Proactiveinvestors United Kingdom Minds + Machines Group Limited https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Minds + Machines Group Limited RSS feed en Thu, 23 May 2019 14:28:09 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Minds + Machines reports 'industry first' as its '.luxe' domain is extended to all blockchains ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13426/minds--machines-reports--industry-first--as-its--luxe--domain-is-extended-to-all-blockchains-13426.html Tue, 21 May 2019 12:58:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13426/minds--machines-reports--industry-first--as-its--luxe--domain-is-extended-to-all-blockchains-13426.html <![CDATA[News - Minds + Machines rises as it rakes in US$100,000 from first sale of ‘.luxe’ domains ]]> https://www.proactiveinvestors.co.uk/companies/news/220666/minds--machines-rises-as-it-rakes-in-us100000-from-first-sale-of-luxe-domains-220666.html Minds + Machines Group Limited (LON:MMX) shares rose on Tuesday after the company hit three major milestones in its ‘.luxe’ project, including US$100,000 from its sale of the first domains.

‘.luxe’ is a top level domain (TLD) designed to simplify Ethereum wallet codes used on blockchains. Instead of requiring a string of 42 random characters, the domain connects the character code to a unique web address with the suffix ‘.luxe’.

READ: Minds + Machines makes strong start to 2019 as recurring revenues climb

MMX said it had completed an all-chain association engine for the ‘.luxe’ domain which would allow web addresses using the TLD to be associated with any existing or newly created wallet address on a public blockchain.

The company said the new engine would allow ‘.luxe’ users to use the same domain for different wallets across blockchains rather than having to create and remember new 42-character strings for each one they create.

MMX added that three exchange and wallet providers in Asia - the Exshell Exchange, MEET.ONE and Bying - had agreed to introduce the ‘.luxe’ domain this year as part of their plans to improve wallet management.

In total, the three businesses currently have a combined customer base of approximately 1.2mln with daily active customers typically ranging between 5%-10% of that figure.

Toby Hall, MMX chief executive, said that the milestones were part of the accelerating monetum of the ‘.luxe’ project and that partners were starting to recognise the “immediate benefits” of the solution to both customers and their own management systems.

In early trading, MMX shares were 6.9% higher at 6.2p.

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Tue, 21 May 2019 08:35:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220666/minds--machines-rises-as-it-rakes-in-us100000-from-first-sale-of-luxe-domains-220666.html
<![CDATA[RNS press release - .luxe update ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190521070025_14081015/ Tue, 21 May 2019 07:00:25 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190521070025_14081015/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190520115746_14080375/ Mon, 20 May 2019 11:57:46 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190520115746_14080375/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190517140827_14078830/ Fri, 17 May 2019 14:08:27 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190517140827_14078830/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190515144159_14075361/ Wed, 15 May 2019 14:41:59 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190515144159_14075361/ <![CDATA[News - Minds + Machines sees recurring revenues surpass overheads as portfolio gathers pace ]]> https://www.proactiveinvestors.co.uk/companies/news/217047/minds--machines-sees-recurring-revenues-surpass-overheads-as-portfolio-gathers-pace-217047.html Minds + Machines Group PLC (LON:MMX) owns and operates a portfolio for generic top-level domains (TLDs).

TLDs are the suffixes attached to the end of website addresses (e.g. .com, .org, .net), with MMX’s portfolio mainly focusing on geographic domains (.london, .boston, .miami), professional occupations (.law), consumer interests (.fashion, .wedding, cooking), lifestyle (.fit, .surf, .yoga), outdoor activities (.fishing, .garden, .horse) and generic names (.vip, .work, .casa).

In total, MMX owns around 26 TLDs. A particular highlight is its ‘.luxe’ domain, which looks to provide a  standardised naming convention for blockchain addresses.

MMX works with an international network of registrars and domain distributors to help disseminate its portfolio, counting registrars like US-based GoDaddy Inc (NYSE:GDDY) among its partners.

How is it doing:

Minds & Machines' full-year 2018 results, released on 3 April, showed an ‘exceptionally strong’ start to the current year, with recurring revenues now accounting for the majority of the group’s income.

Gross revenues rose by 5% to US$15.1mn in 2018, with recurring revenues 97% higher at US$9.4mln, which surpassed overheads for the first time. The company’s losses soared, however, to US$12.7mln as the company cleared out loss-making contracts, bad debts and wrote-down assets.

