Minds + Machines Grp - Trading Update
Embargoed until 07.00: 30
("MMX" or the "Company")
Trading Update and Notice of AGM
During H1 2020, year-on-year registrations grew 31% to 2.38 million as of
This improvement also reflects the success of the Company's strategy to move away from one-off brokered billings which declined by
Management also notes that expected H1 channel sales from the Company's brand protection activity were held back due to the impact of COVID-19, but anticipates those brand protection initiatives that were delayed in Q2 will resume in H2.
Mirroring the underlying improvement in billings in the period, cash generated from operations increased 13% to approximately
During H1 2020, OPEX and COGs were kept broadly in-line with the Company's KPI's in spite of an additional
"I am delighted that our business has proved so resilient to the COVID-19 crisis. The momentum we've been building in the channel over the last three years is now demonstrably coming to the fore and driving the ongoing improvement in our billings mix, with 66% of our H1 billings being renewals compared to 60% in H1 2019. It is also encouraging to note that the H1 uplift was not reliant on either brokered or brand protection billings. In short, we are now an incrementally cash generative business with a robust SaaS-type revenue model where 99% of billings in the period were through the automated channel. As a traditionally H2 weighted business, we are further encouraged by the outlook for the full-year as new partner initiatives delayed in Q2 due to COVID-19, are now set to commence in H2."
Notice of AGM
Notice is given that the Company's Annual General Meeting will be held virtually on 27 August at 14.00 (British
The online AGM is open to all existing and potential shareholders and forms part of the Company's ongoing strategy to ensure appropriate communication structures are in place for all elements of its shareholder base. Questions can be submitted during the meeting via the "Ask a Question" function. Whilst the Company may not be in a position to answer every question it receives, it will seek to respond to the most prominent questions within the confines of information already disclosed to the market. Responses to the Q&A from the live presentation will be published at the earliest opportunity on the
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The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
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For further information
The MMX portfolio is currently focused around generic names (e.g. .work, .vip), consumer interest (e.g. .fashion, .wedding), lifestyle (e.g. .fit, .surf, .yoga), professional occupations (e.g. .law), and geographic domains (e.g. .london, .boston, .miami, .bayern). In 2018, the Company completed its first acquisition, the ICM portfolio, and launched its first innovation based project, .luxe, which combines the strengths of the World Wide Web's naming system with that of blockchain. In 2019, it launched its second innovation initiative in the brand protection arena. For more information on MMX, please visit www.mmx.co.
This information is provided by RNS, the news service of the
Quick facts: Minds + Machines Group Limited
Market Cap: £38.34 m
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