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IanDavidson

Alamy - Annual report and accounts overdue

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Companies House website is now showing Alamy’s annual report and accounts as being overdue....

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But only by a week or so. No big deal.

 

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Hopefully they will appear any day now.

  • 2015 accounts appeared on 12 Oct 2016
  • 2016 accounts appeared on 6 Oct 2017
  • 2017 accounts appeared on 3 Oct 2018

I notice they've just posted a "Full Satisfaction of Charge" on 6 Oct 2019, but I've no idea what it means.

 

Mark

 

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3 minutes ago, M.Chapman said:

Hopefully they will appear any day now.

  • 2015 accounts appeared on 12 Oct 2016
  • 2016 accounts appeared on 6 Oct 2017
  • 2017 accounts appeared on 3 Oct 2018

I notice they've just posted a "Full Satisfaction of Charge" on 6 Oct 2019, but I've no idea what it means.

 

Mark

 

A charge on a property can mean that it is being used as security on a loan or mortgages. I believe a full satisfaction means the property is now not being used as a security.  A little unusual to file on a Sunday.  

 

While Ian is right that the accounts are only a little overdue; these relate to December 2018 as a company has several months to submit their accounts.  I submitted my own company accounts a few years ago, the first filing, 24 hours late and was fined the standard £150...

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The Alamy accounts have been submitted and will be available on the companies House website “in five days”

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8 hours ago, IanDavidson said:

The Alamy accounts have been submitted and will be available on the companies House website “in five days”

 

Companies House website link is here.

 

Mark

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What can you say - turnover fairly flat, large increases in payments to directors.

 

That's business and its their business.

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I am interested in an explanation about the 2,3 Million loan that has been written off .  When was the loan agreed and how much of it has been repaid?  I assume the loan was made by Alamy to its subsidiary VIdeoloft who cannot repay it so has it been written off as a bad debt.?   Is this is why the headline profit is showing loss.? It states earlier that Videoloft has solid financial performance and paid dividends of £782,611. 

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41 minutes ago, geogphotos said:

What can you say - turnover fairly flat, large increases in payments to directors.

 

Increase in dividends without adequate justification seems to be in the DNA too?

 

Mark

Edited by M.Chapman
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12 minutes ago, Travelshots said:

I am interested in an explanation about the 2,3 Million loan that has been written off .  When was the loan agreed and how much of it has been repaid?  I assume the loan was made by Alamy to its subsidiary VIdeoloft who cannot repay it so has it been written off as a bad debt.?   Is this is why the headline profit is showing loss.? It states earlier that Videoloft has solid financial performance and paid dividends of £782,611. 

 

The accounts of Videoloft (formerly Manythings) show a loss in the year up to June 2018 of nearly £1 million (previous year a loss of £1.12 million).  I think the £782,612 dividends is from Alamy's accounts rather than VideoLoft. 

 

In any case I don't usually associate a loss of some £2 million pounds over 2 years as being a 'solid financial performance', but then again I'm a humble freelance photographer not a multi-million pound business owner or financier.

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On 11/10/2019 at 09:42, Joseph Clemson said:

 

The accounts of Videoloft (formerly Manythings) show a loss in the year up to June 2018 of nearly £1 million (previous year a loss of £1.12 million).  I think the £782,612 dividends is from Alamy's accounts rather than VideoLoft. 

 

In any case I don't usually associate a loss of some £2 million pounds over 2 years as being a 'solid financial performance', but then again I'm a humble freelance photographer not a multi-million pound business owner or financier.

 

It seems to me that the Alamy Stock business on its own is doing OK despite the pressures that we know about. Of course, with a turnover (and cost of sales) that's relatively flat and with the number of images continuing to increase that isn't great news for contributors. But it could be worse.

 

It will be interesting to see what happens with Videoloft. Can it be turned round into a profitable business? How much more money will Alamy have to put into it, and are they prepared to do so?

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54 minutes ago, Keith Douglas said:

 

It seems to me that the Alamy Stock business on its own is doing OK despite the pressures that we know about. Of course, with a turnover (and cost of sales) that's relatively flat and with the number of images continuing to increase that isn't great news for contributors. But it could be worse.

 

It will be interesting to see what happens with Videoloft. Can it be turned round into a profitable business? How much more money will Alamy have to put into it, and are they prepared to do so?

 

I agree with your analysis on Alamy's main business. The Manything App gets very mixed reviews on the Google Play store so I can't see a clear way for Manythings to turn around of its own accord. If Alamy are going  to invest I'd much rather see such investment going into the mainstram Alamy business.

 

I was going to suggest they reconsider revitalising their video library and reopening it to new contributors, but I know that even well-established microstock video agencies are having a hard time in the rush to the bottom on prices through subscription models at the moment, and a big player has entered the non-editorial video stock market in the last two years or so. Still, Alamy has a unique niche in its richly varied still image content so perhaps it's not too late to offer something similar to the video market.

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There is no sign that the additional revenue from the commission cut has been invested to help Alamy to transition from a tier 2 to a Tier 1.5 agency ie) nothing in the accounts to suggest that contributors have benefitted. 

 

For those that don't remember that was the main ( if vague) justification given. 

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17 minutes ago, geogphotos said:

There is no sign that the additional revenue from the commission cut has been invested to help Alamy to transition from a tier 2 to a Tier 1.5 agency ie) nothing in the accounts to suggest that contributors have benefitted. 

 

For those that don't remember that was the main ( if vague) justification given. 

 

In the interest of fairness to Alamy, the change in commission structure was announced in late 2018 and will only become apparent when they publish accounts for year ending December 2019. We will have to wait another year to see the impact of that 'innovation'. 

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1 hour ago, Joseph Clemson said:

 

In the interest of fairness to Alamy, the change in commission structure was announced in late 2018 and will only become apparent when they publish accounts for year ending December 2019. We will have to wait another year to see the impact of that 'innovation'. 

 

 

Good point!

 

Though doesn't that mean that Alamy was able to make a large increase in payments to directors BEFORE making the reduction in our commission?

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