annual report & accounts 2016 Daily Internet Plc  Annual Report & Accounts 2016 2
contents
4 directors, secretary & advisers
6 highlights
8 strategic report – chairman’s statement
9 strategic report – chief executive officer’s report
11 strategic report – finance director’s report
16 board of directors’ profile
18 directors’ report
22 directors’ remuneration report
25 corporate governance report
28 statement of directors’ responsibilities
30 independent auditor’s report to the members of daily internet plc
33 consolidated statement of comprehensive income
35 consolidated statement of financial position
38 company statement of financial position
41 consolidated statement of changes in equity
43 company statement of changes in equity
45 consolidated statement of cash flows
48 company statement of cash flows
50 notes to the consolidated financial statements
80 notice of annual general meeting Daily Internet Plc  Annual Report & Accounts 2016 3
directors, secretary  
and advisers Daily Internet Plc  Annual Report & Accounts 2016 4
directors, secretary & advisers
Board of Directors
John Michael Edelson
Non-Executive Chairman
Christopher Neil Evans
Chief Executive Officer
Julie Joyce
Finance Director
Robert Khalastchy
Non-Executive Director
Company Secretary
Clive Maudsley FCA
Registered Office
First Floor, Nelson House
Park Road, Timperley
Cheshire WA14 5BZ
Company Number
06172239
Company Website
investor.daily.co.uk
Head Office
Walker House
Exchange Flags
Liverpool L2 3YL
Nominated Adviser & Broker
Shore Capital and Corporate Ltd
Bond Street House
14 Clifford Street
London W1S 4JU
Registrar
Computershare Investor Services plc
The Pavilions
Bridgwater Road
Bristol BS13 8AE
Lawyers
Kuit Steinart Levy LLP
3 St Mary’s Parsonage
Manchester M3 2RD
Independent Auditor
BDO LLP
3 Hardman Street
Manchester M3 3AT
Principal Bankers
Barclays Bank plc
One Churchill Place
London E14 5HP
Financial PR
Newgate Communications
Sky Light City Tower
50 Basinghall St
London EC2V 5DE Daily Internet Plc  Annual Report & Accounts 2016 5
highlights Daily Internet Plc  Annual Report & Accounts 2016 6
highlights
Financial
2016 2015 2016
(% increase)
Revenue £4.76m £3.89m 22.4%
Gross profit £3.00m £2.42m 24.2%
Gross profit margin 63.0% 62.2% 1.5%
Adjusted EBITDA* £0.67m £0.41m 62.0%
Profit/(loss) before tax £0.25m £(0.14)m N/A
Cash generated from operations** £0.67m £0.35m 91.9%
Net (Cash)/Debt*** £(0.21)m £0.39m N/A
Basic EPS (pence) 0.06p (0.02)p N/A
*Adjusted EBITDA is earnings before interest, taxation, depreciation, amortisation,  
acquisition costs and fair value adjustments and share based payments
**Before working capital movements 
*** Net (Cash)/Debt is calculated as interest bearing debt, including obligations under financial leases, less cash
Operational
• Largest Managed Hosting customer upsold and renewed for a further three years 
• New key contract wins in the Merchant and Distribution sector
• Strategic partnership with Epicor Software 
 -    SaaS platform developed for a subset of Epicor customers
• Re-aligning of cost base completed which included: 
 -    Closure of Maidenhead office 
 -    Reduction of headcount in SME division 
 -    Consolidation of duplicated functions across business units 
 -    Netplan’s legacy SME business transferred into the Group’s SME division 
 -    SME server estate consolidated into a common datacentre  Daily Internet Plc  Annual Report & Accounts 2016 7
strategic report Daily Internet Plc  Annual Report & Accounts 2016 8
chairman’s statement
I am pleased to report another year of substantial progress in which we reported positive profitability after tax for the 
first time. This follows on from us reporting our maiden adjusted EBITDA profit last year. The strong results delivered by 
the Group for the year ended 31 March 2016 highlight the substantial organic growth we have achieved, coupled with 
the successful integration of two acquisitions. Both of these acquisitions have now been fully integrated and continue to 
perform well. 
The acquisition of Q4Ex Limited alongside the appointment of Chris Evans as CEO, in December 2014, was an important 
step in transitioning the business from our traditional SME Mass Market roots to one focused on Managed Hosting which is 
supported by longer term contracts and is consequently higher margin and more profitable.
Group revenues grew by 22% to £4.76m (2015: £3.91m). Growth was driven by our Managed Hosting division which 
increased revenues 36%, whilst the SME Mass Market division experienced steady revenue growth of 10%.  Managed 
Hosting now represents the majority of Group revenues. In the SME Mass Market business we have focused on 
efficiencies through cost reductions to drive profitability.
During the year the balance of the outstanding convertible loan notes has been repaid. Consequently at the year end the 
Group had a net cash position of £0.21m. The strengthening of our balance sheet alongside investment in our capabilities 
provides the Group with a good platform for future growth. 
Our dedicated staff have continued to work tirelessly and diligently to continue the growth in the business led by the 
example set by CEO Chris Evans and we believe this will ensure we can increase our growth in the coming year.
Michael Edelson
Chairman
31 May 2016
strategic report Daily Internet Plc  Annual Report & Accounts 2016 9
chief executive officer’s report
Introduction
On entering this financial year we set ourselves a number of objectives, including the restructuring of our SME Mass Market 
division and an increased focus on growing our higher margin Managed Hosting division, while extending the average 
contract length of our larger Managed Hosting customers.  
I am pleased to report that we have been successful in delivering on all of our objectives. The re-organisation was 
completed in the second half of our financial year and the Managed Hosting division now forms the majority of our 
revenues and remains the primary focus going forward. We also succeeded in ensuring our larger customers were 
contracted for longer term periods (the majority of which for three years). This has provided the Group with improved 
visibility of earnings and improved margins.
Our SME Mass Market division delivered an EBITDA contribution to the Group of £0.56m (2015: £0.28m) whilst Managed 
Hosting contributed £0.74m (2015: £0.57m). Group adjusted EBITDA was £0.67m, (after central costs of £0.63m) an 
increase of 62.0% (2015: £0.41m).  
Operational Review
Managed Hosting division
Our Managed Hosting division has maintained its strength in Payment Card Industry Data Security Standard hosting (“PCI 
DSS”). We are a Level 1 Visa certified Service Provider and we consider this a strong differentiator to many of our peers. 
The PCI DSS business has continued to perform well with an overall trend of increasing customer spend. In particular, 
our largest customer renewed and extended the scope of its contract to bring in additional projects and add ‘compute 
and storage’ capacity to existing resources. This contracted revenue provides considerable forward visibility. We are also 
seeing an increase in consulting revenue as more of our customers seek help with their overall IT solution, this has in turn 
assisted in driving further contracted managed services.
The specialist Merchant and Distribution division of our Managed Hosting business delivered solid growth with a number 
of key strategic client wins in its sector. We furthered our partnership with Epicor software which, the Directors’ believe, 
provides the most advanced Enterprise Resource Planning (“ERP”) solution to the Merchant and Distribution industry in 
the form of their BisTrack suite of products. Our knowledge of this software application has driven consulting revenue and 
has assisted in creating the differentiator in this sector for our managed services providing a relatively unique one-stop 
specialist service to this vertical.
We developed a platform for a subset of Epicor customers effectively allowing them to purchase BisTrack application in a 
Software as a Service (“SaaS”) model. Work with Epicor is continuing to build a joint sales pipeline for this SaaS product 
and other managed services.
Our technical team has also developed a cost effective disaster recovery solution. This solution utilises the Amazon Web 
Services (“AWS”) public cloud platform allowing our customers to benefit from the ‘pay as you use’ elements of public 
cloud. We continue to work on other offerings which can leverage a basket of technologies to bring best of breed solutions 
to our clients in a cost effective manner.
strategic report Daily Internet Plc  Annual Report & Accounts 2016 10
We have continued to invest in our Managed Hosting business adding a number of key recruits to expand our technical 
capabilities. In addition, we continue to invest in our staff, providing technical training and certification. Alongside this we 
are tracking commercial trends so that we can continue to evolve and capitalise on changes within the Managed Hosting 
landscape.
SME Mass Market division
During the second half of the financial year we completed the re-organisation of our SME Mass Market business. This 
included the closure of one of our offices; the centralisation of a number of functions, including the removal of some 
duplicated roles across the Group; and a simplification of management reporting lines. The overall effect was to reduce 
staff numbers to a level more appropriate to the lower levels of growth expected from this segment. This re-organisation 
improved overall EBITDA margin and ensured we could focus our efforts on capitalising on the growing opportunities in the 
more profitable Managed Hosting division, where gross profit is higher and contracts are typically longer term.
Acquisitions
The businesses acquired in the previous financial year, being Evohosting and Q4Ex (which now trades as Netplan), have 
been fully integrated and continue to perform well.
The Board continues to evaluate acquisitions opportunities to supplement our organic growth but these must fit the 
board’s stringent acquisition criteria.
Current Trading and Outlook
Trading since the financial year-end has been in line with management expectations. During the year we repaid the 
remaining outstanding convertible loan notes, leaving the Group in a net cash position.
With the slimming down of cost base in our SME Mass Market segment, the continued growth in our Managed Hosting 
business along with our cash generation we are well placed going into the 2016/2017 financial year with a strong 
foundation for future growth.
We therefore look forward to the year ahead with confidence.
Chris Evans
Chief Executive Officer
31 May 2016 Daily Internet Plc  Annual Report & Accounts 2016 11
finance director’s report
All of the Group’s activities relate to delivering IT Services and in particular Cloud based products and services along with 
consulting. The Group is segmented into SME Mass Market and Managed Hosting.
The SME Mass Market Division includes the Daily, Namehog and Evohosting Brands and offer Domain Registration, Email 
Provision and Web Hosting solutions to the mass market.
The Managed Hosting division includes the Netplan brand and the Q4Ex brand (which now trades under the Netplan 
umbrella). Netplan offers both public and private cloud hosting using Amazon AWS and Microsoft Azure for its public cloud 
solutions. The Managed Hosting division also includes PCI DSS consultancy and compliance services along with other IT 
Managed Services and consulting.
The revenue split of the divisions is shown below:
 
Revenue by operating 
segment
2016
£’000
2016
%
2015
£’000
2015
%
SME Hosting 2,249 47% 2,039 52%
Managed Hosting 2,515 53% 1,852 48%
Total 4,764 100% 3,891 100%
It is the Group’s intention to focus on margin while growing the SME Mass Market division by leveraging on the automated 
systems that have been developed and continue to be developed since the business started in 2007. All acquisitions 
have been fully integrated to reduce overhead costs, increase supplier discounts and enable cross selling and up-sell 
opportunities. 
The focus of the Managed Hosting division is to continue to expand on its Cloud capabilities, its consulting and other 
managed services, widen its sales and marketing channels by investment in its sales force, and by customer facing 
marketing.  
In addition, the Group will look to make strategic acquisitions to accelerate its growth and market penetration.
 
Principal Risks and Uncertainties
In line with the nature, size and complexity of the business the senior management team work very closely to identify and 
evaluate areas of risk whilst developing and monitoring action plans to deal with any potential threats. All outcomes are 
reported to the Board and support is given as necessary to ensure actions are carried out.
Identifiable areas of risk include:
• Dependency on key suppliers – the Group is dependent on certain key suppliers for the continued operation of its 
business, the most significant of which are the supply of third party software and datacentre services. If any of these 
strategic report Daily Internet Plc  Annual Report & Accounts 2016 12
suppliers fail in the provision of their services it may have an adverse effect on the Group’s ability to provide services 
to its customers. However, the Group continually assess suppliers for both price competitiveness and technical 
innovation and are confident that alternative providers could be found.
• Customer retention – the Group provides an essential service to its customers. Any diminution in service levels could 
impact customer retention levels. However, the Group constantly monitors service levels and the low level of customer 
attrition is evidence of the Group’s ability to provide the level of service required.
