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Minds + Machines profit unchanged as sales edge lower
StockMarketWire.com
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Domain registry group Minds + Machines booked a flat full-year profit as revenue edged lower.
Pre-tax profit for the year through December amounted to £2.99 million, compared to £2.98 million year-on-year.
Revenue fell to £16.8 million, down from £17.2 million.
The company didn't declare any dividends.
Chief executive Tony Farrow said revenues for the first quarter of 2021 were 4% down year-on-year.
'While it is early in the AdultBlock Sunrise B renewal period, we are encouraged by registrar interest and some early sales of this product,' he said.
'We are also seeing an increase in cash generation despite the decrease in revenues as the staffing changes and other cost reduction initiatives put in place at the end of 2020 resulted in EBITDA of $1.6m for the quarter, a 98% increase over the $801k generated in Q1 2020.'
'We continue to work closely with GoDaddy Registry to complete the conditions precedent to the completion of the sale transaction whilst continuing to drive the business forward to maximise near term cash flows.'
At 8:59am: (LON:MMX) Minds Machines Group Ltd share price was 0p at 4.6p
Story provided by StockMarketWire.com
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