by richard@imutual » Fri Nov 01 2013 12:28pm
tcb have just published their accounts for the year to 31 Jan 2013 (figures in brackets are for the previous year):
TURNOVER £30,839,725 (£21,185,788)
Costs of sales £26,498,878 (£18,335,076)
GROSS PROFIT £4,340,847 (£2,850,712)
Admin expenses £3,620,405 (£1,252,329)
OPERATING PROFIT £720,442 (£1,598,383)
Interest etc £67,271 (£65,181)
Exceptional items £0 (£1,074,255 )
PROFIT BEFORE TAX £787,713 (£589,309)
Corporation Tax £202,232 (£101,773)
PROFIT FOR YEAR £585,481 (£487,536)
The two directors received £294,880 in remuneration and dividends.
This is a very good set of results for tcb shareholders, and shows that the industry that imutual operates in has huge potential.
I hope to be announcing imutual's results by the end of next week. In the meantime, a few observations on the above...
Turnover is the income generated for the cashback site by its members.
Cashback earned by members is included in "
Cost of sales". Whether it includes anything else of significance is not stated. e.g. the £10 tell-a-friend payments must amount to quite a bit; I'd guess that they're included in this figure. Anyway, the
gross profit (difference between income received and amount paid out in cashback and referral bonuses) has increased from £2.85m to £4.34m. Note that this covers the period before they introduced £5 admin fees
Administration expenses - these are the general costs of running the company i.e. not directly related to sales. In a two year period, these overheads have increased dramatically - from £684k to £3.62m. By way of comparison, imutual's overheads in
last year's accounts were £37,430. So when people point out that competitor X or Y offers something we don't, they should bear in mind that we spend 99% less running the company
At the year end, they had 52 staff (we have 3!) and £6.5m cash in bank.
I hope this is of interest. The purpose of posting these is not to be critical of competitors but to ask the question: "If we could achieve a similar size, what would we do differently?"
When we post our latest accounts (hopefully at the end of next week), I'll draw an interesting comparison between our financial performance and that of our competitors since imutual started...
tcb have just published their accounts for the year to 31 Jan 2013 (figures in brackets are for the previous year):
[b]TURNOVER £30,839,725[/b] (£21,185,788)
Costs of sales £26,498,878 (£18,335,076)
[b]GROSS PROFIT £4,340,847[/b] (£2,850,712)
Admin expenses £3,620,405 (£1,252,329)
[b]OPERATING PROFIT £720,442[/b] (£1,598,383)
Interest etc £67,271 (£65,181)
Exceptional items £0 (£1,074,255 )
[b]PROFIT BEFORE TAX £787,713[/b] (£589,309)
Corporation Tax £202,232 (£101,773)
[b]PROFIT FOR YEAR £585,481 [/b](£487,536)
The two directors received £294,880 in remuneration and dividends.
This is a very good set of results for tcb shareholders, and shows that the industry that imutual operates in has huge potential.
I hope to be announcing imutual's results by the end of next week. In the meantime, a few observations on the above...
[b]Turnover[/b] is the income generated for the cashback site by its members.
Cashback earned by members is included in "[b]Cost of sales[/b]". Whether it includes anything else of significance is not stated. e.g. the £10 tell-a-friend payments must amount to quite a bit; I'd guess that they're included in this figure. Anyway, the [b]gross profit[/b] (difference between income received and amount paid out in cashback and referral bonuses) has increased from £2.85m to £4.34m. Note that this covers the period before they introduced £5 admin fees :eek:
[b]Administration expenses[/b] - these are the general costs of running the company i.e. not directly related to sales. In a two year period, these overheads have increased dramatically - from £684k to £3.62m. By way of comparison, imutual's overheads in [url=http://www.imutual.co.uk/forum/viewtopic.php?f=2&t=19318]last year's accounts[/url] were £37,430. So when people point out that competitor X or Y offers something we don't, they should bear in mind that we spend 99% less running the company ;)
At the year end, they had 52 staff (we have 3!) and £6.5m cash in bank.
I hope this is of interest. The purpose of posting these is not to be critical of competitors but to ask the question: "If we could achieve a similar size, what would we do differently?"
When we post our latest accounts (hopefully at the end of next week), I'll draw an interesting comparison between our financial performance and that of our competitors since imutual started...