Minds + Machines Group (MMX) , the internet top-level domain owner and operator, released H1 interims on Tuesday, revealing significant improvements to top and bottom line results.
Revenues were up 39% to $8.9m from $6.4m, and profits grew to $1.7m, compared to a $14.7m loss in the previous year.
Operating EBITDA, net of auction revenue, increased by 306% to $2.7m, and net cash generated from normal operations was up to $2.2, compared to $0.5m in the previous year.
The company said that significant improvement was made in automated new sales, driven largely by data-based activities.
MMX also told investors it now has a more predictable revenue profile, highlighting that renewal revenues accounted for 68% of operating revenue, compared to 25% in 2016.
Shares in MMX were trading 4.35% higher following the results
Toby Hall, CEO of MMX said: "We remain extremely encouraged by the progress year-to-date across the Group as we continue to deliver on our strategy of producing highly predictable, balanced revenue streams through organic growth, innovation and selective acquisition which is now resulting in healthy cash generation for the Group.”
“It is in turn enabling us to settle the legacy onerous contract that has been a substantial cash drain on the business over the last five years from existing cash resources in the business.”
He added that the £1 million share buyback that started in July 2019, is set to continue while the company explores more meaningful return of funds, such as a progressive dividend, or a larger tender offer.
Mr. Hall concluded by saying that he was encouraged by the cash generation of the business and that trading remains in line with market expectations.
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