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.
How is it doing
Minds + Machines reported continued top-line billings growth in its latest first half as the company said its business had proven “resilient” to the effects of the coronavirus pandemic.
In a trading update for the six months to end June, the TLD specialist reported a 31% rise in registrations to 2.38mln, while automated online channel billings rose 20% to US$7.8mln, delivering overall billings growth of 7% to a total of US$7.9mln.
Cash generated in the first half also increased by 13% to US$2.5mln.
MMX said the uplift in online channel billings reflected an “underlying improvement” in renewal and new registration billings, which were up 17% and 23% respectively.
What the boss says: Toby Hall, chief executive
“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 [coronavirus], are now set to commence in H2”.
What the broker says, finnCap
House broker finnCap said it expected “similar strong billings growth” in the company’s second half as new partner initiatives commence, adding that it was “very encouraged by this [first half] update and the prospects”.