AI Analysis | Feedback

• An Indian Morgan Stanley or Merrill Lynch.
• Goldman Sachs for India, but with a significant mortgage and real estate lending business.

AI Analysis | Feedback

• Retail: Operates a diverse portfolio of retail formats including supermarkets, hypermarkets, convenience stores, health & beauty stores, and restaurants across Asia.
• Property: Develops, owns, and manages prime commercial and residential properties, primarily in Hong Kong and other major Asian cities.
• Hotels: Manages and owns luxury hotels and resorts in prime destinations worldwide.
• Motor Vehicles & Financial Services: Engaged in the distribution, manufacturing, and financing of cars and motorcycles, primarily in Southeast Asia.
• Heavy Equipment, Mining & Agribusiness: Provides heavy equipment distribution, mining contracting services, and operates palm oil plantations and processing facilities.

AI Analysis | Feedback

The J.M. Smucker Co. (JMG) is a consumer packaged goods company that manufactures and markets a diverse portfolio of food and beverage products. While its products are ultimately purchased and consumed by individuals, JMG sells primarily to other companies, specifically large retailers and distributors, which then make the products available to the end consumer.

Therefore, JMG's major customers are retail businesses. Based on publicly available information, its largest customer is Walmart Inc.

Major customer companies of The J.M. Smucker Co. include:

• Walmart Inc. (Symbol: WMT)
• The Kroger Co. (Symbol: KR)
• Target Corporation (Symbol: TGT)
• Costco Wholesale Corporation (Symbol: COST)
• Amazon.com, Inc. (Symbol: AMZN)
• Albertsons Companies, Inc. (Symbol: ACI)
• Ahold Delhaize (Symbol: AD.AS - Euronext Amsterdam; ADR - OTC)

AI Analysis | Feedback

null

AI Analysis | Feedback

Nick Houghton, Group CEO

Nick Houghton has served as the Group CEO of JMG Group since November 2020. He previously held the position of CEO at J M Glendinning (Insurance Brokers) Ltd from November 2012 to November 2020. His prior experience also includes roles as Non Executive Director at Quotall, and Managing Director at both Broker Network, Countrywide Insurance Management Limited, and Towergate Professional Risks. JMG Group was established in 2020 following a management buyout (MBO) led by Houghton, with private equity backing from Synova. In May 2025, GTCR, a leading private equity firm, announced an agreement to acquire JMG Group in partnership with Synova.

Tim Philip, Group CFO/M&A Director

Tim Philip is the Group CFO and M&A Director at JMG Group. He joined the Group as part of the MBO in 2020, bringing 20 years of experience across some of the UK's fastest-growing brokers. His role involves helping the group acquire and invest in like-minded insurance businesses. Philip previously worked with Nick Houghton at Towergate when Houghton was running Broker Network. He has a track record in buying insurance brokers and has experience working alongside consolidators in the market.

Tim Johnson, Group Chairman

Tim Johnson joined JMG Group in 2020 as part of the MBO team. He previously served as CEO of Stackhouse Poland insurance Brokers, a company backed by Synova. As Group Chairman, he supports the Board in achieving its strategic objectives. He also joined the board as Executive Chairman as part of the transaction when Synova Capital backed the buy-out of JM Glendinning Group Limited.

Neil Forrest, Group Commercial Director

Neil Forrest joined JMG Group in 2013 as MD of JM Glendinning North East and is now the Group Commercial Director. In his current role, he has additional responsibility for strategic insurer relationships and the integration and development of new acquisitions. He previously managed several businesses across the North for a national broker with a team of over 500. His focus is now on wider group activities, including integrations.

Cheryl Astley, Chief Information Officer

Cheryl Astley joined JMG Group in April 2022 as the company's first Chief Information Officer. She brings 25 years of technology experience, with 20 of those years within the insurance industry. Prior to joining JMG Group, she was a head of technology at Wm Morrison Supermarkets and built the technology function at Bury-based Jensten Technologies. Astley gained significant experience in the insurance sector during her time at RBR Insurance and Towergate Insurance, where she previously worked with JMG Group CEO Nick Houghton. She has experience working with businesses that have undergone significant changes following acquisitions or management buyouts.

AI Analysis | Feedback

AI Analysis | Feedback

The emergence of direct-to-consumer (DTC) personalized, fresh, and human-grade pet food brands. These companies are rapidly gaining market share by offering pet owners customized meal plans with higher quality, less processed ingredients delivered directly to their homes via subscription. This model directly challenges J.M. Smucker's established, traditional processed pet food portfolio (e.g., Meow Mix, Kibbles 'n Bits, Milk-Bone) by fundamentally altering product expectations and distribution, akin to how Netflix disrupted Blockbuster.