So far in 2019, the group said, domain registrations are up to 1.87mln from 1.81mln at the year-end. First quarter billings rose by 246% due to a combination of the first time ICM contribution and a significant increase in billings from China, helped by .law registrations.

In a trading update a month earlier, the company had already revealed that it would be debt-free by the end of March, with its cash balances having risen to US$11.9mln by the start of that month.

MMX also announced that it is working with the lead developers of the Namecoin blockchain and XAYA platform to develop an easy-to-use naming solution that will integrate human readable .luxe addresses with bitcoin alphanumeric addresses. It is expected the .luxe bitcoin naming service will go live in the second half of this year.

In December 2018, MMX had said .luxe was then supported by 71 registrars globally and it had recouped its initial investment in the TLD within the first four weeks of launch, which was on 26 October.

The group also confirmed in March that it had appointed Christa Taylor as its new chief marketing officer and Daniel Schindler, the co-founder of Donuts Inc, the world’s largest new TLD operator, as a special advisor.

What the boss says: - Toby Hall, chief executive:

"Q1 sales are significantly ahead of the same period last year resulting from a combination of the first time contribution from ICM, healthy trading in China and steady growth in sales from the European and US teams.

“We likewise look forward to the benefits of certain underlying contract renegotiations beginning to feed through into the business in H2 and the subsequent period; the business is now well positioned for ongoing growth."

Blue Sky:

In a note to clients following the full-year numbers, analysts at ‘house’ broker finnCap said the results highlight the transformation from the struggling business management inherited in 2016.

They said: “It is delivering on its strategy of profitable organic growth allied to targeted acquisitions and innovative development to become a leading pure-play registry in the gTLD market. MMX continues to enjoy rapid registration growth and high renewal rates from an extensive portfolio which is growing in range and value.

“That is building predictable recurring revenue which now covers the cost base ahead of partner payments.”

The analysts added: “Underlying results beat sales and profit expectations but were reduced by $0.6mln due to a 2016 contract adjustment.

“Housekeeping of old contracts, and acquisition and restructuring costs contributed to heavy exceptional items; however, this clears the decks for continued profitable growth.”

finnCap has a 17p target price on Minds + Machines’ shares, which currently trade at 5.80p giving it a market cap of around £53mln.

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Mon, 08 Apr 2019 14:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/217047/minds--machines-sees-recurring-revenues-surpass-overheads-as-portfolio-gathers-pace-217047.html
<![CDATA[News - Minds + Machines makes strong start to 2019 as recurring revenues climb ]]> https://www.proactiveinvestors.co.uk/companies/news/217839/minds--machines-makes-strong-start-to-2019-as-recurring-revenues-climb-217839.html Minds & Machines PLC (LON:MMX) has seen an ‘exceptionally strong’ start to the current year while recurring revenues now account for the majority of income.

The registry owns a raft of internet addresses including .law, .luxe and .xxx.

Gross revenues rose by 5% to US$15.1mn in 2018, with recurring revenues 97% higher at  US$9.4mln, which surpassed overheads for the first time said MMX.

Losses though soared to US$12.7mln as the company cleared out loss-making contracts, bad debts and wrote-down assets.

In 2019 so far, domain registrations are up to 1.87mln from 1.81mln at the year-end.

First quarter billings rose by 246% due to a combination of the first time ICM contribution and a significant increase in billings from China, helped by .law registrations.

Toby Hall, chief executive, said: “ 2019 has started exceptionally well.

"Q1 sales are significantly ahead of the same period last year resulting from a combination of the first time contribution from ICM, healthy trading in China and steady growth in sales from the European and US teams.

“We likewise look forward to the benefits of certain underlying contract renegotiations beginning to feed through into the business in H2 and the subsequent period; the business is now well positioned for ongoing growth."

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Wed, 03 Apr 2019 08:27:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/217839/minds--machines-makes-strong-start-to-2019-as-recurring-revenues-climb-217839.html
<![CDATA[RNS press release - Appointment of Non-Executive Director ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190403070102_14026469/ Wed, 03 Apr 2019 07:01:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190403070102_14026469/ <![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190403070005_14026408/ Wed, 03 Apr 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190403070005_14026408/ <![CDATA[News - Minds + Machines to be debt-free by end of March; shares rise ]]> https://www.proactiveinvestors.co.uk/companies/news/215777/minds--machines-to-be-debt-free-by-end-of-march-shares-rise-215777.html By the end of this month, top-level domains (TLD) registry company Minds + Machines Group Limited (LON:MMX) will be debt-free, news which helped push its share price higher on Tuesday.

