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Minds + Machines names Tony Farrow new CEO; 2020 revenues for FY2020 in line with 2019

By BFN News | 02:48 PM | Monday 25 January, 2021

Internet domain name owner Minds + Machines (MMX) has announced the appointment of Tony Farrow as chief executive and reported that revenues in 2020 were in line with the prior year, helped by consistent renewal revenue and an increase in new standard registration revenue. Farrow, who rejoined the company at the end of October as interim chief executive, will join the board of directors following completion of regulatory due diligence. In a trading update, MMX announced that revenues for the full year 2020 were 'largely in line' with those for 2019, with renewal revenue 'consistent' at 68%, while new standard registration revenue increased to 24%, with reduced dependency on premium domains. Billings declined 3% year on year, which MMX said reflected increases in most TLDs but a significant drop in AdultBlock billings in 2020 following its initial launch in the previous year. Domains under management declined 19% in full-year 2020 compared to 2019, with no loss in contribution, which the company said reflected its shift to more profitable transactions. Cashflow from operations was $6.4 million in 2020 and the company had cash at year end of $8.9 million, compared to $6.6 million in 2019. Chief executive Farrow said: '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.' At 2:47pm: (LON:MMX) Minds Machines Group Ltd share price was 0p at 4.6p Story provided by

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