontline leaders real time feedback on the language used in evaluations to foster a more humanized, engaging work culture.

• To further support frontline leaders, we deployed Industry Reports to provide quick access to important insights about their business.

• Won six Titan Business Intelligence Awards spanning Paycor’s best-in-class Talent Management solution, Paycor Smart Sourcing, and insightful analytics that help frontline leaders optimize business decisions.

Business Outlook

Based on information as of today, May 10, 2023, Paycor is issuing the following financial guidance:

Fourth Quarter Ending June 30, 2023:

• Total revenues in the range of $135-$137 million.

• Adjusted operating income* in the range of $13-$14 million.

Fiscal Year Ending June 30, 2023:

• Total revenues in the range of $548-$550 million.

• Adjusted operating income* in the range of $80-$81 million.

*We are unable to reconcile forward-looking adjusted operating income to forward-looking loss from operations, the most closely comparable GAAP financial measure because the information needed to provide a complete reconciliation is unavailable at this time without unreasonable effort.

Conference Call Information

Paycor will host a conference call today, May 10, 2023, at 5:00 p.m. Eastern Time to discuss its financial results and guidance. To access this call, dial 1-877-407-4018 (domestic) or 1-201-689-8471 (international). The access code is 13735321. A live webcast and replay of the event will be available on the Paycor Investor Relations website at investors.paycor.com.

About Paycor

Paycor’s human capital management (HCM) platform modernizes every aspect of people management, from recruiting, onboarding, and payroll to career development and retention, but what really sets us apart is our focus on leaders. For more than 30 years, we’ve been listening to and partnering with leaders, so we know what they need; a unified HR platform, easy integration with third party apps, powerful analytics, talent development tools, and configurable technology that supports specific industry needs. That’s why more than 30,000 customers trust Paycor to help them solve problems and achieve their goals."

https://investors.paycor.com/news-releases/news-release-details/paycor-announces-

Paycor HCM (NASDAQ: PYCR), Grosvenor Technology's largest North American partner, has just announced its third quarter results today, after close of the US markets:-

"Paycor Announces Third Quarter Fiscal Year 2023 Financial Results

May 10, 2023 at 4:16 PM EDT

• Total revenues of $161.5 million, an increase of 32% year-over-year, while expanding margins

• Recurring revenue of $150.8 million, an increase of 23% year-over-year, and the sixth consecutive quarter of achieving 20%+ revenue growth

• Raises FY’23 revenue and Adjusted operating income guidance $5 million and $3 million, respectively, year-over-year at the top end of the range

CINCINNATI , May 10, 2023 (GLOBE NEWSWIRE) -- Paycor HCM, Inc. (Nasdaq: PYCR) (“Paycor”), a leading provider of human capital management (“HCM”) software, today announced financial results for the third quarter of fiscal year 2023, which ended March 31, 2023.

“Paycor posted robust 32% revenue growth year-over-year, reflecting continued strong demand for our innovative HCM suite and consistent execution of our go to market strategy as we expand nationally,” said Raul Villar, Jr., Chief Executive Officer of Paycor. “Paycor’s ability to invest in differentiated cloud technology that enables all leaders to be more effective while expanding margins for the fourth consecutive quarter demonstrates the scalability of our business model.”

“This quarter we launched powerful new analytics and automation capabilities that empower frontline leaders to drive business results. We continue to advance the platform with leading-edge capabilities, such as leveraging artificial intelligence to optimize sentiment in performance reviews and acquiring a behavioral science-based microlearning platform that will enable leaders to develop their employees more effectively.”

Third Quarter Fiscal Year 2023 Financial Highlights

• Total revenues were $161.5 million, compared to $122.6 million for the third quarter of fiscal year 2022.

• Operating loss was $8.0 million, compared to $23.5 million for the third quarter of fiscal year 2022.

• Adjusted operating income* was $39.1 million, compared to $24.7 million for the third quarter of fiscal year 2022.

• Net loss attributable to Paycor HCM was $7.3 million, compared to $16.7 million for the third quarter of fiscal year 2022.

• Adjusted net income attributable to Paycor HCM* was $31.6 million, compared to $18.6 million for the third quarter of fiscal year 2022.

*Adjusted operating income and adjusted net income attributable to Paycor HCM are non-GAAP financial measures. Please see the discussion below under the heading "Non-GAAP Financial Measures" and the reconciliations at the end of this press release for information concerning these and other non-GAAP financial measures. ..."

https://investors.paycor.com/news-releases/news-release-details/paycor-announces-third-quarter-fiscal-year-2023-financial

The ESG sector should have a lot of potential going forward, and SCSP is certainly worth following.

But better value at the moment is undoubtedly ARA (Aura Renewable Acquisitions), which looks to be one of the best value shells I have ever seen: trading at a large discount to cash, despite minimal cashburn, and exciting near term deal prospects.

And of course as a company looking to acquire a green energy company (in a RTO), it actually benefits from the reset downwards in prices, as it will get 'more bang for its buck', and also benefit from the worsened IPO climate, which promotes the RTO route for floats.

Though paradoxically, ARA's s.p. has gone down as well, when it should really have been going up!

Aura Renewable Acquisitions (ARA) 5.5p Market cap. £577.5k. Cash c. £800K.

https://www.lse.co.uk/SharePrice.html?shareprice=ARA&share=Aura-Renew-Acq

ARA's market cap. is over a million pounds less than that of SCSP's, despite the fact that they have a very similar amount of cash.

And in addition:-

• ARA's directors are unpaid, whereas SCSP's three directors are each paid £24K. p.a.

• ARA's directors are more experienced, including ESG sector experience, and have achieved more success.

• ARA floated thirteen months ago, and is far further down the road to a RTO than SCSP.