MMX, which owns TLDs such as .law and .london, enjoyed “strong trading” in the final few months of 2018 which is when a lot of its contracts come up for renewal.

As such, cash balances finished the year at US$10.4mln and have risen to US$11.9mln since.

READ: MMX’s earnings to be marginally ahead of expectations

“Coupled with the encouraging start to the year and a positive trading outlook, the entirety of the outstanding debt of US$2.3mln under the London & Capital facility will be repaid early in March 2019, leaving the company debt free,” read Tuesday’s trading update.

In the first couple of months of 2019, billings (i.e. sales) are more than double what they were this time last year.

That’s due to a combination of the first contribution from the recently-acquired ICM portfolio as well as a “significant increase” in billings from China.

Speaking of ICM, renewals rates were ahead of expectations during its first renewals cycle under the MMX umbrella, with 91% of customers renewing their contracts.

Bitcoin move progressing well

The AIM-quoted company is also pushing ahead with its .luxe project, which looks to provide a  standardised naming convention for blockchain addresses.

MMX is working with the lead developers of the Namecoin blockchain and XAYA platform to develop an easy-to-use naming solution that will integrate human readable .luxe addresses with bitcoin alphanumeric addresses.

It is expected the .luxe bitcoin naming service will go live in the second half of this year.

In the same trading update, MMX confirmed it has appointed Christa Taylor as its new chief marketing officer and Daniel Schindler, the co-founder of Donuts Inc, the world’s largest new TLD operator, as a special advisor.

Debt-free status offers ‘increased flexibility’

“The momentum we are generating in the industry is now being reflected not just in our numbers but by the calibre of individuals and partners now wishing to work with the group,” said chief executive Toby Hall.

“We very much look forward to the positive start to the year continuing throughout the full year and the increased flexibility that potentially provides as evidenced through the early retirement the London & Capital facility.”

In a note to clients, analysts at ‘house’ broker finnCap commented: “Overall, MMX continues to make excellent progress to highlight the excellent value in the current share price and a rerating is overdue.”

finnCap repeated a 17p target price for Minds + machines shares, which in late morning trading were 7.2% higher at 5.95p.

 -- Adds analyst comment, share price --

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Tue, 05 Mar 2019 07:33:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215777/minds--machines-to-be-debt-free-by-end-of-march-shares-rise-215777.html
<![CDATA[RNS press release - Company Update and Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190305070029_13989886/ Tue, 05 Mar 2019 07:00:29 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190305070029_13989886/ <![CDATA[News - Minds + Machines' earnings to be marginally ahead of expectations ]]> https://www.proactiveinvestors.co.uk/companies/news/213386/minds--machines--earnings-to-be-marginally-ahead-of-expectations-213386.html Top level domains (TLD) registry company Minds + Machines Group Limited (LON:MMX) expects full-year underlying earnings will be marginally ahead of market expectations.

The number of domains under management in 2018 rose by 37% to 1.81mln from 1.32mln the year before, with revenue tipped to rise above US$15.5mln from US$14.3mln the year before.

MMX CEO Toby Hall now speaking on: "Intersection between ICANN TLDs and #Blockchain" #NamesCon2019 #domainNames #ETHEREUM pic.twitter.com/pCx3bmwGnc

— MMX (@mmxdomains) January 27, 2019

Last year was characterised by a focus on bearing down on costs and the group managed (subject to audit) to keep them below US$6mln, contributing towards the slightly better than expected earnings result.

Minds + Machines (MMX) noted that the earnings figure – what it calls operating EBITDA – is before the impairments taken at the half-year point.

READ: Minds + Machines clears the decks to more easily demonstrate future progress

MMX said the quality of revenue has continued to improve, with the renewals rolling in.

Unaudited renewal revenue nearly doubled to US$9.4mln in 2018 from US$$4.8mln, helped by a US$3.4mln second half contribution from the ICM portfolio; stripping out the acquired ICM properties, organic renewal growth within the MMX portfolio of top-level domains increased by nearly 20% for the year.

The quality of new billings (i.e. sales) has also continued to improve in the year with one-off brokered premium sales accounting for less than 15% of total sales (2017: 38%) and premium sales through the registrar channel remaining constant at around 12%.

Cash collections improve

Importantly, this improvement has led to cash collections for the year on normal operations (i.e. net of private auctions/other income) increasing by 30% to US$16.1mln from US$12.3mln in 2018, MMX stressed; ICM second-half collections represented US$3.3mln of the US$16.1mln.

