2017 accounts and notice of AGM

richard@imutual
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2017 accounts and notice of AGM

Post by richard@imutual » Wed Dec 06 2017 7:17pm

Notice is hereby given that the Annual General Meeting of imutual PLC will be held on 28th December 2017 7pm via an online Webcast at http://www.imutual.co.uk/webcast

The business to be conducted at the meeting will be to review the audited accounts for the year to 30 June 2017 and to vote on resolutions, including the re-election of directors

As in previous years, the AGM will be conducted "virtually", and you are encouraged to submit your vote using this proxy form. You are welcome to participate in the webcast and ask any questions live to the Chairman i.e. me :) Although of course you can ask questions at any time during the year using our forum ;)

General guidance with regard to our AGMs can be found here

Below is my "Review of business" which is also included in the accounts:
REVIEW OF BUSINESS

The directors present their strategic report for the year ended 30 June 2017.
The year under review was the company's seventh year of operation. We made continuous improvements to
our cashback service, with a dual aim of generating the maximum amount of cashback for members whilst
also establishing a reputation as the most reliable and trustworthy cashback website.

During the year, our revenues decreased by 12% to £147,911. Total administrative expenses were only
£42,334. By way of comparison, the combined expenses of the two largest UK cashback websites are in the
region of £13m per year. At some point, the Directors will need to normalise their remuneration but remain
committed to ensuring the financial stability of the company. Uniquely amongst cashback websites, your
directors continue to protect members cashback balances courtesy of personal guarantees. The accounts
show a small loss after tax of £2,842 compared with a net profit of £19,050 the previous year. imutual is
different from other companies, in that it seeks to maximise the benefits to members rather than the profits for its shareholders. However, the Directors remain committed to seeing the company grow, and are confident
that imutual will generate increased revenues during the financial year to 30 June 2018.

We attracted a further 571 members to the website during the year. imutual's approach to recruitment has
been to rely on word-of-mouth recommendation rather than spend members' funds on advertising. Increasing
the size of our membership is vital to the continued growth of your company, and in order for our business
model to succeed it is essential that our member shareholders take every opportunity to promote their
company and recommend its service to friends, family and colleagues. We will continue to support,
encourage and reward members who help to generate positive publicity for imutual, and are always open to
ideas and initiatives that our members might like to suggest.
If you have any questions on the accounts, no need to wait until the AGM - ask away! :thumbup:

kevinchess1
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Re: 2017 accounts and notice of AGM

Post by kevinchess1 » Wed Dec 06 2017 7:31pm

Is there a reason we made a Loss this year after making a profit last year?
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Usa123
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Re: 2017 accounts and notice of AGM

Post by Usa123 » Wed Dec 06 2017 7:42pm

its a bit worrying about the small loss after tax of £2,842
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Re: 2017 accounts and notice of AGM

Post by richard@imutual » Wed Dec 06 2017 8:15pm

The loss is a relatively small percentage of our revenue. As we have no outside shareholders, we are generally looking to breakeven.

That said, this was another year where yours truly didn't take any salary :( which means I couldn't invest much time in developing the business.

In addition, there were a couple of very good deals which ended during the year in question.

On the positive side, the business has done better since the year end and I would expect to be able to report a significant increase in revenues next year

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Re: 2017 accounts and notice of AGM

Post by Boro Boy » Wed Dec 06 2017 9:43pm

It is good to see the financial reserves have grown, I'm guessing the aim is to grow these further for expenditure on future development work?
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Re: 2017 accounts and notice of AGM

Post by kevinchess1 » Wed Dec 06 2017 9:45pm

We need to look at way of increasing our income
Can you have a look at having adverts?
FPL do pretty well out of it
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Re: 2017 accounts and notice of AGM

Post by BeautifulSunshine » Thu Dec 07 2017 5:56am

richard@imutual wrote:
REVIEW OF BUSINESS

...

We will continue to support, encourage and reward members who help to generate positive publicity for imutual, and are always open to ideas and initiatives that our members might like to suggest.
+1
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[imutual Cashback Investment Club]

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Re: 2017 accounts and notice of AGM

Post by BeautifulSunshine » Thu Dec 07 2017 6:06am

On the Proxy Vote Form there should be a space between the addresses details after the comas.

http://www.imutual.co.uk/vote
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Re: 2017 accounts and notice of AGM

Post by kevinchess1 » Thu Dec 07 2017 8:07am

Really sorry to go off topic
But didn't we have a vote on 'Excessive signatures?'
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Re: 2017 accounts and notice of AGM

Post by Mel » Thu Dec 07 2017 9:30am

Thunderfog wrote:
richard@imutual wrote:
REVIEW OF BUSINESS

...

We will continue to support, encourage and reward members who help to generate positive publicity for imutual, and are always open to ideas and initiatives that our members might like to suggest.
+1

Don't delude yourself. Your conduct and attitude does NOT generate any positive publicity.

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