AI Analysis | Feedback

Johnson Matthey (JMG) operates in several key markets, with its main products and services primarily centered around Clean Air technologies, Platinum Group Metals (PGM) Services, and Hydrogen Technologies. The company is in the process of divesting its Catalyst Technologies and Medical Device Components businesses, and has already divested its Battery Materials division.

• Clean Air (Emission Control Catalysts): The global emission control catalyst market size was valued at approximately USD 14.23 billion in 2021 and is projected to reach USD 18.87 billion by 2028, exhibiting a compound annual growth rate (CAGR) of 7.8% from 2021 to 2028.
• Platinum Group Metals (PGM) Services: The global platinum group metals market size was estimated at USD 30.41 billion in 2023 and is projected to reach USD 35.14 billion by 2030, growing at a CAGR of 4.6% from 2024 to 2030. Another estimate places the market at USD 43.90 billion in 2025, with a projected growth to USD 61.93 billion by 2035 at a CAGR of 3.50%. The market is also measured in tons, expected to reach 637.51 tons in 2025 and grow to 805.16 tons by 2030 at a CAGR of 4.75%.
• Hydrogen Technologies: Johnson Matthey's Hydrogen Technologies business focuses on components for fuel cells and electrolysers. While a specific overall market size for "Hydrogen Technologies" was not identified, the Platinum Group Metals Market, in which JM is a key player, benefits from a fast-accelerating adoption in proton-exchange-membrane (PEM) hydrogen technologies. Fuel cells are noted as the fastest-growing segment within the PGM market, with a projected CAGR of 29.66% over 2025-2030. Johnson Matthey is scaling back investment in its green hydrogen technologies due to market cooling.
• Catalyst Technologies: Johnson Matthey has agreed to sell its Catalyst Technologies business. However, historically, Catalyst Technologies has been one of its core sectors, with an addressable market worth around GBP 6.50 billion across low carbon hydrogen and sustainable aviation fuel for a pipeline of sustainable technology projects. The broader global catalyst market was valued at approximately USD 32.16 billion in 2023 and is predicted to grow to around USD 49.12 billion by 2032, with a CAGR of roughly 4.82% between 2024 and 2032.

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for JMG (Jason Marine Group Limited)

Over the next 2-3 years, Jason Marine Group Limited (JMG) is expected to drive future revenue growth through several key initiatives:

1. Growth in Project Business and Significant Orders: The company anticipates strong revenue from its project business, supported by significant orders secured during the financial year. These projects, particularly those related to offshore wind and renewable energy, are expected to provide long-term revenue recognition over a two-to-three-year period.
2. Expansion of Distribution Business: A notable increase in revenue has been observed in JMG's distribution business, which is a substantial contributor to overall revenue growth. This trend is expected to continue as the company expands the reach and performance of its distribution operations.
3. New Market Penetration and Strategic Partnerships: Jason Marine is actively pursuing expansion into new markets, such as Spain, and establishing strategic partnerships. These efforts are aimed at diversifying revenue streams and unlocking new growth opportunities within the maritime industry.
4. Innovative Integrated Solutions and Advanced Technology Adoption: The company offers comprehensive "one-stop solutions" encompassing design, supply, integration, installation, testing, commissioning, and maintenance of marine communication, navigation, and automation systems. A key driver is the pioneering installation of a Maritime Broadband network, which combines Low Earth Orbit and Geostationary Earth Orbit satellite systems, enhancing connectivity and operational efficiency for vessels.
5. Augmentation of Communications Business with Specialized Services: JMG is further bolstering its communications business by offering specialized certification services and a variety of satellite airtime services. This broader service offering contributes to its revenue growth by providing additional value to its clientele.

AI Analysis | Feedback

Share Repurchases

• During the financial year ended June 30, 2025, JMG repurchased 97,671,880 shares, representing 8.8% of shares in issue at the start of the year, at a total cost of £107,026,000.
• In the six months ended December 31, 2024, 38,187,509 shares (3.6% of opening share capital) were bought back into Treasury at a cost of £42.0 million.
• For the year ended June 30, 2024, JMG repurchased 41.4 million shares (3.6% of issued share capital) at a cost of £42.8 million.

Share Issuance

• JMG did not issue any shares during the financial year ended June 30, 2025.

Outbound Investments

• As an investment trust, JMG's primary capital allocation decision in this category is its investment in a high-conviction portfolio of emerging market equities, focusing on high-quality companies with strong growth potential, solid fundamentals, and attractive valuations.
• More than 75% of JMG's assets are concentrated in its top 25 stock holdings.