Cash and cash equivalents as at 25 January stood at US$11.4mln, compared to cash of US$18.1mln at the end of 2017.

"A strong Q4 of sales through the registrar channel is allowing management to deliver on its strategy of transforming MMX into a stable, growing, cash generative business built around organic growth, innovation and accretive acquisitions,” said Toby Hall, the chief executive officer of MMX.

“Pleasingly, the significant momentum we created last year has continued into the early part of 2019 supported by the strategic acquisition of ICM which is delivering to plan," he added.

In a note to clients, analysts at ‘house’ broker finnCap said: “We nudge up our FY 2018 forecasts in response and will take a view on 2019 with the FY 2018 results published in March."

finnCap has a price target of 17p on Minds + Machines’ shares which in afternoon trading were trading at 5.90p, up 3.5% om Friday’s close.

 -- Adds analyst comment, share price --

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Mon, 28 Jan 2019 07:50:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213386/minds--machines--earnings-to-be-marginally-ahead-of-expectations-213386.html
<![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190128070006_13947940/ Mon, 28 Jan 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190128070006_13947940/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190108112003_13927590/ Tue, 08 Jan 2019 11:20:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190108112003_13927590/ <![CDATA[RNS press release - Holding(s) in Company replacement ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190108102637_13927472/ Tue, 08 Jan 2019 10:26:37 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190108102637_13927472/ <![CDATA[RNS press release - TR-1 ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190108070005_13926651/ Tue, 08 Jan 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190108070005_13926651/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190104170655_13924836/ Fri, 04 Jan 2019 17:06:55 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190104170655_13924836/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190104152215_13924686/ Fri, 04 Jan 2019 15:22:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190104152215_13924686/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190103144850_13923215/ Thu, 03 Jan 2019 14:48:50 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190103144850_13923215/ <![CDATA[RNS press release - Issue of Deferred Consideration Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190103083005_13922571/ Thu, 03 Jan 2019 08:30:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20190103083005_13922571/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181231070008_13918749/ Mon, 31 Dec 2018 07:00:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181231070008_13918749/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181227093001_13916367/ Thu, 27 Dec 2018 09:30:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181227093001_13916367/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181224070007_13914221/ Mon, 24 Dec 2018 07:00:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181224070007_13914221/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181211164157_13899899/ Tue, 11 Dec 2018 16:41:57 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181211164157_13899899/ <![CDATA[News - Minds + Machines recoups initial investment in .luxe inside four weeks ]]> https://www.proactiveinvestors.co.uk/companies/news/210839/minds--machines-recoups-initial-investment-in-luxe-inside-four-weeks-210839.html Minds + Machines Group Limited (LON:MMX), the top-level domain (TLD) registry company, said its .luxe TLD is now supported by 71 registrars globally.

The company (MMX) said 11 of the 71 registrars have already agreed to implement MMX’s application program interface that allows .luxe names to be easily, and securely, associated to items on the Ethereum blockchain by registrar customers.

Eight new blockchain industry distribution partners, in addition to IMToken, have now joined the .luxe initiative in Asia, following the recent completion of a stand-alone app that allows the provisioning of .luxe names to occur within the workflows of potential distribution partners. As a result, users of a specific blockchain product or service can now purchase their .luxe name and pair it to that product or service at the point of use without having to make a separate journey to a registrar to buy their .luxe name and complete the association of the name with the underlying product or service.

The company is now in discussions with two further public blockchains. The directors expect the integration of the next two blockchains into the .luxe family of supported zones to begin in the first half of 2019 at which point further details will be announced.

Recognition of the .luxe project has also been building in the wider technology community since its launch, MMX said.

"The prospect of integrating DNS with distributed ledger technology/ blockchain, for example, what MMX is proposing in .luxe, is the first genuine piece of DNS related innovation that I have seen in the last decade that has the possibility to be truly transformative,” said Paul Mockapetris, the inventor of the domain name system (DNS).

Toby Hall, the chief executive officer of MMX, said the directors have been greatly encouraged by the progress of the domain, .luxe, is making.

“Embedding .luxe into the nascent and expanding ecosystem of blockchain related businesses is as important as generating support amongst the traditional registrar channel as we prove out the vision of creating a single naming protocol that can work both in the World Wide Web and within multiple blockchains,” he said.

