3rd Apr 2019 10:02
LONDON (Alliance News) - Minds + Machines Group Ltd on Wednesday reported a swing to loss in 2018 as a result of restructuring expenses.
In addition, the domain registry company appointed Bryan Disher as a non-executive director with immediate effect. Disher will also become chair elect for the Audit Committee.
Minds + Machines said Disher trained as a Chartered Accountant in Canada and has spent over 37 years at PricewaterhouseCoopers. He also held a number of senior non-executive positions as an independent director and chair of cannabis products provider Rubicon Organics Inc.
"Moving forward, with an increasing emphasis on innovation, it is important that we have the right corporate governance structures in place to support our future development. Bryan will bring a fresh independent perspective and firm guidance to the Board having enjoyed an outstanding career at PwC," said Chief Executive Toby Hall.
Going back to the annual results, Minds + Machines swung to a pretax loss of USD12.7 million in 2018 compared to USD3.8 million profit a year earlier, despite revenue growing to USD15.1 million from USD14.3 million.
"The strong underlying performance of the business and cash collections in 2018 have been tempered by the provisions and restructuring costs affecting the reported profitability," explained Hall.
"Notwithstanding that, we have a robust operating platform and methodology which will enable us to continue successfully monetizing our portfolio, the business now being well positioned for future growth," added Hall.
Minds + Machines highlighted that 2019 has started well with domain registrations up to 1.9 million from 1.8 million at the year-end.
Billings in the three months to the end of Match almost tripled due to a significant increase in billings from China. Meanwhile, US and German portfolios also continue to grow, 7% up over the same period last year.
Minds + Machines shares were trading 1.7% higher on Wednesday at 5.90 pence each.
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