Internet Top-Level Domains owner and operator Minds + Machines Group Limited reported the trading update for the year ended 31 December 2020. Minds + Machines Board of Directors also announced that Tony Farrow has been appointed CEO of the company. Farrow re-joined the company in October as Interim CEO. He will also join the Board of Directors following completion of regulatory due diligence.
Financial results for the fiscal year 2020
Minds + Machines also stated that renewal revenue remained consistent in the fiscal year 2020 at 68%. During the same period, new standard registration revenue increased to 24%. In 2020, 98% of billings were delivered through the registrar channel. Domains Under Management declined 19% in FY 2020 year-on-year, with no loss in contribution.
While the company’s former CEO and CFO left the company, it also reduced its workforce by 20%. Cashflow from operations was $6.4m in 2020 and cash at year-end stood at $8.9m after share and option buy-backs in the year of $3.1m. Tony Farrow, CEO, Minds + Machines, said,
“It is great to be back working with the MMX team. Our FY 2021 plan will focus on AdultBlock sales, extensive release of inventory to the market, quality registrations with the view of future renewal revenue and standardized promotions for our channel partners. It is a straightforward business where focus must remain on the quality of our domain registrations and promotions with our channel partners.
We lost some of the momentum after the initial launch of AdultBlock in FY 2019. However, FY 2021 was always the target year for the full rollout of this new product, and I am encouraged by the dialogue with our channel partners to really move AdultBlock in FY 2021. I look forward to sharing more insight and information when we release our FY 2020 results in the Spring.”
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