• Network – the datacentres we utilise are linked by fibre that we lease. Should the network fail there would be an 
adverse impact on the service provided to our customers. The Group has designed its network to have no single point 
of failure, it connects with transit providers at different geographical locations.
• Employees – the Group is a service organisation and as such, is dependent on the skills, knowledge and commitment 
of its staff. The performance of the Group is dependent on retaining its staff. We mitigate this risk by offering 
competitive reward packages.
• Search engine optimisation – significant traffic is generated from customers using internet search engines (specifically 
in the SME Mass Market segment). The Groups SEO performance is continually monitored to both maintain and 
enhance, as any deterioration could have an adverse impact on Group revenue. The Group has experienced staff who 
work alongside specialist agencies for this purpose.
• Acquisitions – the Group has stated that its strategy is to continue to make acquisitions to strengthen its growth. The 
risk is that we may not be able to find suitable acquisition targets. We mitigate this risk by employing and retaining high 
quality individuals whose focus is solely to find suitable targets.
Key Performance Indicator Review
Revenue Growth 2016 2015
Revenue £4.76m £3.89m
Growth 22.4% 66.9%
Revenue from continuing operations grew by 22.4% largely driven by Managed Hosting which grew 35.8% and SME Mass 
Market 10.2%, in the previous year this was 174.0% and 6.5%, the higher rates in the previous year were largely down to 
contributions from acquisitions made in prior periods.
The adjusted EBITDA margin improved 62.0% to £0.66m (2015: £0.41m).
Performance Review
Group revenue for the year grew by 22.4% to £4.76m for the year to 31 March 2016 (2015: £3.89m). Revenue growth was 
driven by the Managed Hosting division, which consists of the Netplan brand (incorporating Q4Ex), contributing revenues 
of £2.52m (2015: £1.85m). The SME Mass Market division generated revenues of £2.25m (2015: £2.04m). 
We continue to have good visibility of future revenues as many of our customers continue to pay in advance for their 
services and larger customers have entered into multi-year contracts. As at 31 March 2016 there is £0.71m of deferred 
revenue which will be released to profit in future periods. 
Gross profit for the year was £3.01m (2015: £2.42m) representing a gross margin of 63.2% (2015: 62.2%). The slight 
improvement in Gross profit being attributable to the Managed Hosting segment which drives higher margins than the 
domain driven SME Mass Market division and is a direct result of the revenue to Managed Hosting which now represents  Daily Internet Plc  Annual Report & Accounts 2016 13
the majority of revenue generated.
Earnings before interest, taxation, depreciation and amortisation (“EBITDA”) for the year to 31 March 2016 is reported in 
the financial statements at £0.91m (2015: £0.46m). Included within this figure are acquisition and integration costs, share 
based payment costs and fair value adjustments, the EBITDA once adjusted for these items is £0.67m (2015: £0.41m). The 
directors consider that an adjusted EBITDA figure is a more appropriate measure of the underlying performance of the 
business.
6 months to 
September 15 
£’000
6 months to 
March 16
£’000
2016
£’000
2015
£’000
SME Hosting 250 308 558 278
Managed Hosting 376 366 742 567
Group Overheads (350) (285) (635) (434)
Adjusted EBITDA 276 389 665 411
Balance Sheet
Net cash inflow from operating activities during the year amounted to £0.65m (2015: £0.39m). Cash at bank at 31 March 
2016 was £0.51m (2015: £0.43m).
 
Payables falling due within one year are reported at £1.64m (2015: £1.85m). This figure includes an amount of £0.71m 
(2015: £0.76m) for deferred revenue which will be released to profit in future years. 
Payables falling due after one year are reported at £0.77m (2015: £1.68m). This figures includes the contingent 
consideration payable on the Q4Ex acquisition £0.43m (2015: £1.22m), which is the fair value of the amounts payable in 
shares.
The Directors are confident there is sufficient working capital within the Group. However, should accretive acquisitions 
become available the Group may seek to raise additional finance either through debt, equity or a mixture of the two.
Our People
Our people are very highly valued and the Directors place considerable emphasis on employees sharing in the success of 
the Group. This is achieved through the participation in share option schemes. Due to the nature and size of the business, 
employees are constantly encouraged to communicate with the Group’s senior management to discuss business issues 
and potential improvements.
It is the policy of the Group that there should be no unfair discrimination in recruiting and promoting staff, including 
applicants who are disabled. The Directors are committed to maintaining and developing communication and consultation 
processes with employees, who in turn are encouraged to develop an awareness of the issues affecting the Group.  Daily Internet Plc  Annual Report & Accounts 2016 14
Divisional split average as at 31 March 2016 2015
Board of Directors 4 5
SME Hosting 12 19
Managed Hosting 14 10
Total 30 34
Gender diversity as at 
31 March 2016
Men Women
Number % Number %
Board of Directors 3 75% 1 25%
Senior Managers 4 100% - 0%
Employees 19 86% 3 14%
Total 26 87% 4 13%
This Strategic Report was approved and signed by order of the board.
Julie Joyce FCCA
Finance Director
31 May 2016 Daily Internet Plc  Annual Report & Accounts 2016 15
board of directors’  
profile Daily Internet Plc  Annual Report & Accounts 2016 16
board of directors’ profile
John Michael Edelson
Non-Executive Chairman
Mr Edelson brings a wealth of experience as a Board 
Director to Daily Internet plc. He has been a Founding 
Director or Chairman of a number of companies admitted 
to the AIM market, including Prestbury Group plc, 
Knutsford Group plc, Mercury Recycling Group plc (now 
Ironveld plc) and ASOS PLC. He was a non-executive 
Chairman of Bramhall plc, subsequently renamed Magic 
Moments Internet plc and then Host Europe plc, which 
acquired Magic Moments Design Limited in September 
1999, a company of which Abby Hardoon was one of the 
founding members. He has also been on the Board of 
Manchester United Football Club since 1982. 
Christopher Evans
Chief Executive
Mr Evans, studied Software Engineering at Liverpool John 
Moores University before founding Switch Media Ltd, 
a web hosting provider. Switch Media was listed in the 
Deloitte Fast 50 for two years running in 2007 and 2008 
before being acquired by iomart Group PLC in April 2011. 
Following the acquisition by Iomart, he was a Director of 
Iomart’s Easyspace division involved in integrating divisional 
acquisitions and delivering the financial budget ahead of 
plan. He was a founder of Q4Ex Ltd (a company acquired 
by Daily).
Julie Joyce
Finance Director
Mrs. Joyce is a Fellow of the Chartered Association of 
Certified Accountants. She was employed as Finance 
Manager at WebFusion Internet Solutions Limited, an 
internet hosting company which was bought by Magic 
Moments Internet plc in May 2000. She became Group 
Financial Controller for Host Europe plc and its Group 
companies following its acquisition of WebFusion Internet 
Solutions Limited and continued in this role for the SME 
Mass Market division of PIPEX Communications plc after 
the sale to PIPEX in April 2004. She also has extensive 
auditing and private practice experience, having spent ten 
years in this sector prior to her move into commerce and 
industry.
Robert Khalastchy
Non-Executive Director
Mr Khalastchy is a graduate from the University of Sussex 
where he received a Bachelor’s degree in Electronic 
Engineering. For the past 20 years he has been involved in 
commercial property management working with high net 
worth overseas clients, assisting in the management of 
their total UK portfolio and various planning applications, 
as well as the day to day management of the portfolio. In 
2001 he set up RK Management Limited, a commercial 
property management company handling a portfolio in 
excess of £35 million. In 2011 he set up Sterling Property 
Management, a residential block property management 
company which manages several prestigious blocks in 
Central and West London. Daily Internet Plc  Annual Report & Accounts 2016 17
directors’ report Daily Internet Plc  Annual Report & Accounts 2016 18
directors’ report
The Directors present their Annual Report and Audited Financial Statements for the year ended 31 March 2016.
Principal Activities
The principal activities of the business are the provision of IT Managed Services and are more particularly explained in the 
strategic report.
Business Review and Future Developments
A review of the Group’s operations and performance during the financial year, setting out the position at the year-end, 
significant changes in the year and providing an indication of the outlook for the future is contained in the Strategic report 
on pages 7 to 14.
Results and Dividends
The Consolidated Statement of Comprehensive Income for the year is set out on page 33. The Directors do not propose 
the payment of a Dividend for the year ended 31 March 2016.
Financial Instruments
The Group uses various financial instruments. These include bank loans, other loans, finance leases, cash and various 
items (such as trade receivables and trade payables) that arise directly from its operations. The main purpose of these 
financial instruments is to raise finance for the Group’s operations. The existence of these financial instruments exposes 
the Group to a number of financial risks, which are described in more detail below.
Liquidity Risk
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to 
invest cash assets safely and profitably. Short-term flexibility is achieved through available cash balances.
Interest Rate Risk
The Group finances its operations through a mixture of loan notes, finance leases and ordinary shares. The interest rate on 
the loan notes and finance leases are fixed. The Group had outstanding loan notes which were repaid in the financial year 
under report. Daily Internet Plc  Annual Report & Accounts 2016 19
Credit Risk
The Group’s principal financial assets are cash, and trade and other receivables. These balances are actively monitored 
to avoid significant concentrations of credit risk however the total of the cash balances and trade and other receivables 
represents the maximum exposure to credit risk.
In order to manage credit risk, the agreement with the customer states preferred collection by direct debit and limits are 
set for customers based on a combination of payment history and third party credit references. Credit limits are reviewed 
by the credit control team on a regular basis in conjunction with debt ageing and collection history. For hosting services, 
the Group predominantly invoices in advance and the agreement with the customer states preferred collection by direct 
debit, therefore the financial risk in respect of these debtors is limited.
Directors
The Directors of the Company who held office during the year are as follows:
•	 Michael Edelson Chairman
•	 Christopher Evans Chief Executive
•	 Julie Joyce Finance Director
•	 Robert Khalastchy Non-Executive Director
•	 Abby Hardoon Non-Executive Director (resigned 22 February 2016)
The interests of current Directors in shares and options are detailed in the Directors’ Remuneration Report on page 23.
Significant Shareholdings
As of 12 May 2016 the Company has been notified of the following significant shareholdings:
Name
Number of 
shares
Percentage 
holding
Livingbridge EP LLP 93,495,489 18.32%
Hargreave Hale Limited (discretionary clients) 65,696,970 12.87%
Herald Investment Management Limited 41,958,642 8.22%
Abby Hardoon 31,298,027 6.13%
Christopher Evans 29,429,288 5.77%
Michael Edelson 27,584,000 5.40%
Bob Morton 20,151,515 3.95%
Arthur Duffy 19,607,842 3.84%
Paul Jones 19,607,842 3.84%
Stuart Gibson 17,393,617 3.41% Daily Internet Plc  Annual Report & Accounts 2016 20
Disclosure of Information to Auditors
The Directors who held office at the date of approval of this Directors’ report confirm that, so far as they are each aware, 
there is no relevant audit information of which the Company’s auditors are unaware; and each Director has taken all the 
steps that he ought to have taken as a director to make himself aware of any relevant audit information and to establish 
that the Company’s auditors are aware of that information.
Going Concern
The Directors have reasonable expectation that the Group has adequate resources to continue to operate for the 
foreseeable future. For this reason they adopt the going concern basis for preparing the financial statements.
Annual General Meeting
The Annual General Meeting will be held on Tuesday, 5 July 2016 at 11.00am at Kuit Steinart Levy LLP, 7th Floor, 
Blackfriars House, The Parsonage, Manchester M3 2JA. The full wording of the resolutions to be tabled at the forthcoming 
Annual General Meeting is set out in the notice of the meeting on pages 79 to 82. 
Auditors
A resolution to re-appoint BDO LLP as auditors of the company will be put to the Annual General Meeting.
By order of the Board
Clive Maudsley FCA
Company Secretary
31 May 2016 Daily Internet Plc  Annual Report & Accounts 2016 21
directors’ remuneration 
report Daily Internet Plc  Annual Report & Accounts 2016 22
directors’ remuneration report
Introduction
The report is not subject to audit and a resolution to approve it will be proposed at the Company’s Annual General 
Meeting.
