(Alliance News) - Minds + Machines Group Ltd said on Monday it has completed the renegotiation of a legacy onerous contract.
All existing and future liabilities, estimated at USD7.9 million, arising from the contract have been settled through a single, one-off payment of USD5.1 million made from existing cash resources. This has saved the company USD2.8 million, Minds + Machines said.
The company estimates that additional net revenue of USD500,000 can be generated from the remainder of the contract under the revised terms.
Elsewhere, Minds + Machines said it has continued to trade well in the fourth quarter.
Shares in the domain registry company were up 1.5% at 6.85 pence in London on Monday.
By Lucy Heming; lucyheming@alliancenews.com
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