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."