Remuneration Policy
The Group has a policy to attract, motivate and reward individuals of the highest calibre who are committed to growing 
the value of the business and to maximising returns to shareholders. The policy is as relevant to Executive Directors as 
it is to employees, as we aim to reward Executive Directors and senior employees aligned to the performance of the 
Group. The remuneration structure for all employees considers remuneration rates of competitors to ensure continuity and 
commitment.
Directors’ Service Contracts
Copies of Directors’ service contracts will be available for inspection at the Annual General Meeting.
Pension Arrangements
The Group does not operate a final salary pension scheme. Executive Directors who are entitled to receive pension 
contributions may nominate a defined contribution scheme into which the Company makes payments on their behalf. 
Directors’ Remuneration
A summary of the total remuneration paid to current Directors is set out below:
Director 
2016 2015
Salary
£’000
B ene fit s
in kind 
£’000
Total
£’000
Salary
£’000
B ene fit s
in kind 
£’000
Total
£’000
Michael Edelson 40 - 40 18 - 18
Christopher Evans 96 - 96 39 - 39
Julie Joyce 86 2 88 66 2 68
Abby Hardoon 53 1 54 69 5 74
Robert Khalastchy 12 - 12 10 - 10
There were no pension contributions within the year. Daily Internet Plc  Annual Report & Accounts 2016 23
Directors’ Interests in Ordinary Shares of Daily Internet plc
The Directors in office at the end of the year had interests in the ordinary share capital of the company as shown below:
Director 
Number of 
Ordinary Shares
Percentage
 Interest
Christopher Evans 29,429,288 5.77%
Michael Edelson 27,584,000 5.40%
Robert Khalastchy 253,846 0.05%
Julie Joyce 150,000 0.03%
Directors’ Interests in Share Options
The Directors had interests in options over ordinary shares of the Company at the end of the year as shown below:
Director 
Total Options Over 
Ordinary Shares Grant Date Expiry Date
Michael Edelson - - -
Julie Joyce 1,000,000 19/12/2012 18/12/2022
Robert Khalastchy 300,000 19/12/2012 18/12/2022
Christopher Evans - - -
Directors’ Warrants
The Directors held the following warrants over the ordinary shares of the Company at the end of the year as follows:
Director
Exercise 
Price
No. of 
Warrants Grant Date Expiry Date
Michael Edelson 5p 100,000 09/01/12 08/01/22
Mr Edelson’s warrants are exercisable at any time before 8 January 2022, provided that the Company may require the 
exercise of these warrants if its shares are traded at a price in excess of 8p per share for a period of 60 business days and 
an aggregate value of bargains exceeding £60,000 occurs over that period. Daily Internet Plc  Annual Report & Accounts 2016 24
corporate governance 
report Daily Internet Plc  Annual Report & Accounts 2016 25
corporate governance report
Introduction
The Directors recognise the importance of, and are committed to, high standards of corporate governance. Although 
compliance with the UK Corporate Governance Code is not compulsory for AIM companies, and therefore the Directors 
do not claim compliance with the code, the Directors intend to apply the principles as they consider appropriate to a public 
company of the size of Daily Internet Plc quoted on AIM, taking into account the recommendations contained in the QCA 
Guidelines. 
Board of Directors
The Board comprises four Directors, two Executives and two Non-Executives, and reflects a blend of different experience 
and backgrounds. The roles of Chairman (which is a non-executive position) and Chief Executive have been split by the 
Board and there is a clear division of responsibility between the two. The Board considers Michael Edelson and Robert 
Khalastchy to be independent in character and judgement notwithstanding their shareholding and/or share options in the 
Group. The Board, through the Chairman and the Non-Executive Director as well as the Executive Directors, maintains 
regular contact with its advisers and seeks to ensure that the Board develops an understanding of the views of the major 
shareholders about the Company. The Board meets regularly throughout the year and is responsible for formulating, 
reviewing and approving the Company’s strategy, financial activities and operating performance. Day-to-day management 
is delegated to the Executive Directors who are charged with consulting the Board on all significant matters. Consequently, 
decisions are made promptly following consultation amongst the Directors concerned where necessary and appropriate. 
All necessary information is supplied to the Directors on a timely basis to enable them to discharge their duties effectively 
and all Directors have access to independent professional advice at the Company’s expense, as and when required. The 
Chairman is available to meet with institutional shareholders to discuss any issues and concerns regarding the Group’s 
governance. The participation of the private and institutional investors at the AGM is welcomed by the Board. 
Internal Controls
The Directors acknowledge their responsibility for the Company’s and the Group’s systems of internal controls, which are 
designed to safeguard the assets of the Group and ensure the reliability of financial information for both internal use and 
external publication. Overall control is achieved by a regular detailed reporting system covering both technical progress of 
a project and the state of the Group’s financial affairs. Any system of internal controls can provide only reasonable, and not 
absolute, assurance that material financial irregularities will be detected or that risk of failure to achieve business objectives 
is eliminated. The Directors consider that the system of internal controls operated effectively throughout the financial year 
and up to the date the financial statements were signed. Based on the size and complexity of the Group, the Board of 
Directors do not consider that there is a need for any internal audit function. 
Committees 
Audit Committee
The Company has established an Audit Committee that comprises of Michael Edelson and Robert Khalastchy. Michael 
Edelson is the Chairman of this Committee. The Audit Committee meets at least twice a year and is responsible for 
reviewing the integrity of the financial statements of the Group, the Group’s compliance with legal and regulatory  Daily Internet Plc  Annual Report & Accounts 2016 26
requirements, and the adequacy and effectiveness of the Group’s internal financial controls and risk management 
processes including the extent to which internal audit review is required. It reviews the external auditors’ performance and 
independence and makes recommendations to the Board on the appointment of the auditors. 
Remuneration Committee
The Company has established a Remuneration Committee that comprises Michael Edelson and Robert Khalastchy. 
Michael Edelson is the Chairman. The Committee meets at least twice a year and is responsible for determining and 
reviewing with the Board the policy for the remuneration of the Executive Directors and such other members of the 
executive management it is designated to consider. Within the terms of the agreed policy, it determines the total individual 
remuneration of the Executive Directors. The Remuneration Committee also approves the design of, and determines 
targets for, any performance related pay schemes, reviews the design of any share incentive plans, determines the awards 
to the Executive Directors and determines the policy for, and scope, of pension arrangements for each Executive Director.
Rule 21 of The AIM Rules 
The Board will comply with Rule 21 of the AIM Rules relating to Directors’ dealings and will also take all reasonable steps 
to ensure compliance with that rule by the Group’s applicable employees. The Company has adopted a code on dealing in 
securities of the Company and will take all reasonable steps to ensure compliance by the Directors and relevant employees 
in due course. 
Human Resources
The Group endeavours to appoint employees with appropriate skills, knowledge and experience for the roles they 
undertake. The Group has a range of polices which are aimed at retaining and providing incentives for key staff. Objectives 
are set for departments and employees that are derived from the Group’s business objectives. The Group has a clear and 
well-understood organisational structure and each employee knows his or her line of accountability Daily Internet Plc  Annual Report & Accounts 2016 27
statement of directors’ 
responsibilities Daily Internet Plc  Annual Report & Accounts 2016 28
statement of directors’ 
responsibilities
The Directors are responsible for preparing the Annual Report of the Director’s and the Financial Statements in accordance 
with applicable law and regulations. 
Company law requires the Directors to prepare Financial Statements for each financial year. Under that law the Directors 
have elected to prepare the Group and company financial statements in accordance with International Financial Reporting 
Standards (IFRSs) as adopted by the European Union. Under company law the Directors must not approve the Financial 
Statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company 
and of the profit or loss of the Group for that period. The directors are also required to prepare financial statements in 
accordance with the rules of the London Stock Exchange for companies trading securities on Alternative Investment 
Market.
In preparing these Financial Statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• state whether they have been prepared in accordance with IFRSs as adopted by the European Union, subject to any 
material departures disclosed and explained in the financial statements;
• prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Company 
will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the 
Company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 
enable them to ensure that the Financial Statements comply with the requirements of the Companies Act 2006. They are 
also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and 
detection of fraud and other irregularities.
Website publication
The Directors are responsible for ensuring the annual report and the Financial Statements are made available on a website.  
Financial statements are published on the Company’s website in accordance with legislation in the United Kingdom 
governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. 
The maintenance and integrity of the Company’s website is the responsibility of the Directors. The Directors’ responsibility 
also extends to the ongoing integrity of the financial statements contained therein.
By order of the Board
Clive Maudsley
Company Secretary
31 May 2016 Daily Internet Plc  Annual Report & Accounts 2016 29
independent auditor’s 
report to the members  
of daily internet plc Daily Internet Plc  Annual Report & Accounts 2016 30
independent auditor’s report to the 
members of daily internet plc
We have audited the financial statements of Daily Internet PLC for the year ended 31 March 2016 which comprise the 
Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company 
Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes 
in Equity, the Consolidated Statement of Cash Flows, the Company Statement of Cash Flows and the related notes. 
The financial reporting framework that has been applied in their preparation is applicable law and International Financial 
Reporting Standards (IFRSs) as adopted by the European Union and, as regards the parent company financial statements, 
as applied in accordance with the provisions of the Companies Act 2006. 
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the 
Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those 
matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted 
by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a 
body for our audit work, for this report, or for the opinions we have formed.
Respective Responsibilities of Directors and Auditors
As explained more fully in the Statement of Directors’ Responsibilities, the Directors are responsible for the preparation of 
the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express 
an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK 
and Ireland). Those standards require us to comply with the Financial Reporting Council’s (FRC’s) Ethical Standards for 
Auditors. 
Scope of the Audit of the Financial Statements
A description of the scope of an audit of financial statements is provided on the FRC’s website at www.frc.org.uk/
auditscopeukprivate.
Opinion on Financial Statements
In our opinion: 
• the financial statements give a true and fair view of the state of the Group’s and the Parent Company’s affairs as at 31 
March 2016 and of the Group’s loss for the year then ended;
• the Group Financial Statements have been properly prepared in accordance with IFRSs as adopted by the European 
Union;
• the Parent Company Financial Statements have been properly prepared in accordance with IFRSs as adopted by the 
European Union and as applied in accordance with the provisions of the Companies Act 2006; and
• the Financial Statements have been prepared in accordance with the requirements of the Companies Act 2006. Daily Internet Plc  Annual Report & Accounts 2016 31
Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and the Directors’ Report for the financial year for which the 
financial statements are prepared is consistent with the financial statements. 
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you 
if, in our opinion:
• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not 
been received from branches not visited by us; or
• the parent company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Donald Bancroft (Senior Statutory Auditor)
For and on behalf of BDO LLP
Statutory Auditor
Manchester
United Kingdom
31 May 2016
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127) Daily Internet Plc  Annual Report & Accounts 2016 32
consolidated statement  
of comprehensive income Daily Internet Plc  Annual Report & Accounts 2016 33
consolidated statement  
of comprehensive income
Notes
2016 Group
£’000
2015 Group
£’000
Revenue 4 4,764 3,891
Cost of sales - (1,755) (1,469)
G r o s s	p r o fi t - 3,009 2,422
Operating expenses before depreciation, 
amortisation , acquisition and integration 
costs, fair value adjustments and share 
based payments
- 2,343 2,011
Operating profit before depreciation, amor-
tisation , acquisition and integration costs, 
fair value adjustments and share based 
payments
- 666 411
Depreciation - 292 263
Amortisation of acquired intangibles - 301 272
Amortisation of purchased intangibles - 18 4
Acquisition and integration costs - 34 148
Fair value adjustment 3 (270) (83)
Share based payments - (8) (118)
Administrative expenses 5 (2,710) (2,497)
P r o fi t	( l o s s )	f r o m	o p e r a t i o n s - 299 (75)
Finance costs - (51) (63)
P r o fi t	( l o s s )	b e f o r e	t a x a t i o n - 248 (138)
Taxation 12 54 54
Total comprehensive income (loss) 
attributable to the equity holders of the 
company
- 302 (84)
Basic and fully diluted earnings (loss) 
per share
11 - -
Basic earnings (loss) per share - £0.006 £(0.0002)
Fully diluted earnings (loss) per share - £0.006 £(0.0002)
The Group’s results are derived from continuing operations. 