"From a revenue perspective, it is also good to see our initial investment into .luxe recouped within the first four weeks of launch, and its ongoing steady contribution given our pricing and distribution strategies have been structured to discourage early speculators into the extension. We view this Innovation based project as highly complementary to our core cash generative DNS based activities which are now delivering the significant and growing recurring revenues on which our business model is based. Management, therefore, continues to expect the company to trade in line with market expectations,” he added.

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Mon, 10 Dec 2018 07:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210839/minds--machines-recoups-initial-investment-in-luxe-inside-four-weeks-210839.html
<![CDATA[RNS press release - .LUXE Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181210070005_13896667/ Mon, 10 Dec 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181210070005_13896667/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181130082754_13886639/ Fri, 30 Nov 2018 08:27:54 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181130082754_13886639/ <![CDATA[RNS press release - Notice of Annual General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181129070014_13884393/ Thu, 29 Nov 2018 07:00:14 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181129070014_13884393/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181128150342_13884013/ Wed, 28 Nov 2018 15:03:42 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181128150342_13884013/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181122160318_13877646/ Thu, 22 Nov 2018 16:03:18 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181122160318_13877646/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181122102212_13877036/ Thu, 22 Nov 2018 10:22:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181122102212_13877036/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181121090949_13875314/ Wed, 21 Nov 2018 09:09:49 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181121090949_13875314/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181119143419_13872269/ Mon, 19 Nov 2018 14:34:19 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181119143419_13872269/ <![CDATA[RNS press release - Holding(s) in Company - Replacement ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181113081757_13864720/ Tue, 13 Nov 2018 08:17:57 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181113081757_13864720/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181112091227_13863123/ Mon, 12 Nov 2018 09:12:27 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181112091227_13863123/ <![CDATA[RNS press release - TR-1 ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181105133321_13855354/ Mon, 05 Nov 2018 13:33:21 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181105133321_13855354/ <![CDATA[News - Minds + Machines celebrates official launch of .luxe domain name by opening LSE trading ]]> https://www.proactiveinvestors.co.uk/companies/news/207946/minds-machines-celebrates-official-launch-of-luxe-domain-name-by-opening-lse-trading-207946.html Minds + Machines Group Limited (LON:MMX), the top-level domain registry company, celebrated the official launch of .luxe on Friday by opening trading on London Stock Exchange for which it is joined by its commercial partners Alibaba Cloud and Ethereum.

.luxe is the first top-level domain designed to resolve naming conventions both on the World Wide Web and the Ethereum blockchain.

WATCH: Minds + Machines opens trading on London Stock Exchange to mark launch of .luxe

The company also announced that it is now a member of the London Stock Exchange's Issuer Services Marketplace, enabling it to generate deeper awareness amongst LSE-listed companies for .luxe and its wider portfolio of new domain name extensions.

Toby Hall, Minds + Machines’ CEO, commented: "Our goal is simple - to create a trusted naming convention that can work across multiple blockchains as well as the World Wide Web.

“To achieve this, we are working with the world's fastest-growing blockchain, Ethereum, as a cornerstone partner in this initiative.”

“We look forward to welcoming others into .luxe in the coming months as well as creating broader awareness for human readable digital identifiers that can work in multiple online universes.”

Sales of .luxe names to the general public will begin on 6 November 2018. However, there is an Early Access Programme running from 16:00 UTC on 30 October 2018, where names can be purchased ahead of general availability subject to an additional one-time fee.

Further information on .luxe and its launch timetable can be found on thewww.join.luxe website.

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Fri, 26 Oct 2018 14:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/207946/minds-machines-celebrates-official-launch-of-luxe-domain-name-by-opening-lse-trading-207946.html
<![CDATA[Media files - Minds + Machines opens trading on London Stock Exchange to mark launch of .luxe ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11001/minds-machines-opens-trading-on-london-stock-exchange-to-mark-launch-of-luxe-11001.html Fri, 26 Oct 2018 11:08:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/11001/minds-machines-opens-trading-on-london-stock-exchange-to-mark-launch-of-luxe-11001.html <![CDATA[RNS press release - MMX opens LSE to mark launch of .luxe ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181026070002_13843244/ Fri, 26 Oct 2018 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181026070002_13843244/ <![CDATA[RNS press release - .luxe to be marked by LSE Opening on 26 Oct 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181024070003_13839890/ Wed, 24 Oct 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181024070003_13839890/ <![CDATA[News - Minds + Machines clears the decks to more easily demonstrate future progress ]]> https://www.proactiveinvestors.co.uk/companies/news/206994/minds-machines-clears-the-decks-to-more-easily-demonstrate-future-progress-206994.html The decision by the management team at Minds + Machines Group Ltd (LON:MMX) to stay independent increasingly looks a sound one.

