imutual 2016 accounts and AGM

richard@imutual
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imutual 2016 accounts and AGM

Post by richard@imutual » Sat Dec 10, 2016 5:19 pm

Notice is hereby given that the Annual General Meeting of imutual PLC will be held on 30th December 2016 7pm via an online chat facility 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 2016 and to vote on resolutions, including the re-election of directors

As in previous years, the AGM will be conducted "virtually" (we will utilise an online "chat" facility), 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

During the year, our revenues increased by 17.5% to £168,468. Total administrative expenses were only
£39,561. 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 profit after tax of £19,050 compared with a net profit of £3,762 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, this increased profit helps to strengthen the company's balance sheet and to
demonstrate the potential of the company's business model.

We attracted a further 1,295 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:
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Re: imutual 2016 accounts and AGM

Post by hugginhill » Sat Dec 10, 2016 9:22 pm

What leaps out in these number is the £27k increase in trade debtors in comparison with the £5k or so increase in trade creditors. There's a similar issue with the turnover numbers which have increased by £25k or so whilst cost of sales has fallen.

I would expect all of these numbers to be driven by activity on the site - income from networks (turnover) passed on to members (cost of sales). Trade debtors (due from networks) passed on to members (trade creditors). Whilst all of these account headings will contain other items, it seems strange that they are moving in opposite directions - I would have thought they should move broadly in parallel.

I can't see an explanation for this in any of the narrative accompanying the accounts. Perhaps Richard can comment?

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Re: imutual 2016 accounts and AGM

Post by kevinchess1 » Sat Dec 10, 2016 10:47 pm

CS wrote:The AGM is usually held in November or early December each year. The date will be announced at least 21 days beforehand (the "announcement date"),
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Re: imutual 2016 accounts and AGM

Post by richard@imutual » Sun Dec 11, 2016 9:10 am

hugginhill wrote:What leaps out in these number is the £27k increase in trade debtors in comparison with the £5k or so increase in trade creditors. There's a similar issue with the turnover numbers which have increased by £25k or so whilst cost of sales has fallen.
Astute questions. Good to see that someone is paying attention :)

Without delving into the detailed figures, I suspect this is a due to an increase in revenue from profitable "free cashback" offers (one in particular). i.e. if there's an offer where we're not paying 100% of revenue as cashback, then the debtor figure will increase faster than the creditor figure - until the point we receive payment, of course. And a similar effect will be seen on turnover vs cost of sales.
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Re: imutual 2016 accounts and AGM

Post by richard@imutual » Sun Dec 11, 2016 9:21 am

kevinchess1 wrote:at least 21 days beforehand (the "announcement date"),
True, Kev. And it's taken longer than I hoped to get everything together. But once the time came when I was in a position to send out the notice, I worked on the basis that members would prefer the meeting to be held on 30th Dec rather than New Year's Eve. It's an implicit "short notice" which I hope people will agree is a practical approach.
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Re: imutual 2016 accounts and AGM

Post by cccashbacklover » Sun Dec 11, 2016 12:41 pm

What was the revenue generated from Amazon during the last financial year

"Commercial Sensitivity" wouldnt appear to be an appropriate response being as Amazon are no longer a business partner and unlikely to return to being so anytime soon..

If you feel unable to give an exact figure, a rough figure would be fine.
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Re: imutual 2016 accounts and AGM

Post by richard@imutual » Sun Dec 11, 2016 1:01 pm

Ccashbacklover wrote:a rough figure would be fine.
I think it would be a 3 figure sum, so not especially significant

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Re: imutual 2016 accounts and AGM

Post by kevinchess1 » Fri Dec 16, 2016 8:02 pm

I have 2/3 Q's
1 Despite all of our hopes, we are not the biggest CB site in the world, nor the 2nd for that matter.
And it don't seem V likely that we will be anytime soon
So, What is y/our long term plan?

B. Is the AGM a formal event? Will I need to wear clean underpants?
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Re: imutual 2016 accounts and AGM

Post by richard@imutual » Sat Dec 17, 2016 9:57 am

Good question (the 1st one, anyway :D )

I'll post a reply to that before the AGM :thumbup:
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Re: imutual 2016 accounts and AGM

Post by blythburgh » Sat Dec 17, 2016 11:24 am

kevinchess1 wrote:I have 2/3 Q's
1 Despite all of our hopes, we are not the biggest CB site in the world, nor the 2nd for that matter.
And it don't seem V likely that we will be anytime soon
So, What is y/our long term plan?

B. Is the AGM a formal event? Will I need to wear clean underpants?
For the sake of us all I hope Richard has a plan and for the sake of your family I hope B is a self fulfilling prophecy
Keep smiling because the light at the end of someone's tunnel may be you, Ron Cheneler

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