The accompanying notes form an integral part of this consolidated statement of comprehensive income.
for the year ended 31 march 2016 Daily Internet Plc  Annual Report & Accounts 2016 34
consolidated statement  
of financial position Daily Internet Plc  Annual Report & Accounts 2016 35
consolidated statement  
of financial position
Notes
2016 Group
£’000
2015 Group
£’000
Assets
Non-current assets
Goodwill 13 4,454 4,454
Intangible assets 13 1,329 1,594
Property, plant and equipment 14 450 592
- 6,233 6,640
Current assets
Trade and other receivables 16 598 594
Cash and cash equivalents - 513 426
- 1,111 1,020
Total Assets - 7,344 7,660
Equity and Liabilities
Equity attributable to the equity 
shareholders of the parent
Called up share capital 20 2,552 2,399
Share premium reserve - 6,493 6,493
Other reserve - 1,008 656
Retained losses - (5,118) (5,420)
- 4,935 4,128
Non-current liabilities
Obligations under finance leases 19 91 126
Contingent consideration due on 
acquisitions
17 435 1,225
Deferred taxation 12 242 327
- 768 1,678
Current liabilities
Trade and other payables 17 718 712
as at 31 march 2016 Daily Internet Plc  Annual Report & Accounts 2016 36
Notes
2016 Group
£’000
2015 Group
£’000
Deferred Income 17 707 756
Contingent consideration due on  
acquisitions
17 - -
Convertible loan notes 18 - 103
Other loans 18 105 175
Obligations under finance leases 19 111 108
- 1,641 1,854
Total Equity and Liabilities - 7,344 7,660
As permitted by section 408 Companies Act 2006, the holding Company’s profit and loss has not been included in the 
financial statements.
The financial statements on pages 33 to 36 were approved by the Board and authorised for issue on 31 May 2016.
Chris Evans
Director
Julie Joyce
Director Daily Internet Plc  Annual Report & Accounts 2016 37
company statement  
of financial position Daily Internet Plc  Annual Report & Accounts 2016 38
company statement  
of financial position
Notes
2016 Company
£’000
2015 Company
£’000
Assets
Non-current assets
Investments 15 6,576 6,576
Property, plant and equipment 14 33 3
- 6,609 6,579
Current assets
Trade and other receivables 16 34 9
Amounts due from subsidiary undertakings 16 - 87
Cash and cash equivalents - 12 2
- 46 98
Total Assets - 6,655 6,677
Equity and Liabilities
Called up share capital 20 2,552 2,399
Share premium reserve - 6,493 6,493
Other reserve - 1,008 656
Retained losses - (5,447) (5,061)
- 4,606 4,487
Non-current liabilities
Amounts due from subsidiary undertakings - 1,543 817
Contingent consideration due on 
acquisitions
17 435 1,225
- 1,978 2,042
Current liabilities
Trade and other payables 17 71 45
Convertible loan notes 18 - 103
- 71 148
Total Equity and Liabilities - 6,655 6,677
as at 31 march 2016 Daily Internet Plc  Annual Report & Accounts 2016 39
The financial statements on page 38 were approved by the Board and authorised for issue on 31 May 2016.
Chris Evans
Director
Julie Joyce
Director Daily Internet Plc  Annual Report & Accounts 2016 40
consolidated statement  
of changes in equity Daily Internet Plc  Annual Report & Accounts 2016 41
consolidated statement 
of changes in equity
Attributable to equity holders of the parent
Share 
Capital
£’000
Share 
Premium 
Account 
£’000
Other 
Reserve
£’000
Accumulated 
Losses
£’000
Total 
£’000
At 1 April 2014 2,038 6,185 206 (5,336) 3093
Loss and comprehensive loss - - - (84) (84)
Issue of share capital 361 332 571 - 1,264
Expenses of share issue - (24) (3) - (27)
Movement in share option reserve - - (118) - (118)
At 31 March 2015 2,399 6,493 656 (5,420) 4,128
Profit and comprehensive profit - - - 302 302
Issue of share capital 153 - 367 - 520
Expenses of share issue - - (7) - (7)
Movement in share option reserve - - (8) - (8)
At 31 March 2016 2,552 6,493 1,008 (5,118) 4,935
The following describes the nature and purpose of each reserve within equity:
Reserve Description and purpose
Share Premium Reserve Amount subscribed for share capital in excess of nominal values.
Other Reserve
Amount reserved for share based payments to be released over the life of the 
instruments and the equity element of convertible loans and the amount sub-
scribed for share capital in excess of nominal value of acquisition of another 
company.
Retained losses
All other net gains and losses and transactions with owners (e.g. dividends) not 
recognised elsewhere.
for the year ended 31 march 2016 Daily Internet Plc  Annual Report & Accounts 2016 42
company statement  
of changes in equity Daily Internet Plc  Annual Report & Accounts 2016 43
company statement 
of changes in equity
Attributable to equity holders of the Company
Share 
Capital
£’000
Share 
Premium 
Reserve 
£’000
Other 
Reserve
£’000
Retained 
Losses
£’000
Total 
£’000
At 1 April 2014 2,038 6,185 206 (4,642) 3,787
Loss for the period - - - (419) (419)
Issue of share capital 361 332 571 - 1,264
Movement in share option reserve - - (118) - (118)
Expenses of share issue - (24) (3) - (27)
At 31 March 2015 2,399 6,493 656 (5,061) 4,487
Loss for the period - - - (386) (386)
Issue of share capital 153 - 367 - 520
Movement in share option reserve - - (8) - (8)
Expenses of share issue - - (7) - (7)
At 31 March 2016 2,552 6,493 1,008 (5,447) 4,606
for the year ended 31 march 2016 Daily Internet Plc  Annual Report & Accounts 2016 44
consolidated statement  
of cash flows Daily Internet Plc  Annual Report & Accounts 2016 45
consolidated statement  
of cash flows
Notes
2016 Group
£’000
2015 Group
£’000
C a s h	fl ow s	u s e d	i n	o p e r a t i n g	a c t i v i t i e s
Profit (loss) after tax - 302 (84)
Adjustments for:
Depreciation and other amortisation 13 / 14 611 539
Fair Value adjustment on contingent consideration 3 (270) (83)
Finance costs - 51 63
Acquisition costs 10 34 84
Share based payments -        (8)        (118)
Taxation - (54) (54)
O p e r a t i n g	c a s h	fl ow s	b e f o r e	m o v e m e n t	i n	wo r k i n g	c a p i t a l - 666 347
Decrease / (Increase) in trade and other receivables - 58 (201)
(Decrease) / Increase in trade and other payables - (74) 240
Net cash used in operating activities 650 386
C a s h	fl ow s	f r o m	i n v e s t i n g	a c t i v i t i e s
Payments to acquire property, plant & equipment - (72) (191)
Payments to acquire intangible assets - (54) -
Acquisition costs 10 (34) (75)
Payment for acquisitions net of cash received - - (880)
Net cash used in investing activities - (160) (1,146)
C a s h	fl ow s	f r o m	fi n a n c i n g	a c t i v i t i e s
Net proceeds from issue of ordinary share capital - (7) 408
Drawdown of invoice discounting facility - 105 175
Repayment of loan facility - (175) -
Repayment of loan notes 18 (105) (170)
Loan note interest paid - (10) (24)
Interest element of finance lease payments - (39) (32)
for the year ended 31 march 2016 Daily Internet Plc  Annual Report & Accounts 2016 46
Notes
2016 Group
£’000
2015 Group
£’000
Capital repayment of finance leases - (172) (170)
N e t	c a s h	(u s e d ) / g e n e r a t e d	f r o m	fi n a n c i n g	a c t i v i t i e s - (403) 187
Net increase (decrease) in cash and cash equivalents - 87 (573)
Cash and cash equivalents at the beginning of the year - 426 999
Cash and cash equivalents at the end of the year - 513 426 Daily Internet Plc  Annual Report & Accounts 2016 47
company statement  
of cash flows Daily Internet Plc  Annual Report & Accounts 2016 48
company statement  
of cash flows
Notes
2016 
Company
£’000
2015 
Company
£’000
C a s h	fl ow s	u s e d	i n	o p e r a t i n g	a c t i v i t i e s
Loss after tax 23 (386) (419)
Adjustments for:
Depreciation - 12 -
Share based payments - (12) (99)
Finance costs - 12 32
Fair Value adjustment on contingent consideration 3 (270) (83)
Acquisition costs 10 11 84
O p e r a t i n g	c a s h	fl ow s	b e f o r e	m o v e m e n t	i n	wo r k i n g	c a p i t a l - (633) (484)
(Increase) in trade and other receivables - (25) (2)
Increase (decrease) in trade and other payables - 26 (42)
Net cash used in operating activities - (632) (529)
C a s h	fl ow s	f r o m	i n v e s t i n g	a c t i v i t i e s
Payments to acquire property, plant and equipment - (42) (3)
Acquisition and costs 8 (11) (75)
Final payment on acquisitions - - (550)
Payment for shares in subsidiaries - -            (548)
Net cash used in investing activities - (52) (1,176)
C a s h	fl ow s	f r o m	fi n a n c i n g	a c t i v i t i e s
Net proceeds from issue ordinary share capital - (7)               408
Received from subsidiary company 18 817 1,022
Repayment of convertible loan - (105) (170)
Loan note interest paid - (10)               (24)
N e t	c a s h	f r o m	fi n a n c i n g	a c t i v i t i e s - 695 1,236
Net increase (decrease) in cash and cash equivalents - 10 (469)
Cash and cash equivalents at the beginning of the year - 2 471
Cash and cash equivalents at the end of the year - 12 2
for the year ended 31 march 2016 Daily Internet Plc  Annual Report & Accounts 2016 49
notes to the consolidated 
financial statements Daily Internet Plc  Annual Report & Accounts 2016 50
notes to the consolidated  
financial statements
1. Accounting Policies
Statement of Compliance
These Group and Company financial statements have been prepared in accordance with International Financial Reporting 
Standards (IFRSs and IFRIC interpretations) as endorsed by the European Union (“endorsed IFRS”) and with those parts of 
the Companies Act 2006 applicable to companies preparing their accounts under endorsed IFRS.
Basis of Preparation
The principal accounting policies adopted in the preparation of the Financial Statements are set out below. The policies 
have been consistently applied to all the years presented, unless otherwise stated. The consolidated financial statements 
have been prepared under the historical cost basis, except for the revaluation of certain financial liabilities which have been 
valued in accordance with IAS 39.
The preparation of financial statements in compliance with adopted IFRS requires the use of certain critical accounting 
estimates. It also requires Group management to exercise judgement in applying the Group’s accounting policies. The 
areas where significant judgements and estimates have been made in preparing the Financial Statements and their effect 
are disclosed in note 2.
Going Concern
The Directors have prepared the Financial Statements on a going concern basis which assumes that the Group and the 
company will continue to meet liabilities as they fall due.
The directors have reviewed forecasts prepared for the period ending 31 March 2018 and considered the projected trading 
forecasts and resultant cash flows together with confirmed loan facilities and other sources of finance.
The Group’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that 
the Group can continue to operate within the current facilities available to it.
The Directors therefore have a reasonable expectation that the Group has adequate resources to continue in operational 
existence for the foreseeable future and thus they continue to adopt the going concern basis of accounting in preparing 
the financial statements.
for the year ended 31 march 2016 Daily Internet Plc  Annual Report & Accounts 2016 51
New Standards and Interpretations Not yet Adopted
At the date of authorisation of these financial statements, the following standards and interpretations which have not been 
applied in these financial statements were in issue but not yet effective (and in some cases had not yet been adopted by 
the EU):
• IFRS 15 Revenue from Contracts with Customers
• IFRS 9 Financial instruments
• IFRS 16 Leases
The adoption of these standards in future periods may have an impact on the results and net assets of the Group, however 
it is too early to quantify this.
