Results of 2019 AGM

richard@imutual
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Results of 2019 AGM

Post by richard@imutual » Mon Dec 30 2019 7:35pm

The results of voting for the AGM resolutions was as follows:
2019agmVoting.png
2019agmVoting.png (28.76 KiB) Viewed 1939 times
The broadcast (done via Facebook live) can be viewed at https://www.facebook.com/imutual

If anyone has any questions on the 2019 accounts that they didn't have an opportunity to ask, feel free to use this thread :thumbup:
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Re: Results of 2019 AGM

Post by BeautifulSunshine » Mon Dec 30 2019 11:58pm

Congratulations on being re-elected.
[imutual Cashback Investment Club]

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Re: Results of 2019 AGM

Post by pabenny » Tue Dec 31 2019 9:01am

I note that (barring any last minute flurry of interest) this month will have the lowest sign ups ever and that transaction volumes have also slumped.

Could you please provide some information on current trading? I am concerned that, despite the promised new website and relaunch, IM will be joining the list of defunct cashback sites.
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Re: Results of 2019 AGM

Post by blythburgh » Tue Dec 31 2019 10:10am

It was obvious that the transaction volumes have slumped. What would be of interest and make the figures made sense would be to have two transaction reports. One for the freebies that bring people to imutual on a daily basis and one for actual purchases that do not happen daily for any person.
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Re: Results of 2019 AGM

Post by richard@imutual » Tue Dec 31 2019 10:12am

Yes, happy to give a trading update; the AGM is an appropriate time to do so. This is all subject to the usual caveats about the accuracy of such figures, which largely consists of unconfirmed/unpaid amounts from advertisers. So I can only comment on broad trends rather than give specific amounts...

As I have pointed out previously, we have enjoyed some great paid-to-search offers over the last 18 months or so which, as anticipated, came to an end in July. Since then, it looks like we've been operating at a small loss. That should not be of any great concern for the following reasons:

- Good offers come and go. In all likelihood, we'll get some new sources of revenue next year which will help to improve the financial position.
- We have just reported the company's best ever financial results, with the strongest balance sheet we've ever had. We are well-placed to ride out such fluctuations in revenue
- Cashback balances have always been protected by a Directors Guarantee, even in the highly unlikely event of company insolvency. This is unique to imutual
- Even if revenue does not increase, we have the flexibility to reduce overheads as required. From this week onwards, we're operating with 2 staff rather than 3 but salaries etc still represent the majority of costs. The hard work undertaken over the last 12 months or so has semi-automated many tasks, meaning that the time needed to help the site "tick over" is much reduced. If absolutely necessary, we could reduce our time (and salary) even further to help the site ride out any turbulent periods - though I don't anticipate that this will be necessary.

I would certainly expect the next set of accounts to report us operating at a loss; partly due to the loss of certain offers but also because I've been focused on technical development rather than commercial matters, the benefits of which should be realised in the future.

I wouldn't anticipate any great surge in traffic or signups until the revamped site is launched, but will endeavour to start providing a monthly "web site traffic" report as you requested a few months back.
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Re: Results of 2019 AGM

Post by cccashbacklover » Tue Dec 31 2019 12:04pm

richard@imutual wrote:
Tue Dec 31 2019 10:12am

As I have pointed out previously, we have enjoyed some great paid-to-search offers over the last 18 months or so which, as anticipated, came to an end in July.
Aka, huge profits made on Skyscanner and Travel Supermarket, virtually everyone would be stunned if they knew how much Skyscanner paid particularly when it was on here 6p x one of each (3) per day
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Re: Results of 2019 AGM

Post by pabenny » Tue Dec 31 2019 4:43pm

Thank you for the update.

A modernised website is clearly an important element of a relaunch. That said, IM has few distinctive features* and the cashback offer is largely unattractive against the big 2. What is the strategy for increasing volume - both number of active members and number/value of transactions? Clearly funds are limited and are being depleted by continuing losses.


---
* The so-called mutual structure is irrelevant for most people; the director's guarantee may have meant something at the outset, especially given the failure of rpoints; the forum... how many members visit it?

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Re: Results of 2019 AGM

Post by pabenny » Tue Dec 31 2019 4:45pm

And could you please give an update on the site revamp. How's it progressing and what's the target date for going live?
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Re: Results of 2019 AGM

Post by pabenny » Wed Jan 08 2020 9:10am

Any chance of answers?
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Re: Results of 2019 AGM

Post by richard@imutual » Wed Jan 08 2020 5:50pm

Re: strategy. It's as per previous posts I've made in the Shareholders+ forum. Next major step is to get a revamped site launched, accompanied with a promotional push. Further ideas can be developed thereafter.
pabenny wrote:
Tue Dec 31 2019 4:45pm
And could you please give an update on the site revamp. How's it progressing and what's the target date for going live?
I have not been able to devote as much time as I'd like to this, and as Sue and I are incorporating Michelle's duties into our workload then this isn't likely to change in the near future. But I'd hope to get a new site launched in the first half of the year, in advance of imutual's 10th birthday
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