themutual.net......another ASOS rocket but much,much bigger ?
#319789 - 30/06/05 11:56 PM Edit Reply Quote
REMEMBER I WAS RIGHT ABOUT QXL 100P>>11,500P
According to lemminginvestor.com they say themutual.net is going to be another Asos but much cheaper to buy at only £10M market cap. It's up with the best we think. Last year's three initiatives reduced profits and led people to the wrong conclusions. Put the unclaimed exceptionals back in and you have one of the top Y on Y growth performances. It is not only cheaper than ASOS but the numbers we published today show similar operating, better financial, performance than ASOS at one quarter of the price.
lemminginvestor. I use the site to buy most of my stuff off the internet...its really good http://www.themutual.net
TheMutual.net announces Preliminary Results for the year ended 30 April 2005.
Percentage change shown versus the year ended 30 April 2004.
Mark Smith, CEO, said: "It has been another successful year for themutual.net
with increased revenue and profits. We set high standards in email marketing
and rewarded shopping portals, and with internet advertising spend and usage
continuing to grow rapidly we are well positioned for the year ahead."
themutual.net plc Tel: 020 7440 9310
Mark Smith, Chief Executive
Peter Coveney, Finance Director
themutual.net plc, the AIM quoted on-line reward company has
developed a website to act as a portal for its members to access around 500
online shopping sites. themutual.net incentivises shoppers by rewarding them
with shares in the Company or with points which are redeemable for cash.
themutual.net now has over 1.27 million registered members.
YEAR ENDED 30 APRIL 2005
I am pleased to announce the Company's results for the year ended
30th April 2005 showing continued growth in revenue and profitability, with
turnover increasing by 40%, EBITDA increasing by 35% and profit before tax
increasing by 20%. Cash at bank at ?1,555,000 increased by ?636,000 which,
after spending ?189,000 on the buyback of our shares and ?121,000 on the
purchase of an investment reflects the strong cash generative qualities of the
This is the first year that we have had to provide for corporation tax
resulting in a profit after tax of ?489,000. The following figures highlight
the growth in the business over the last three years.
Profit and Loss Year ended Year ended Year ended
30 April 05 30 April 04 30 April 03
?'000 ?'000 ?'000
Turnover 3,079 2,199 1,372
Gross profit 2,733 2,011 1,305
EBITDA profit 1,375 1,015 681
Profit before tax 778 650 558
Balance Sheet 30 April 05 30 April 04 30 April 03
?'000 ?'000 ?'000
Cash at bank 1,555 919 720
Net current assets 1,772 1,260 734
Shareholders' funds 2,100 1,797 1,091
The Company has passed a number of significant milestones this year,
positioning ourselves for further expansion and development. Highlights for
the year include:
- Launch of the new website with increased search facility from the
MutualShop and a better user experience
- The adoption of new, bespoke technology to handle increased
demands for email marketing, putting us at the forefront of the
- Our membership base now stands at 1.27 million members, and we
are delivering over 25 million emails to our members each month,
resulting in over 1 million monthly visits to our advertisers and
- Consolidation of the shares by 100:1, and the introduction of
cash rewards to themutual.net members
In the latter part of the year we moved once more to new premises, allowing us
to accommodate an increased number of sales and technical personnel.
Due to delays in launching the new website and email delivery
systems, which coincided with our move to new premises, profit growth was
constrained this year against previously communicated expectations. However,
we are pleased to note that recent evidence confirms our view that these
developments will show benefits in this coming year, with the investment in
the new website showing strong return with usage and new member generation. In
addition the successful acquisition of MyPoints Europe Limited (subsequently
renamed MutualPoints Limited) will be fully written off by September 2005,
reducing our current level of expenses by ?20,000 per month.
Online advertising spend continues to grow and has been reported as
exceeding both cinema and radio spend by third party comments in 2004. With
the continued exciting growth in the market place we are well positioned for
the coming year.
Following strategies set out in our interim report to ensure
increased email deliverability and targeting data, we are currently focused on
enhancing the member experience and usability of our website. Entry into
Germany and France is still at an exploratory stage, with our full focus
remaining on optimising success in the UK.
Shareholders might like to know that since the year end we have
disposed of approximately 50% of our investment in QXL Ricardo plc, realising
an exceptional profit of ?190,000. Our remaining investment stands in our
balance sheet at ?62,000 and we plan to retain this holding pending further
At our last AGM we received shareholder approval to buy back up to
10% of our shares. As noted above we spent ?189,000 during the year buying
back 900,000 shares. We will be seeking shareholder approval to renew this
authority at the next AGM as we believe this can be a satisfactory way of
rewarding our shareholders.
Looking forward we are actively reviewing opportunities in a number
of potential areas for expansion and the possibility of consolidating through
acquisitions. We have a strengthened management team, a new service, improved
technology and balance sheet strength. With all these resources available to
us we look forward with confidence to this coming year.
We continue to be committed to developing themutual.net into a
mature market leader in the facilitation of email marketing and rewarded
online shopping, through our strategy for growth in members, revenue and
It only remains to thank our staff for their dedication and
enthusiasm and our growing list of supportive shareholders, including those
who have taken advantage of earning shares under our reward system.
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