Revenue
Revenue is recognised to the extent that it is probable that the economic benefits associated with the transaction will flow 
into the Group. Revenue represents the fair value of amounts received or receivable for goods and services provided net 
of trade discounts and VAT. Revenue from the sale of domain name registrations is recognised when the domain name is 
registered or renewed. Revenue from value added services is recognised as these services are delivered. Revenue from 
hosting services is recognised over the life of each contract.
Basis of Consolidation
Where the company has control over an investee, it is classified as a subsidiary. The company controls an investee if 
all three of the following elements are present: power over the investee, exposure to variable returns from the investee, 
and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and 
circumstances indicate that there may be a change in any of these elements of control.
The consolidated financial statements present the results of the company and its subsidiaries (“the Group”) as if they 
formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the acquisition method. 
In the statement of financial position, the acquiree’s identifiable assets, liabilities and contingent liabilities are initially 
recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated 
statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date on 
which control ceases.
Business Combinations
All business combinations are accounted for by applying the purchase method. On acquisition, all of the subsidiaries’ 
assets and liabilities that exist at the date of acquisition are recorded at their fair values reflecting the conditions at that 
date. The results of subsidiaries acquired in the period are included in the income statement from the date on which 
control is obtained.
Goodwill
Goodwill represents the excess of the cost of a business combination over the total acquisition date fair value of the 
identifiable assets, liabilities and contingent liabilities acquired. Goodwill is not amortised but is capitalised as an intangible 
asset with any impairment in carrying value being charged to the consolidated statement of comprehensive income. 
In determining the fair value of consideration, the fair value of equity issued is the market value of equity at the date of  Daily Internet Plc  Annual Report & Accounts 2016 52
completion, and the fair value of contingent consideration is based on the expected future cashflows based on whether the 
directors believe performance conditions will be met and thus the extent to which the further consideration will be payable. 
Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the 
excess is credited in full to the consolidated statement of comprehensive income on the acquisition date.
Impairment of Non-Financial Assets
Impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken annually 
at the financial year end. Other non-financial assets are subject to impairment tests whenever events or changes in 
circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds 
its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly.
 
Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on 
the asset’s cash-generating unit (i.e. the lowest Group of assets in which the asset belongs for which there are separable 
identifiable cash flows that are largely independent of the cash flows from the other assets or Groups of assets). Goodwill 
is allocated on initial recognition to each of the Group’s cash-generating units that are expected to benefit from the 
synergies of the combination giving rise to the goodwill.
The estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current 
market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash 
flows have not been adjusted.
Foreign Currencies
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary 
assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet 
date and the gains or losses on translation are included in the consolidated statement of comprehensive income.
Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating 
decision maker. The chief operating decision maker has been identified as the Board of Directors.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 
either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a 
residual interest in the assets of the company after deducting all of its liabilities.
Financial Assets
The Group’s loans and receivables comprise trade and other receivables and cash and cash equivalents in the 
consolidated statement of financial position. Trade receivables are minimal as the Group operates a cash on delivery 
model for recurring subscriptions. Trade receivables are stated at their nominal value and an impairment provision will 
be recognised if there is evidence that the amount is irrecoverable and will be shown in administrative expenses in the 
Consolidated Statement of Comprehensive Income. Cash and cash equivalents includes cash in hand, deposits held at 
call with banks.  Daily Internet Plc  Annual Report & Accounts 2016 53
Share Capital
Financial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of 
a financial liability or financial asset. The Group’s ordinary shares are classified as equity instruments and are recorded at 
the proceeds received, net of direct issue costs.
Invoice Discounting
The Netplan subsidiary has an invoice discounting facility, this is only used for particular large clients who have extended 
payment terms. As at the year end this was drawn by £105k (2015: £107k) but has since been repaid in full leaving a zero 
balance on the facility.
Financial Liabilities
The Group classifies its financial liabilities into one of two categories, depending on the purpose for which it was acquired. 
The Group’s accounting policy for each category is as follows:
• Fair Value Through Profit or Loss – This category comprises only contingent consideration. They are carried in the 
statement of financial position at fair values which changes in fair value recognised in the consolidated income 
statement.
• Other Financial Liabilities – Other financial liabilities include trade payables and other short-term monetary liabilities, 
which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest rate 
method.
Fair Value Measurement Hierarchy
IFRS 7 requires certain disclosures which require the classification of financial assets and financial liabilities measured at 
fair value to reflect the significance of the inputs used in making the fair value measurement. The fair value hierarchy has 
the following levels:
a. Quoted prices in active markets for identical assets or liabilities (Level 1)
b. Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. 
as prices) or indirectly (i.e. derived from prices) (Level 2); and
c. Inputs from the asset or liability that are not based on observable market data (Level 3)
The level in the fair value hierarchy within which the financial asset or financial liability is categorised is determined on the 
basis of the lowest level input that is significant to the fair value measurement. Financial assets and financial liabilities are 
classified in their entirety into only one of the three levels.
Convertible Debt
The proceeds received on issue of the Group’s convertible debt are allocated into their liability and equity components. 
The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest 
that would be payable on a similar debt instrument that does not include an option to convert. Subsequently, the debt 
component is accounted for as a financial liability measured at amortised cost until extinguished on conversion or maturity 
of the bond. The remainder of the proceeds is allocated to the conversion option and is recognised in the “Other reserve” 
within shareholders’ equity, net of income tax effects.  Daily Internet Plc  Annual Report & Accounts 2016 54
Share Based Payments
The fair value of employee options granted is charged to the consolidated statement of comprehensive income with a 
corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the 
employees become unconditionally entitled to the options. The fair value of the options granted is measured using the 
Black Scholes pricing model, taking into account the terms and conditions upon which the options were granted. 
Leases
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over 
the shorter of the lease term and their useful lives. Obligations under such agreements are included in payables net of 
the finance charge allocated to future periods. The finance element of the rental payment is charged to the consolidated 
statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding 
in each period. Rentals payable under operating leases are charged against income on a straight line basis over the lease 
term.
Property Plant and Equipment
Items of property, plant and equipment are stated at cost less depreciation. Depreciation is provided at annual rates 
calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Furniture and Equipment 20% – 33.3% reducing balance
Investment in Subsidiaries
Fixed asset investments in the Parent Company are shown at cost less provision for impairment.
Research and Development
Research expenditure is written off to the consolidated statement of comprehensive income in the year in which the 
expenditure occurs. Development expenditure is treated in the same way unless the directors are satisfied as to the 
technical, commercial and financial viability of individual projects, there is an intention to complete and sell the product and 
the costs can be easily measurable. In this situation, the expenditure is capitalised and amortised expense is included in 
administrative expenses in the Consolidated Statement of Comprehensive Income over the years during which the Group 
is to benefit.
Intangible Assets
Intangible assets are recognised on business combinations if they are separable from the acquired entity or give rise to 
other contractual / legal rights. The amounts ascribed to such intangibles are arrived at by using appropriate valuation 
techniques (see section related to critical estimates and judgements below).
The significant intangibles recognised by the Group, their estimated useful economic lives and the methods used to 
determine the cost of intangibles acquired in business combinations are as follows: Daily Internet Plc  Annual Report & Accounts 2016 55
Intangible Asset Customer relationships
Estimated UEL 5-7 years
Valuation Method Estimated discounted cash flow
Deferred Taxation
Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the consolidated 
statement of financial position differs from its tax base, except for differences arising on: 
• the initial recognition of goodwill; 
• the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the 
transaction affects neither accounting or taxable profit; and 
• investments in subsidiaries and jointly controlled entities where the Group is able to control the timing of the reversal of 
the difference and it is probable that the difference will not reverse in the foreseeable future. 
Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available 
against which the difference can be utilised. 
The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the 
reporting date and are expected to apply when the deferred tax liabilities/(assets) are settled/(recovered). 
Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset current tax assets and 
liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either: 
• the same taxable Group company; or 
• different Group entities which intend either to settle current tax assets and liabilities on a net basis, or to realise the 
assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets 
or liabilities are expected to be settled or recovered. 
Deferred tax liabilities are recognised on intangible assets and other temporary differences recognised in business 
combinations.
2. Significant Accounting Estimates and Judgements
The preparation of this financial information requires management to make judgements, estimates and assumptions that 
affect the amounts reported for assets and liabilities at the period end date and the amounts reported for revenues and 
expenses during each period. However the nature of estimation means that actual outcomes could differ from those 
estimates. The key sources of estimation that have a significant impact on the carrying value of assets and liabilities are 
discussed below.
Impairment of Goodwill and Other Intangibles
The Group tests goodwill for impairment on an annual basis in line with the accounting policy noted above. This involves 
judgement regarding the future development of the business and the estimation of the level of future profitability and cash 
flows to support the carrying value of goodwill. An impairment review has been performed at the reporting date and no 
impairment has been identified. More details including carrying values are included in note 13. Daily Internet Plc  Annual Report & Accounts 2016 56
Impairment of Other Assets
The Group reviews the carrying value of all other assets for indications of impairment at each period end. If indicators 
of impairment exist, the carrying value of the asset is subject to further testing to determine whether its carrying value 
exceeds its recoverable amount. 
Valuation of Intangibles Acquired in Business Combinations
Determining the fair value of customer relationships acquired in business combinations requires estimation of the value 
of the cash flows related to those relationships and a suitable discount rate in order to calculate the present value. More 
details including carrying values are included in note 13.
Valuation of Contingent Consideration
When valuing the contingent consideration still payable on acquisitions, the Group considers various factors including the 
performance of the acquired entity since acquisition together with its expected performance to the end of the earn-out 
period. Following the adoption of IFRS 3 (revised) – Business Combinations, contingent consideration is recognised at, and 
carried thereafter at, fair value. All changes in fair value (other than measurement period adjustments) are reflected in the 
income statement. 
Useful Economic Lives of Intangible Assets
Intangible asset are amortised over their useful economic lives. Useful lives are based on management’s estimates of 
the period over which the assets will generate revenue, which are periodically reviewed for continued appropriateness. 
Changes to estimates can result in changes in the carrying values and hence amounts charged to the income statement in 
particular periods which could be significant.
3. Financial Instruments – Risk Management
The Group’s financial instruments comprise cash and liquid resources, convertible bonds and various items such as trade 
receivables and trade payables that arise directly from its operations.
There have been no substantive changes in the Group’s objectives, policies and processes for managing those risks or the 
methods used to measure them from previous periods.
The Group’s objective is to ensure adequate funding for continued growth and expansion. 
All of the Group’s financial instruments are carried at amortised cost with the exception of contingent consideration. There 
is no material difference between the carrying and fair value of its financial instruments, in the current or prior year, due to 
the instruments bearing interest at fixed rates or being of short term nature. Daily Internet Plc  Annual Report & Accounts 2016 57
A summary of financial instruments held by category is shown below:
 
Group Company
Financial assets
2016
£’000
2015
£’000
2016
£’000
2015
£’000
Loans and receivables
Cash and cash equivalents 513 426 11 2
Trade receivables 306 425 - -
T o t a l	fi n a n c i a l	a s s e t s      819      851 11 2
Group Company
Financial liabilities
2016
£’000
2015
£’000
2016
£’000
2015
£’000
At amortised cost
Trade and other payables 563 544 71 45
Loans and other borrowings 105 278 - 103
At fair value 668 822 71 148
Contingent consideration 435 1,225 435 1,225
T o t a l	fina n c ia l	l ia b i l i t ie s      1,103      2,047 506      1,373
Per the fair value hierarchy classifications under IFRS 7 Financial Instruments the contingent consideration due on 
acquisitions shown above are considered to be level 3 financial liabilities as there are no observable inputs for valuation.
Group
£’000
Company
£’000
Contingent consideration
At 1 April 2014
933 933
Settled during the year (850) (850)
Fair value adjustment through Income Statement (83) (83)
At acquisition 1,225 1,225
At 31 March 2015 1,225 1,225
Settled during the year (520) (520)
Fair value adjustment through Income Statement (270) (270)
At 31 March 2016 435 435 Daily Internet Plc  Annual Report & Accounts 2016 58
The fair value adjustment relates to the change in fair value calculation of the contingent consideration expected to be 
payable on the Q4Ex acquisition completed in the year. 