After mulling for almost a year whether to "draw stumps" and sell out, MMX decided a better course of action was to be the party doing the consolidating.

“We see big opportunities for consolidation,” the chief executive officer, Toby Hall, told Proactive.

“We think the best way of benefiting from that consolidation in the sector is by being the consolidator. We can deliver far greater shareholder value over the mid-term than just drawing up stumps and being taken out very early in the game,” he said.

The strategic review prompted by bid interest was not just about deciding whether to remain independent or not; the group’s success in China, where the group’s top level domain (TLD), .vip, has been going great guns, has arguably left the company overly reliant on revenues from the People’s Republic.

“We’d already recognised that a significant proportion of our revenue comes from China and we wanted to get a better balance,” Hall said.

The acquisition of ICM will address that to an extent, and although Hall has his eye on a number of growth markets further down the line, such as Africa and Latin America, the immediate priority will be making the US business work.

READ Minds+Machines receives ICANN approval to complete ICM acquisition

Prior to the group’s launch in the People’s Republic, 62% of all its billings came from Europe and 38% from the US with no contribution at all from the Asia region, so it has a good track record of moving into new territories.

“Wherever there’s growing internet penetration, then, naturally there’s an opportunity for our industry … but there’s plenty of work for us to do first in making America really start to hum,” Hall said.

The acquisition of ICM also signalled that the company is not resting on its laurels after declaring its maiden profit in 2017.

The company reported a US$3.8mln profit, improving from the US$4.5mln loss in the preceding year and operating earnings (EBITDA) amounted to US$5.3mln, from a US$1.3mln loss.

Revenue from renewals doubled to US$4.8mln, from US$2.4mln and total revenue came to US$14.3mln, which was actually lower than US$15mln in the year before – the company had gross billings of US$15.6mln, versus US$15.8mln in 2016.

Hall added: “2017 has been about proving out the business model: firmly locking-in the operational gains of 2016 to ensure a profitable base, and developing a long-term growth strategy.

“The acquisition of ICM marks a major step forward in our ambitions both to scale and introduce a progressive dividend policy over the next 18 months.

“It cements MMX's position as a leading registry group in the new gTLD [generic top-level domain] sector as we develop into a long-term annuity-based business."

More recently (in September), the company published its results for the first half of 2018. They showed that registrations had risen to 1.5mln with particularly strong growth in the US, though there has been a recent slow-down in high-value one-off sales that will affect top-line revenues.

Turnover in the half year to June rose 22% to US$6.4mln (H1 2017: US$5.3mln) including a US$250,000, two-week contribution from ICM, the owner of the .xxx, .adult, .porn and .sex domain names acquired in May.

Renewals revenue rose 40% to US$3.4mln, with the proportion of ICM’s recurring revenue especially high at 96%.

Operating profits rose to US$661,000 (US$238,000) but underneath was a string of provisions and bad debt write-offs that pushed the group overall into an interim loss of US$14.6mln (US$424,000).

“The treatment of certain historic contracts, most notably those inherited by current management, has been addressed enabling a much clearer picture of the company's ongoing progress to be presented in future periods,” said Toby Hall, chief executive.

Going forward, renewal revenues should surpass the group's full cost base within the next 24 months, while new domain-name launches in China and the launch of .luxe means he is cautiously optimistic over full-year underlying profits.

“What is particularly appealing for us is that the majority of registrations are actually brands and individuals protecting their name. That, for us, is why it makes it such a compelling proposition because when you look at it from a renewals make-up, over 78% of their income is from renewals,” Hall revealed.

Once a party has held the domain for more than two years, the renewal rate moves up into the nineties and that, as Hall pointed out, fits in perfectly with MMX’s goal of becoming “an annuity-based business”.

The most recent news concerns a strategic marketing partnership with imToken, the Ethereum cryptocurrency wallet provider.

Under the partnership agreement, imToken will be the first wallet provider to fully integrate the offering of .luxe domain names to new and existing customers as part of its product offering.

The ‘.luxe’ domain is designed to act as an identifier for a user’s Ethereum wallet, enabling them to use a simple website link, rather than a long and complicated string of characters that usually serves as a wallet key, to perform blockchain transactions, making the process easier.

Put another way, a user's 42 character wallet address can now be securely associated to a human-readable .luxe name of the user’s choice.

