What Minds + Machines does
Minds + Machines Group PLC (LON:MMX) owns and operates a portfolio for generic top-level internet 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
In October, MMX reported that revenue associated with a specific contract had been incorrectly recognised in the year ended 31 December 2019 and the six months to 30 June 2020, with possible similar issues on two other contracts.
A boardroom shake-up followed with Guy Elliott becoming executive chairman on an interim basis, Tony Farrow became interim CEO while non-exec Bryan Disher took over the finance function.
In a statement, MMX added: "The board remains committed to returning excess capital to shareholders. The company continues to have a strong balance sheet and surplus cash to its operating requirements."