BY way of an update, tcb (UKC Systems Ltd) have just submitted their accounts to 31/1/2011 (previous year's figures in brackets):
TURNOVER £15,511,786 (£9,074,797)
Costs of sales £13,835,296 (£8,182,922)
GROSS PROFIT £1,676,490 (£891,875)
Admin expenses £684,470 (£338,398)
OPERATING PROFIT £992,020 (£553,552)
Interest £50,217 (£18,983)
PROFIT BEFORE TAX £1,042,237 (£572,531)
Corporation Tax £281,200 (£142,000)
PROFIT FOR YEAR £761,037 (£430,531)
The shareholders (i.e. the 2 directors) took dividends of £336,000, compared with £136,000 the previous year
On first glance, the things that jump out at me are:
- They're doing very well! Good news for imutual shareholders, who hope we can grab a decent share of this market over the next few years
- They actually made more profit than Quidco, despite quidco reporting more than twice tcb's turnover AND taking £5 off every active user. Their signicantly-lower admin expenses is one factor, but doesn't explain all of it
- They had nearly £4m cash in bank at the year end