MMX.L Share News (MMX)

(ShareCast News) - Internet top-level domain group Minds + Machines saw billings and revenue rise significantly in 2015, it revealed in its annual results on Wednesday, but a lack of auction activity and the burden of historic contracts saw the company swing to a loss.The AIM-traded firm reported a 58% rise in billings during the year to $7.9m, from $5m a year earlier, with revenue up 232% to $6.3m, from $1.9m in 2014.Minds + Machines managed to reduce its operating expenses by 8% to $12.2m, and achieved a profit on auctions of $7.9m - significantly lower than the $33.7m reported in 2014.The company's adjusted LBITDA for the period was $2.5m, against an EBITDA of $20.9m a year earlier.At year-end there were cash reserves of $34.7m, after $9.1m was expended on share buy-backs and $10.7m to cover operating activities. It has $45.8m cash at the start of the year.On a consolidated basis, Minds + Machines made a total loss for 2015 of $10m, with losses per share of 1.2 cents. That compared to $22.1m profit and earnings per share of 2.67 cents in 2014."What we are rapidly executing is a full re-structuring of the business so that it can operate efficiently in the three key time-zones where the board sees near-term market growth for our portfolio: Asia, North America and Europe," said CEO Toby Hall."Partnering is key to this strategy, it will allow us to quickly mobilise best-in-class resources while enabling operating costs to be both dramatically reduced and controlled."Hall said good progress has been made post period-end in addressing contracts that were historically burdensome for the group, so they can be placed on a more commercial footing."Whilst cost savings from the restructuring will largely be realised in the second half of the year, the business is already on a much sounder platform and our absolute focus is the profitable growth of our domains under management.""With this in mind, we confidently look forward to the launch of .vip in China in May," he added.