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!