"Trust and transparency are at the heart of our service. Being able to now provide an easy-to-use human readable naming protocol to our users reinforces that sense of trust between counterparties. The fact that the .luxe domain can also work on the World Wide Web is ground-breaking, allowing the world of blockchain to become seamlessly knitted into everyday usage on the web," said Ben He, the chief executive officer and founder of imToken.

For his part, Hall was pleased by the speed with which the relationship with imToken had developed. It may have taken management almost a year to go it alone but it took them about a month to decide to get into bed with imToken.

MMX reported that 65 registrars – companies that lease out domain names – from around the world have expressed a wish to support the .luxe initiative at launch with 16 having already entered agreements to implement the Ethereum enablement of .luxe names via the ENS application program interface that hooks up a .luxe name with an Ethereum asset.

Hall said the interest in the .luxe domain had surpassed all expectations.

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Thu, 11 Oct 2018 14:44:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206994/minds-machines-clears-the-decks-to-more-easily-demonstrate-future-progress-206994.html
<![CDATA[Media files - Minds + Machines enters strategic marketing partnership with imToken ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10780/minds-machines-enters-strategic-marketing-partnership-with-imtoken-10780.html Tue, 09 Oct 2018 10:38:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10780/minds-machines-enters-strategic-marketing-partnership-with-imtoken-10780.html <![CDATA[News - Minds + Machines closes deal with imToken ]]> https://www.proactiveinvestors.co.uk/companies/news/206640/minds-machines-closes-deal-with-imtoken-206640.html Minds + Machines Group Limited (LON:MMX), the top-level domain registry company, has entered into a strategic marketing partnership with imToken, the Ethereum cryptocurrency wallet provider.

The possibility of an agreement imToken had been flagged last month. Under the partnership agreement, imToken will be the first wallet provider to fully integrate the offering of .luxe domain names to new and existing customers as part of its product offering.

READ: Minds + Machines in discussions with leading Ethereum wallet as it updates on roll out of ‘.luxe’ domain

The ‘.luxe’ domain is designed to act as an identifier for a user’s Ethereum wallet, enabling them to use a simple website link, rather than a long and complicated string of characters that usually serves as a wallet key, to perform blockchain transactions, making the process easier.

Put another way, a user's 42 character wallet address can now be securely associated to a human-readable .luxe name of the user’s choice.

MMX signed an exclusive agreement with the Ethereum Name Service (ENS) in August that would allow registrants on its domain to link their domain address with a 40 character hash identifier used on the Ethereum blockchain to denote an asset, item or service supporting Ethereum.

The domain is also scheduled to be released for general availability on November 6.

‘World’s Largest Ethereum Wallet’ ImToken Raises $10 Million Series A https://t.co/xKexq1MjvU

— CoinConf (@coinconference) September 29, 2018

"Trust and transparency are at the heart of our service. Being able to now provide an easy-to-use human readable naming protocol to our users reinforces that sense of trust between counterparties. The fact that the .luxe domain can also work on the World Wide Web is ground-breaking, allowing the world of blockchain to become seamlessly knitted into everyday usage on the web," said Ben He, the chief executive officer and founder of imToken.

Toby Hall, the chief executive officer of MMX, said he was delighted at the speed with which the relationship with imToken had developed.

“This is a major endorsement of the .luxe proposition ahead of our launch in November 2018 and forms part of our strategy of partnering with leading organisations that recognise the importance of letting users exchange data and information both within the blockchain and World Wide Web universes easily through a single naming convention," Hall said.

MMX reported that 65 registrars – companies that lease out domain names - from around the world have expressed a wish to support the .luxe initiative at launch with 16 having already entered agreements to implement the Ethereum enablement of .luxe names via the ENS application program interface that hooks up a .luxe name with an Ethereum asset.

Hall said the interest in the .luxe domain had surpassed all expectations.

“We applaud the forward-thinking, desire to innovate and speed of action being demonstrated by our retail channel, that is allowing us to spearhead an initiative that allows a top-level domain to converge with the Ethereum blockchain," he said.