Liquidity Risk
Liquidity risk arises from the Group’s management of working capital and the finance charges and principal repayments on 
its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due.
The Group’s policy is to prepare periodic working capital forecasts, allowing an assessment of the cash requirements of 
the Group and Company, to manage liquidity risk. Cash resources are managed in accordance with planned expenditure 
forecasts and the directors have regard to the maintenance of sufficient cash resources to fund the Group and Company’s 
immediate operating requirements and capital expenditure.
The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial 
liabilities:
Group
At 31st March 2015
Up to 3 
months
£’000
Between
3 and 12 
months
£’000
Between
1 and 2
years
£’000
Between
2 and 5
years
£’000
Over
5 years
£’000
Trade and other payables 544 - - - -
Contingent consideration - - 1,225 - -
Loans and borrowings 175 103 - - -
Total 719 103 1,225 - -
Group
At 31st March 2016
Up to 3 
months
£’000
Between
3 and 12
months
£’000
Between
1 and 2
years
£’000
Between
2 and 5
years
£’000
Over
5 years
£’000
Trade and other payables 563 - - - -
Contingent consideration - - 435 - -
Loans and borrowings 105 - - - -
Total 668 - 435 - -
Company
At 31st March 2015
Up to 3 
months
£’000
Between
3 and 12
months
£’000
Between
1 and 2
years
£’000
Between
2 and 5
years
£’000
Over
5 years
£’000
Trade and other payables 45 - - - -
Contingent consideration - - 1,225 - -
Loans and borrowings - 103 - - -
Total 45 103 1,225 - - Daily Internet Plc  Annual Report & Accounts 2016 59
Company
At 31st March 2016
Up to 3 
months
£’000
Between
3 and 12
months
£’000
Between
1 and 2
years
£’000
Between
2 and 5
years
£’000
Over
5 years
£’000
Trade and other payables 71 - - - -
Contingent consideration - - 435 - -
Loans and borrowings - - - - -
Total 71 - 435 - -
Interest Rate Risk
The Group seeks to minimise exposure to interest rate risk by borrowing at fixed interest rates.
Credit Risk
The Group’s exposure to credit risk is limited as the majority of services provided within the SME Mass Market segment are 
under terms whereby payment is due on delivery or in advance of services provided. The managed hosting division gives 
30 day terms and historically has had no requirement for doubtful debts. For cash and cash equivalents, the Group only 
uses recognised banks with high credit ratings.
Capital Disclosures
The Group monitors “adjusted capital” which comprises all components of equity (i.e. share capital, share premium, non-
controlling interest, retained earnings, and revaluation reserve).
The Group’s objective when maintaining capital are: 
• to safeguard the entity’s ability to continue as a going concern, so that it can provide returns for shareholders in future 
periods and benefits for other stakeholders, and
• to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk.
The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes 
adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets.
4. Segmental Analysis
The chief operating decision maker for the Group is the Board of Directors. The Group reports in two segments:
• SME Mass Market – this segment provides a range of VPS, shared hosting, email and domain registration services to 
individuals and SME’s. 
•  Managed Hosting – this segment provides all forms of Cloud hosting to larger customers. This segment was created 
on the acquisition of Netplan in November 2013. Q4Ex which provides Cloud and professional services was acquired 
during the prior year has been included in this segment since acquisition and now trades as Netplan.
Information regarding the operation of the reportable segments is included below. The performance of each operating 
segment is based on revenue and earnings before interest, tax, depreciation and amortisation (EBITDA) before any  Daily Internet Plc  Annual Report & Accounts 2016 60
allocation of Group overheads, share based payments, fair value adjustments or acquisition costs, as the Board believe 
this is the best measure for performance. The Groups Adjusted EBITDA has been calculated after deducting Group 
overheads which include the cost of the Board, Group marketing, legal and professional fees. 
Assets and liabilities are not reviewed on a segmental basis. All segments are continuing operations. The accounting 
policies of the operating segments are the same as those described in the summary of significant accounting policies. 
Transactions between segments are accounted for using an arms length commercial basis.
Revenue by operating 
segment
2016
£’000
2016
%
2015
£’000
2015
%
SME Hosting 2,249 47% 2,039 52%
Managed Hosting 2,515 53% 1,852 48%
Total 4,764 100% 3,891 100%
No individual customer accounts for more than 10% of the groups revenue.
The Group operates out of the UK and sells services to the following geographical locations.
2016
£’000
2016
%
2015
£’000
2015
%
UK 3,792 80% 3,066 79%
Rest of World 972 20% 825 21%
Total 4,764 100% 3,891 100% Daily Internet Plc  Annual Report & Accounts 2016 61
2016 2015
EBITDA 
before 
acquisition 
costs and 
share based 
payments
£’000
Depreciation 
and 
amortisation
£’000
P r o fi t	( l o s s )	
before tax
£’000
EBITDA 
before 
acquisition 
costs and 
share based 
payments
£’000
Depreciation 
and 
amortisation
£’000
P r o fi t	( l o s s )	
before tax
£’000
SME Hosting 558 (164) 394 278 (150) 128
Managed Hosting 742 (435) 307 567 (389) 178
1,300 (599) 701 845 (539) 306
Group 
overheads
(634) (12) (646) (434) - (434)
Acquisition costs - - (34) - - (148)
Share based 
payments
- - 8 - - 118
Fair value 
adjustment
- - 270 - - 83
Group interest - - (51) - - (63)
Total 666 (611) 248 411 (539) (138) Daily Internet Plc  Annual Report & Accounts 2016 62
5. Expenses
2016
£’000
2015
£’000
Auditor’s remuneration
Group Audit 31 31
Taxation - compliance 4 2
Corporate finance - 6
Other advisory 1 3
Company Audit 4 4
D e p r e c i a t i o n	o f	t a n g i b l e	fi x e d	a s s e t s
Owned 215 156
Held under finance leases 77 107
Amortisation of Intangible assets 319 276
Share based payments (8) (118)
Staff costs 1,671 1,191
Rentals payable under operating leases 81 61
Marketing costs 90 156
Acquisition and integration costs 34 148
Other administrative costs 191 474
Total administrative expenses 2,710 2,497
6. Finance Expense
2016
£’000
2015
£’000
Interest payable on finance leases 39 32
Other Interest payable 12 31
Total 51 63 Daily Internet Plc  Annual Report & Accounts 2016 63
7. Staff Numbers and Costs
The average number of full time persons employed by the Group, including executive Directors during the year increased 
by 10% to 31 (2015:28).
2016 2015
Research and Development 4 3
Technical Support 20 16
Sales and Marketing 1 2
Executive and Administration 6 7
Total 31 28
The aggregate payroll costs including executive Directors but excluding integration salary costs (per note 8) and non-
executive service fees were as follows:
2016
£’000
2015
£’000
Wages and salaries 1,387 1,072
Social security costs 156 107
Benefits in kind 6 12
Benefits in kind 23 -
Share based payment expense (8) (20)
Total 1,564 1,171
Directors and Key Management Personnel
Key management personnel are those persons having authority and responsibility for planning, directing and controlling 
the activities of the Group, they are also the Directors of the Company listed on page 19.
2016
£’000
2015
£’000
Fees and salaries 287 202
Social security costs 28 19
Share based payments (12) -
Benefits in kind 3 7
Total 306 228
The emoluments of the highest paid director Christopher Evans were £96,000 (2015: Mr Abby Hardoon £68,000). Daily Internet Plc  Annual Report & Accounts 2016 64
The Group does not operate a defined benefits pension scheme and executive Directors who are entitled to receive 
pension contributions may nominate a defined contribution scheme into which the Company makes pension contributions. 
No pension contributions have been made in 2016 or 2015, though provision has been made in the accounts for pensions 
due of £8,700.
The fees relating to non-executive Directors are in some cases payable to third parties in connection with the provision of 
their services.
8. Acquisition Costs
2016
£’000
2015
£’000
Professional fees 4 84
Non – recurring integration costs 30 64
Total 34 148
9. Share Based Payments and Warrants
The Company has granted a number of EMI options. The Directors have the discretion to grant options to subscribe for 
ordinary shares up to a maximum of 10 per cent of the Company’s issued share capital. Options can be granted to any 
employee of the Group. There is no performance criteria associated with the options. The weighted average exercise price 
is 1.76p per share. 
Rights to options over ordinary shares of the Company are summarised as follows:
Grant date
No. of Ordinary Shares
Exercise 
period
Exercise 
price
At 
31 March 
2015 Granted Waived
At 
31 March 
2015
24/08/07
31/07/07 
to 30/07/17
0.7p 89,286 - - 89,286
19/12/12
19/12/12 
to 18/12/22
2p 4,025,000 - (1,850,000) 2,175,000
12/12/13
12/12/13 
to 11/12/23
1.5p 825,000 - (200,000) 625,000
02/03/15
02/03/15 
to 01/03/25
1.57p 300,000 - (200,000) 100,000
14/08/15
14/08/15 
to 13/08/25
1.7p - 1,000,000 - 1,000,000
21/02/16
21/02/16 
to 20/02/26
1.38p - 475,000 - 475,000
Total - - 5,239,286 1,475,000 (2,250,000) 4,464,286 Daily Internet Plc  Annual Report & Accounts 2016 65
The options have been valued, using the Black Scholes method, using the following assumptions:
Number of instruments granted 89,286 4,025,000 1,900,000
Grant date 23/03/09 19/12/12 12/12/13
Expiry date 30/07/17 18/12/22 11/12/23
Contract term (years) 8.2 10 10
Exercise price 0.7p 2p 1.5p
Share price at granting 5p 2.5p 2.125p
Annual risk free rate (%) 5% 0.5% 0.5%
Annual expected dividend yield (%) 0% 0% 0%
Volatility (%) 50% 40% 90%
Fair value per grant instrument 0.46p 1.36p 1.86p
Number of instruments granted 300,000 1,000,000 475,000
Grant date 12/02/15 14/08/15 21/02/16
Expiry date 11/02/25 13/08/25 20/02/26
Contract term (years) 10 10 10
Exercise price 1.57p 1.7p 1.38p
Share price at granting 1.55p 1.7p 1.77p
Annual risk free rate (%) 0.5% 0.5% 0.5%
Annual expected dividend yield (%) 0% 0% 0%
Volatility (%) 40% 90% 55%
Fair value per grant instrument 0.8p 1.44p 1.19p
The inputs to the share valuation model utilised at the grant of option is shown in the tables above. Management has 
determined volatility using their knowledge of the business.
At 31 March 2016 there were 5,600,000 outstanding warrants to subscribe for the ordinary share capital of the Company 
as follows:
Grant date
No. of Warrants and Exercise price
Exercise period 5p Total
09/01/12 08/01/22 5,600,000 5,600,000
The fair value of the convertible loan warrants has been calculated at 0.009p based on the following assumptions – share 
price at granting 1.25p, annual risk free rate 0.5%, and volatility 20%. No provision has been made for the convertible loan 
note warrants in shared based payments. Daily Internet Plc  Annual Report & Accounts 2016 66
10. Acquisitions
There have been no acquisition’s during the period. The Board strategically expect acquisitions to be a common 
component of growth in the future.
Acquisitions made during the year to 31 March 2015 were:
Evohosting Limited
The Group acquired 100% of the share capital of Evohosting Limited on 20 August 2014. 
Evohosting provides Domain registration and shared hosting services to individuals and SME’s.
During the year to 31 March 2015 the Group incurred £50,000 of costs in relation to this acquisition. These costs are 
included in administrative expenses in the Groups consolidated statement of comprehensive income for the year ended 31 
March 2015.
