The Business Model.

The mutual.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 1.15 million registered members. This Xmas as seen an explosion in online shopping and all indications are that this one as done very well.

Highlights From Last Interim Results 31st Oct 2004.


Membership grown to over 1.15 million

Over 1 million visitors sent per month to advertisers' websites

Share consolidation completed, cash rewards introduced and share buy-back
programme initiated

Increased revenue by 94% to 1.53 million (6 months to 31 Oct 2003: 0.79m)

Doubled EBITDA to 0.68 million (2003: 0.34 m)

75% increase in pre-tax profit to 0.38 million (2003: 0.22m)

Cash at bank increased to 1.225 million (against 0.919m at April year end 2004.

Director Speak.

Mark Smith, CEO, said: 'This has been a period of good progress for
themutual.net, which saw the company consolidate its position as a major
facilitator of email marketing and online shopping. We are delighted with the
strong growth in our website and email marketing revenues, which has flowed
through to enhance our profitability and balance sheet. With the development of
MutualShop and the substantial continued growth in the online advertising
market, we look forward to the future with confidence.'


Activity During The Period.

During this period we implemented a number of strategies to deal with the
challenges that email marketing faces now and, potentially, in the future.
These included:

* Working closely with ISP's to improve understanding and cooperation with
regard to email delivery;

* Double opt-in registration to ensure the validity and quality of new
members;

* Collection and use of increased targeting data to assist in delivering
mails that are both relevant and effective to our members and our clients;
and

* The introduction of an eCRM program to educate new members and further
encourage existing members to utilise our services.


Outlook Statement From The Chairman.

From our website activity, themutual.net now generates in excess of 1,500,000
of online sales for our website partners each month. We anticipate this will be
greatly enhanced by the introduction of the MutualShop, our new shopping portal
which is due for `soft' launch shortly before Xmas, with a final launch to
include price-comparison shopping and full functionality by the financial year
end. This is the largest overhaul of the website that the company has
undertaken, including a full redesign, and will be further supported by adding
user functionality, allowing better control of their membership and the number
of emails received.

To have managed such internal change while the company continued its
substantial growth in revenue and profitability is a strong achievement and
testament to the scalability of our business model and operations.

We have also begun exploratory analysis of launching a similar product into
France and Germany. We will report on this further at the year end.

Fundies.

In their note of 29th November 2004, Durlacher has forecast 2.2p a share in earnings for 2006, which means that TMN is on a forward PE of just over 14.

The average multiple for the sector is 26, and then there is ASOS on a 2006 PE of around 27. Clearly there is a good argument for TMN to be re-rated.

I notice that Growth Company Investor tipped TMN recently at 30p. Hopefully the next few months will ensure the re-rating will get underway for themutual.net.

Dyor.

cheers Gf.

More positive news!


Tmn Director/PDMR Shareholding


TMN Group PLC ("TMN" or "the Company")NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITY OR CONNECTED PERSONSThe Company was notified on 17 July 2007 that Warren Tayler, non-executive
Chairman of the Company had acquired 12,000 Ordinary Shares in the Company on
17 July 2007 at a price per Ordinary Share of 79p. Following this purchase
Warren Tayler now holds 811,986 Ordinary Shares representing approximately 1.63
per cent. of the issued share capital of the Company.

Hello doughboy its doughboy here, did you see this in Saturdays Telegraph.

TMN

Online advertising is the gold rush of today, and TMN is delivering where others flounder. It is the fastest growing segment in the ailing media sector. Last year, more than 2bn was spent on internet advertising, a 41pc rise on a like-for-like basis compared with 2006.

But unlike the newspaper business, which has evolved over hundreds of years, the online sector is moving in leaps and bounds, and many companies are struggling to keep up. A raft of profits warnings from TMN's peers has sullied the sector somewhat.

TMN arguably had its own wobble in 2005, but the management has done a good job sustaining the growth and investing in the future - integrating online advertising group EDR and email marketing specialist iD Factor.

Now it is reaping the rewards, with a 79pc rise in revenues to 16.1m in the year to the end of April, and a 93pc rise in operating profit to 3.27m.

The group's main business is in email marketing. This is a key growth area, as companies ditch the traditional direct mail in favour of targeted email marketing.

The Aim-listed company is piling up cash - it currently has 1.6m - and is expected to generate 30pc earnings growth per year, for the next two years.

As the migration from traditional advertising mediums to online solutions marches on, TMN looks well positioned to deliver further. Plus the shares are trading on a price/earnings ratio of 14.5 for 2007, falling to just under 11, which looks very modest compared with its rivals.

BUY

Markets looking a bit choppy at the moment so maybe not the best time to be getting in but some more positive news today.


TMN Group says non-executive chairman Warren Tayler ups stake in co


LONDON (Thomson Financial) - TMN Group PLC said non-executive chairman
Warren Tayler has bought a further 11,500 shares in the company at 87 pence a
share, raising his stake to 823,486 shares or about 1.64 pct.
TFN.newsdesk@thomson.com
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