Register/ Auction for your very own .luxe, the first "ENS enabled" DNS domain names launched by @ensdomains and @mmxdomains, using imToken.
Mark your calendar, limited registration period starting on 9 Oct, public launch on 6 Nov! ✏️ ???? https://t.co/amIv5XHKt3

— imToken (@imTokenOfficial) October 6, 2018 ]]>
Tue, 09 Oct 2018 07:37:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206640/minds-machines-closes-deal-with-imtoken-206640.html
<![CDATA[RNS press release - imToken Strategic Marketing Partnership ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181009070006_13820876/ Tue, 09 Oct 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181009070006_13820876/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181002070012_13812241/ Tue, 02 Oct 2018 07:00:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20181002070012_13812241/ <![CDATA[Media files - Minds + Machines in good shape and should be viewed as a tech business says Hall ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10621/minds-machines-in-good-shape-and-should-be-viewed-as-a-tech-business-says-hall-10621.html Wed, 26 Sep 2018 13:57:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10621/minds-machines-in-good-shape-and-should-be-viewed-as-a-tech-business-says-hall-10621.html <![CDATA[News - Minds + Machines posts higher sales as domain name usage grows ]]> https://www.proactiveinvestors.co.uk/companies/news/205730/minds-machines-posts-higher-sales-as-domain-name-usage-grows-205730.html Internet domain specialist Minds + Machines PLC (LON:MMX) increased interim revenues by a fifth as the use of its names grew by 38%.

Registrations rose to 1.5 million with particularly strong growth in the US, though there has been a recent slow-down in high-value one-off sales that will affect top-line revenues.

WATCH: Minds + Machines in good shape and should be viewed as a tech business says Hall

Turnover in the half year to June rose 22% to US$6.4mln (H1 2017: US$5.3mln) including a US$250,000, two-week contribution from ICM, the owner of the .xxx, .adult, .porn and .sex domain names acquired in May.

Renewals revenue rose 40% to US$3.4mln, with the proportion of ICM’s recurring revenue especially high at 96%.

Provisions and write-offs

Operating profits rose to US$661,000 (US$238,000) but underneath was a string of provisions and bad debt write-offs that pushed the group overall into an interim loss of US$14.6mln (US$424,000).

“The treatment of certain historic contracts, most notably those inherited by current management, has been addressed enabling a much clearer picture of the company's ongoing progress to be presented in future periods,” said Toby Hall, chief executive.

Going forward, renewal revenues should surpass the group's full cost base within the next 24 months, while new domain-name launches in China and the launch of .luxe means he is cautiously optimistic over full-year underlying profits.

 

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Wed, 26 Sep 2018 08:01:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205730/minds-machines-posts-higher-sales-as-domain-name-usage-grows-205730.html
<![CDATA[RNS press release - Unaudited Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20180926070004_13804543/ Wed, 26 Sep 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10627/LSE20180926070004_13804543/ <![CDATA[News - Minds + Machines in discussions with leading Ethereum wallet as it updates on roll out of ‘.luxe’ domain ]]> https://www.proactiveinvestors.co.uk/companies/news/205501/minds-machines-in-discussions-with-leading-ethereum-wallet-as-it-updates-on-roll-out-of-luxe-domain-205501.html Minds + Machines Group Limited (LON:MMX) shares gained on Monday after news the firm is in “advanced discussions” with the world’s leading Ethereum wallet to integrate its ‘.luxe’ domain into the network.

In an update at the Alibaba Cloud Computing Conference in Hangzhou, China, the domain registry firm said the integration of its ‘.luxe’ domain with the imToken wallet platform, which has over 6mln monthly users, was expected to go live in the fourth quarter of 2018.

READ: Minds + Machines inks agreement to integrate Ethereum blockchain into domain extension

The group added that 57 registrar partners had already signed up to support the ‘.luxe’ domain, including leading registrars in China, Japan, and Europe and 16 serving the US market.

The ‘.luxe’ domain is designed to act as an identifier for a user’s Ethereum wallet, enabling them to use a simple website link, rather than a long and complicated string of characters that usually serves as a wallet key, to perform blockchain transactions, making the process easier.

MMX signed an exclusive agreement with the Ethereum Name Service (ENS) in August that would allow registrants on its domain to link their domain address with a 40 character hash identifier used on the Ethereum blockchain to denote an asset, item or service supporting Ethereum.

The domain is also scheduled to be released for general availability on November 6.

Toby Hall, chief executive of Minds + Machines, said the integration marked “a small but highly significant step” in taking blockchain services into the mainstream, adding that the simplification offered by the ‘.luxe’ domain allowed its partners to develop “simple self-service solutions” for their own sites or those of potential distribution partners.

In early afternoon trading, Minds + Machines shares were 2.1% higher at 7.35p.

 -- Adds share price --

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Mon, 24 Sep 2018 07:34:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205501/minds-machines-in-discussions-with-leading-ethereum-wallet-as-it-updates-on-roll-out-of-luxe-domain-205501.html