The amount of identifiable net assets assumed at the acquisition date in shown below:
Recognised amounts of net assets acquired and liabilities assumed Note
Provisional
Fair Values
£’000
Cash and cash equivalents - 182
Trade and other receivables - 11
Property, plant and equipment - 12
Intangible assets - 367
Trade and other payables - (131)
Current income tax liability - (6)
Deferred tax liability - (73)
Identifiable net assets - 362
Goodwill 13 181
Total consideration 543
Satisfied by:
Cash consideration – paid on acquisition 3 543
The fair value of acquired customer relationships intangible asset has been estimated using a discounted cashflow 
method, based on the estimated level of profit to be generated from them. A post tax discount rate of 19% was used in the 
valuation. Customer relationships are being amortised over an estimated useful life of 5 years.
 
Since the acquisition date to 31 March 2015, Evohosting Limited has contributed £250,000 to Group revenues and 
£80,000 to Group profit. Daily Internet Plc  Annual Report & Accounts 2016 67
Q4Ex Limited
The Group acquired 100% of the share capital of Q4Ex Limited (“Q4Ex”) on 10 December 2014. Q4Ex provides managed 
hosting and application support services.
During the year to 31 March 2015 the Group incurred £25,000 of costs in relation to this acquisition. These costs are 
included in administrative expenses in the Groups consolidated statement of comprehensive income for the year ended 31 
March 2015.
The amount of identifiable net assets assumed at the acquisition date in shown below:
Recognised amounts of net assets acquired and liabilities assumed Note
Provisional
Fair Values
£’000
Cash and cash equivalents - 37
Intangible assets - -
Trade and other receivables - 38
Property, plant and equipment - 48
Trade and other payables - (43)
Deferred tax liability - -
Id en t i fi a b le	ne t	a s se t s - 80
Goodwill 13 1,655
1,745
S at is fi e d	by :
Consideration - New Ordinary shares issued at 1.7p per share - 520
Contingent consideration - 1,225
Total consideration - 1,745
Since the date of acquisition to 31 March 2015, Q4Ex Ltd has contributed £112,000 to Group revenues and £31,000 to 
Group profits.  
The acquisition of Q4Ex Ltd included a contingent consideration consisting three potential hurdle payments (of up to 
£520,000, £520,000 and £416,000) payable in new Ordinary shares at 1.7p. The contingent consideration is based on the 
level of earnings before interest, tax, depreciation and amoritisation EBITDA) achieved in a 12 month rolling period less an 
amount for central re-charges. The earnout period is to 08 December 2017.
The fair value of deferred consideration has been estimated using the discounted cashflow method based on the timing of 
the payment of the consideration. A post tax discount rate of 19% was used.
Pro-Forma Full Year Information
Had both acquisitions taken place on 1 April 2014, the Group’s revenue for the year to 31 March 2015 would have been 
£4.3m and the Group’s profit would have been £0.15m Daily Internet Plc  Annual Report & Accounts 2016 68
11. Earnings Per Share
2016 2015
Profit (loss) for the financial year attributable to shareholders £302,000 (£84,000)
Weighted number of equity shares in issue 483,059,433 456,047,673
Basic/diluted loss per share £0.0006 (£0.0002)
Diluted loss per share £0.0006 (£0.0002)
12. Taxation
2016
£’000
2015
£’000
Current tax charge 31 -
Deferred tax
Timing differences (85) (54)
Total tax charge (54) (54)
Factors affecting the tax charge for the year
P r o fi t	( l o s s )	o n	o r d i n a r y	a c t i v i t i e s	b e f o r e	t a x a t i o n 248 (138)
Profit (loss) on ordinary activities before taxation multiplied by the Standard 
rate of UK corporation tax of 20% (2015:21%)
34 (29)
E ff e c t s	o f :
Tax losses (3) 29
Total tax charge 31 -
The Group recognised deferred tax assets and liabilities as follows:
2016
£’000
2015
£’000
Deferred tax on customer relationships (267) (327)
Capital allowances timing differences 25 -
Deferred tax (liability)/asset (242) (327)
The Directors have provided for a deferred tax asset based on two year forecasts for the period to 31 March 2018. The tax 
losses available were approximately £4,513,000 at 31 March 2016 (2015: £4,692,000). The deferred tax asset on these tax 
losses at 18% (2015: 20%) of £812,000 (2015: £971,000) has not been fully recognised due to the uncertainty of the timing 
of the recovery. Daily Internet Plc  Annual Report & Accounts 2016 69
The movement in the deferred tax account during the year was:
Capital 
allowances 
timing 
di ff er en c e s
£’000
Customer 
relationships
£’000
Total
£’000
Balance at 1 April 2015 - (327) (327)
Credited to statement of comprehensive income 25 60 85
 Balance at 31 March 2016 25 (267) (242)
13. Intangible Assets
Group
Website
Cost
£’000
Development
Cost
£’000
Software
Cost
£’000
Customer
Relationships
£’000
Positive
Goodwill
£’000
Total
£’000
At 1 April 2014 166 232 - 1,547 2,576 4,521
Additions 31 - 3 - - 34
Acquired from  
acquisition
- - 4 367 1,878 2,255
Disposals - - - - - -
At 31 March 2015 197 232 7 1,914 4,454 6,810
At 1 April 2015 197 232 7 1,914 4,454 6,810
Additions - - 54 - - 54
Disposals - - - - - -
At 31 March 2016 197 232 61 1,914 4,454 6,858
Accumulated amortisation and impairment
At 1 April 2014 166 223 - 82 - 480
On disposals - - - - - -
Charge for the year 3 - 1 272 - 276
At 31 March 2015 169 232 1 354 - 756
At 1 April 2015 169 232 1 354 - 756
On disposals - - - - - -
Charge for the year 11 - 7 301 - 319
At 31 March 2016 180 232 8 655 - 1,075 Daily Internet Plc  Annual Report & Accounts 2016 70
Group
Website
Cost
£’000
Development
Cost
£’000
Software
Cost
£’000
Customer
Relationships
£’000
Positive
Goodwill
£’000
Total
£’000
Net book value
At 31 March 2014 - - - 1,465 2,576 4,041
At 31 March 2015 28 - 6 1,560 4,454 6,054
At 31 March 2016 17 - 53 1,259 4,454 5,783
The Company held no Intangible assets at 31 March 2016 or 31 March 2015.
All amortisation and impairment charges are included in the depreciation, amortisation and impairment of non-financial 
assets classification, which is disclosed as administrative expenses in the statement of comprehensive income.
During the year, goodwill was reviewed for impairment in accordance with IAS 36 “Impairment of Assets”. No impairment 
charges arose as a result of this review.
The recoverable amount is determined based on discounted cash flow basis and is allocated to individual cash generating 
units. The calculation uses pre-tax cash flow projections based on financial budgets approved by the Board covering a 
two year period. Cash flows beyond the two year period are extrapolated using the estimated growth rates stated below. 
The growth rates and margins used to estimate future performance are based on past performance and the experience of 
growth rates.
The carrying value of each CGU is as follows:
2016
£’000
2015
£’000
SME Hosting 620 598
Managed Hosting 4,977 5,298
Total 5,597 5,896
The assumptions used for the impairment reviews are as follows:
SME 
Hosting
Managed 
Hosting
Discount rate 15% 15%
Growth rate year 2 to year 5 1% 10%
Terminal growth rate 1% 5%
Forecast period for which cashflows are estimated 2 year 2 year Daily Internet Plc  Annual Report & Accounts 2016 71
The Group had no contractual liability for development costs at 31st March 2016. As a result of the impairment testing 
carried out on the basis of these estimates and assumptions, no impairment provisions are required.
The recoverable amount for the Managed Hosting exceeds the carrying value of the total net assets by £0.5m. A 1% 
increase in the discount rate would reduce the recoverable amount by approximately £0.5m. A 4% reduction in the growth 
rate would reduce the recoverable amount by approximately £0.4m.
14. Property Plant and Equipment
Group
Furniture
and
equipment 
£’000
Total
£’000
At 1 April 2014 973 973
Additions 316 316
Disposals (5) (5)
Acquisition of subsidiary 57 57
At 31 March 2015 1,341 1,341
At 1 April 2015 1,341 1,341
Additions 161 161
Disposals (11) (11)
At 31 March 2016 1,491 1,491
Accumulated depreciation
At 1 April 2014 491 491
On disposal (5) (5)
Charge for the year 263 263
At 31 March 2015 749 749
At 1 April 2015 749 749
On disposal (2) (2)
Charge for the year 292 292
At 31 March 2016 1,041 1,041
Net book value
At 31 March 2014 482 482
At 31 March 2015 592 592
At 31 March 2016 450 450 Daily Internet Plc  Annual Report & Accounts 2016 72
Included in the net book value of £450,000 (2015: £592,000) for furniture and equipment are assets held under finance 
leases with a NBV of £151,000 (2015: £269,000). 
The depreciation for the year on these assets was £77,000 (2014: £107,000).
Company
Furniture
and
equipment 
£’000
Total
£’000
At 1 April 2014 - -
Additions 3 3
Disposals - -
At 31 March 2015 3 3
At 1 April 2015 3 3
Additions 42 42
Disposals - -
At 31 March 2016 45 45
Accumulated depreciation
At 1 April 2014 - -
On disposal - -
Charge for the year - -
At 31 March 2015 - -
At 1 April 2015 - -
On disposal - -
Charge for the year 12 12
At 31 March 2016 12 12
Net book value
At 31 March 2014 - -
At 31 March 2015 3 3
At 31 March 2016 33 33
The Company held no finance leases at 31 March 2016 or 31 March 2015. Daily Internet Plc  Annual Report & Accounts 2016 73
15. Investments
 
Company
2016
£’000
2015
£’000
Investment in Subsidiaries 
At 1 April 2015
6,576 5,147
Additions - 2,293
Impairment - (864)
Cost 31 March 2016 6,576 6,576
The Company’s subsidiary undertakings all of which are wholly owned (unless otherwise stated) and included in the 
consolidated accounts are:
Undertaking Registration Principal activity
Daily Internet Services Limited England SME Mass Market Hosting
Netplan Internet Solutions Limited England Managed hosting
Netplan LLC* USA Managed hosting
NameHOG Limited England Dormant
Q4Ex Limited England Dormant
18a Bridge Street Limited England Dormant
*Netplan LLC is a wholly owned subsidiary of Netplan Internet Solutions Ltd
The recoverable amounts have been determined from discounted cash flow calculations based on cash flow projections 
from approved budgets covering a two-year period to 31 March 2018. The major assumptions can be found in note 13.  Daily Internet Plc  Annual Report & Accounts 2016 74
16. Trade and Other Receivables
Amounts due within one year
Group 2016
£’000
Company 2016
£’000
Group 2015
£’000
Company 2015
£’000
Trade debtors 306 - 425 -
Other debtors - 11 3 -
Amounts owed by subsidiary 
undertakings
- - - 87
Prepayments and accrued 
income
292 23 166 9
 Total Debtors 598 34 594 96
The Group is not exposed to any significant credit risk from trade receivables. The ageing below shows that all debts are 
less than three months old and there has been no significant bad debt write off during the year, therefore no impairment is 
required
Total unimpaired trade receivables which are past due
2016
£’000
2015
£’000
Up to 3 months 306 425
Over 3 months but less than 6 months - -
Over 6 months but less than 1 year - -
Total 306 425
17. Trade and Other Payables
Amounts falling due within 
one year
Group 2016
£’000
Company 2016
£’000
Group 2015
£’000
Company 2015
£’000
Trade payables 367 35 357 24
Corporation tax 62 - 34 -
Other payables - - 49 -
Accruals 134 36 104 21
Total financial liabilities, excluding 
loans and borrowings measured 
at amortised cost
563 71 544 45
Other taxes and social security 
costs
155 - 168 -
Deferred Income 707 - 756 -
Total         1,425 71 1,468 45 Daily Internet Plc  Annual Report & Accounts 2016 75
Contingent consideration 
due on acquisitions
Group 2016
£’000
Company 2016
£’000
Group 2015
£’000
Company 2015
£’000
Q4Ex Ltd 435 435 1,225 1,225
The fair value of contingent consideration was based on the present value of cash flows and the market value of the shares 
to be issued.
