MMX.L Share News (MMX)

(Sharecast News) - Internet domain registrar Minds and Machines continued to deliver top-line billings growth in the six months ended 30 June while also achieving its long-term objective of removing the group's reliance on one-off brokered billings.
During the half, Minds and Machine's year-on-year registrations grew 31% to 2.38m, while automated online channel billings increased 20% to $7.8m - delivering overall billings growth of 7% as total first-half billings closed at $7.9m.

The AIM-listed group said on Thursday that the uplift in online channel billings reflected an underlying improvement in both renewal billings and new registration billings - up 17% and 23%, respectively.

One-off brokered billings declined by $800,000 to $100,000 in the first half.

However, MMX did note that channel sales from its brand protection activity were held back in the period due to the impact of Covid-19, but the firm anticipates brand protection initiatives delayed in the second-quarter will resume in the second half.

Chief executive Toby Hall said: "I am delighted that our business has proved so resilient to the Covid-19 crisis. The momentum we've been building in the channel over the last three years is now demonstrably coming to the fore and driving the ongoing improvement in our billings mix, with 66% of our H1 billings being renewals compared to 60% in H1 2019.

"As a traditionally H2 weighted business, we are further encouraged by the outlook for the full-year as new partner initiatives delayed in Q2 due to COVID-19, are now set to commence in H2."

As of 1020 BST, Minds and Machines shares were down 0.43% at 5.85p.