Minds + Machines achieves first year of profitability
Source - SMW
Minds + Machines, an owner and operator of Internet Top-Level Domains (TLDs), expects EBITDA for 2017 to be slightly ahead of market expectations, with profit being further boosted by $2.1 million through monies received by the company from two contested TLD auctions.
Domains under management grew 67% to over 1.32 million.
Second half billings amounted to approximately $10 million (compared with $5.6 million in the first half), resulting in total billings of approximately $15.6 million for the full year.
This enabled the company to achieve its first year of profitability as an operating business.
Renewal revenue now account for approximately $5.6 million (2016: $3.8 million). Recurring income for the first-time has exceeded fixed operating costs which have been reduced to below $5.5 million for 2017 (2016: $6.5 million).
Net cash at 31 December 2017 improved to $15.9 million (31 December 2016: $15.3 million) despite settling $3.1 million of balance sheet liabilities in the year associated with contracts restructured in 2016.
Toby Hall, chief executive of MMX, said: "To have transformed the company from a loss-making business to a profitable one on an ongoing basis within 24 months is an achievement the whole team should be proud of. 2018 has started positively and I look forward to updating shareholders in April with our strategy for building on this profitable platform and delivering value to shareholders."
At 8:18am: (LON:MMX) Minds Machines Group Ltd share price was +0.58p at 8.63p