To the extent trade payables and other payables are not carried at fair value in the consolidated balance sheet, book value 
approximates to fair value at 31 March 2016 and 31 March 2015.
Maturity group of the financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at 
amortised cost is shown in note 3.
18. Loans and Borrowings
The book value and fair value of loans and borrowings are as follows:
Non-Current
Group 2016
£’000
Company 2016
£’000
Group 2015
£’000
Company 2015
£’000
Finance lease creditor 91 - 126 -
Total 91 - 126 -
Current
Group 2016
£’000
Company 2016
£’000
Group 2015
£’000
Company 2015
£’000
Convertible loan - - 103 103
Convertible loan 105 - 175 -
Finance lease creditor 111 - 108 -
Total 216 - 386 103
Convertible Loan Note
During the year twenty-two £5,000 convertible loan notes were redeemed, there are no further convertible loan notes 
outstanding as at 31 March 2016. Daily Internet Plc  Annual Report & Accounts 2016 76
19. Leases
Group Finance Leases
Future lease payments are due as follows:
Minimum Lease 
Payments 2015
£’000
Interest
 2015
£’000
Present 
Value 2015
£’000
Not later than one year 125 17 108
Later than one year and not later than 5 years 133 7 126
Later than 5 years - - -
Total 258 24 234
Minimum Lease 
Payments 2016
£’000
Interest
 2016
£’000
Present 
Value 2016
£’000
Not later than one year 126 15 111
Later than one year and not later than 5 years 97 6 91
Later than 5 years - - -
Total 223 21 202
The Company has no finance leases. 
Group Operating Leases
The total future value of minimum lease payments is due as follows:
Leasehold 
Property 2016
£’000
Other
2016
£’000
Leasehold 
Property 2015
£’000
Other
2015
£’000
Within one year 60 - 78 -
Within two to five years 131 - 168 -
After five years 35 - 58 -
Total 226 - 304 -
The Company has no operating leases. Daily Internet Plc  Annual Report & Accounts 2016 77
20. Share Capital
Group 2016
£’000
Company 2016
£’000
Group 2015
£’000
Company 2015
£’000
Allotted, called up and fully paid - - - -
At start of year 479,791,101 
Ordinary shares of 0.5p each
2,399 2,399 2,038 2,038
Issued during the year 
30,588,235 Ordinary shares of 
0.5p
153 153 361 361
At end of year 510,379,336 
Ordinary shares of 0.5p
2,552 2,552          2,399           2,399 
During the year the Company issued 30,588,235 ordinary shares of 0.5p each. These were issued at 1.7p per share in part 
settlement to the Q4Ex shareholders.
Under the terms of the EMI and unapproved share options a further 46,574,000 ordinary shares could be issued with a 
nominal value of £232,870.
21. Contingent Liabilities
There are no contingent liabilities at the year-end for either the group or company.
22. Related Party Transactions
Details of Directors’ remuneration are given in the Directors’ Remuneration Report. Other related party transactions are as 
follows:
Transaction 
value
Balance Due to 
Related Party
Related party relationship Type of Transaction
2015
£’000
2016
£’000
2015
£’000
2016
£’000
Directors
Use of personal credit cards to 
pay online suppliers and rent of 
office building*
412 450 34 0
Companies in which directors 
or their immediate family have a 
significant / controlling interest
Provision of management servic-
es and website design
17 58 9 1
*The practice of using personal credit cards to pay anything other than incidental expenses was ceased in the financial 
year, the company no longer permits this by policy. Daily Internet Plc  Annual Report & Accounts 2016 78
23. Loss for the Financial Year
As permitted by section 408 Companies Act 2006, the holding Company’s profit and loss has not been included in the 
financial statements. The loss for the financial year is made up as follows:
2016
£’000
2015
£’000
Holding company’s loss for the year 386 419
24. Prior Year Restatement
An amount of £928,000 has been reclassified from the share premium account to the other reserve to reflect the amount 
subscribed for share capital in excess of nominal value of the acquisition of another company. This has increased the 
previously reported other reserve by £928,000 and reduced the previously reported share premium reserve by £928,000. 
This adjustment has had no impact on the reported net assets or loss for the year ended 31 March 2015. Daily Internet Plc  Annual Report & Accounts 2016 79
notice of annual  
general meeting Daily Internet Plc  Annual Report & Accounts 2016 80
notice of annual general meeting
Notice is hereby given that the Annual General Meeting of Daily Internet plc (Company number: 06172239) will be held on 
Tuesday, 5 July 2016 at 11.00am at Kuit Steinart Levy LLP, 7th Floor, Blackfriars House, The Parsonage, Manchester M3 
2JA for the purpose of considering and, if thought fit, passing the resolutions set out below, of which Resolutions 1 to 4 will 
be proposed as ordinary resolutions and Resolution 5 will be proposed as a special resolution. 
In addition, it should be noted that the value of the Company’s net assets is now less than half of its called-up share 
capital. In these circumstances the Directors are required under section 656 of the Companies Act 2006 to consider at a 
General Meeting of the Company whether any, and if so what, steps should be taken to deal with the situation. In light of 
the Group’s trend of continued improvement and management expectations of future performance, the Directors do not 
consider it necessary to have any specific resolutions proposed at the Annual General Meeting but the situation will be 
considered at the end of the Annual General Meeting.
Ordinary Business
To consider and, if thought fit, pass the following resolutions:
1. TO receive, consider and adopt the Annual Report and Financial Statements for the year ended 31 March 2016, 
together with the Directors’ and Auditors’ Reports contained therein.
2. TO reappoint Christopher Evans as a director who retires by rotation.
3. TO reappoint BDO LLP Chartered Accountants as auditors of the Company and authorise the Directors to fix their 
remuneration.
4. THAT the Directors be generally and unconditionally authorised to allot equity securities (as defined in section 560(1) 
of the Companies Act 2006 (“the Act”)):
a. up to an aggregate nominal amount of £255,189.67 in connection with an offer by way of a rights issue:
i. to holders of ordinary shares in proportion (as nearly as may be practicable) to their respective holdings; 
and
ii. to holders of other equity securities as required by the rights of those securities or as the Directors 
otherwise consider necessary,
but subject to such exclusions or other arrangements as the Directors may deem necessary or expedient in 
relation to treasury shares, fractional entitlements, record dates, legal or practical problems in or under the laws of 
any territory or the requirements of any regulatory body or stock exchange; and
b. in any other case, up to an aggregate nominal amount of £510,379.34 (such amount to be reduced by the nominal 
amount of any equity securities allotted under resolution 4(a) above in excess of £255,189.67), provided that this 
authority shall, unless renewed, varied or revoked by the Company, expire 15 months from the date this resolution  Daily Internet Plc  Annual Report & Accounts 2016 81
is passed or, if earlier, the date of the next annual general meeting of the Company save that the Company may, 
before such expiry, make offers or agreements which would or might require Relevant Securities to be allotted 
and the Directors may allot Relevant Securities in pursuance of such offer or agreement notwithstanding that the 
authority conferred by this resolution has expired. 
 
This resolution revokes and replaces all unexercised authorities previously granted to the Directors to allot Relevant 
Securities but without prejudice to any allotment of shares or grant of rights already made, offered or agreed to be 
made pursuant to such authorities. 
 
For the purposes of the resolution: ‘Relevant Securities’ means:
i. shares in the Company other than shares allotted pursuant to: an employee share scheme (as defined by 
section 1166 of the CA 2006); a right to subscribe for shares in the Company where the grant of the right 
itself constituted a Relevant Security; or a right to convert securities into shares in the Company where the 
grant of the right itself constituted a Relevant Security; and
ii. any right to subscribe for or to convert any security into shares in the Company other than rights to 
subscribe for or convert any security into shares allotted pursuant to an employee share scheme (as 
defined by section 1166 of the CA 2006). References to the allotment of Relevant Securities in the 
resolution include the grant of such rights.
Special Business
As special business, to consider and, if thought fit, pass the following resolutions:
5. THAT, subject to the passing of resolution 4, the Directors be given the general power to allot equity securities (as 
defined by section 560 of the Act) for cash, either pursuant to the authority conferred by resolution 4 or by way of a sale 
of treasury shares, as if section 561(1) of the Act did not apply to any such allotment, provided that this power shall be 
limited to:
a. the allotment of ordinary shares of £0.005 (0.5 pence) each (“Ordinary Shares”) pursuant to options granted to 
directors, employees and consultants to the Company up to an aggregate nominal value of £22,321.43;
b. the allotment of Ordinary Shares pursuant to warrants granted pursuant to a warrant instrument dated 9 January 
2012 up to an aggregate nominal value of £28,000;
c. the allotment of equity securities in connection with an offer by way of a rights issue:
i. to the holders of ordinary shares in proportion (as nearly as may be practicable) to their respective 
holdings; and
ii. to holders of other equity securities as required by the rights of those securities or as the Directors 
otherwise consider necessary,
but subject to such exclusions or other arrangements as the Directors may deem necessary or expedient in relation to 
treasury shares, fractional entitlements, record dates, legal or practical problems in or under the laws of any territory or 
the requirements of any regulatory body or stock exchange; and Daily Internet Plc  Annual Report & Accounts 2016 82
d. the allotment (otherwise than pursuant to resolutions 5(a) to (c) above) of equity securities up to an aggregate 
nominal amount of £255,189.67.
The power granted by this resolution will expire 15 months from the date this resolution is passed or, if earlier, the 
conclusion of the Company’s next annual general meeting (unless renewed, varied or revoked by the Company prior to or 
on such date) save that the Company may, before such expiry make offers or agreements which would or might require 
equity securities to be allotted after such expiry and the Directors may allot equity securities in pursuance of any such offer 
or agreement notwithstanding that the power conferred by this resolution has expired.
This resolution revokes and replaces all unexercised powers previously granted to the Directors to allot equity securities as 
if section 561(1) of the 2006 Act did not apply but without prejudice to any allotment of equity securities already made or 
agreed to be made pursuant to such authorities.
By order of the board
Clive Maudsley   Registered Office
Company Secretary  First Floor, Nelson House
31 May 2016   Park Road, Timperley
    Cheshire WA14 5BZ Daily Internet Plc  Annual Report & Accounts 2016 83
Notes
1. Any member entitled to attend and vote at the Annual General Meeting is entitled to appoint one or more proxies 
who need not be a member of the Company to attend and to vote instead of the member. Completion and return of a 
form of proxy will not preclude a member from attending and voting at the meeting in person, should he subsequently 
decide to do so. 
2. In order to be valid, any form of proxy and power of attorney or other authority under which it is signed, or a notarially 
certified or office copy of such power of attorney, must reach the Company’s Registered Office, First Floor, Nelson 
House, Park Road, Timperley, Cheshire. WA14 5BZ not less than 48 hours (excluding weekends and bank holidays) 
before the time of the meeting or of any adjournment of the meeting. 
3. Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001 the Company specifies that to be entitled 
to attend and vote at the meeting (and for the purposes of the determination by the Company of the number of votes 
they may cast), holders of ordinary shares must be entered on the relevant register of securities by 11.00am on 
Sunday, 3 July 2016. Changes to entries on the relevant register of securities after 11.00am on Sunday, 3 July 2016 
shall be disregarded in determining the rights of any person to attend and vote at the meeting. 
4. Copies of the service contracts and letters of appointment of each of the Directors of the Company together with the 
Register of Directors’ Interests will be available for inspection at the registered office of the company during usual 
business hours on any weekday (Saturday and public holidays excluded) and at the place of the Annual General 
Meeting from at least 15 minutes prior to and until the conclusion of the Annual General Meeting. 
5. The Directors have no present intention of exercising either the allotment authority under resolution 4 or the 
disapplication of pre-emption rights authority under resolution 5 other than as required pursuant to the authorities set 
out in paragraphs (a) to (c) of resolution 5. 
6. The Annual Report and Financial statements can be downloaded from the investor section of our website at the 
following location https://investor.daily.co.uk/financial-reports/ Daily Internet Plc
Walker House
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Liverpool L2 3YL
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