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25 Jan 2021 | 08:04

Minds and Machines FY revenues broadly flat

(Sharecast News) - Domain name registrar Minds and Machines said on Monday that full-year 2020 revenues were largely in line with those seen in the prior year. Renewal revenues remained consistent in 2020 at 68%, while new standard registration revenues increased to 24% with reduced dependency on premium domains.

Billings declined 3% year-on-year and domains under management dropped 19%.

The AIM-listed group noted that in addition to the departure of its former chief executive and chief financial officer throughout the year, it also reduced its workforce by 20%, with severance costs meaning that the reductions would not result in cost savings in 2020.

Cashflow from operations came to $6.4m, up from $500,000 at the same time a year earlier.

Minds and Machines also highlighted that interim chief executive Tony Farrow had been appointed to the role full-time.

As of 1120 GMT, Minds and Machines shares were down 6.25% at 4.50p.
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