StockMarketWire.com - Minds + Machines Group has swung to a FY pretax loss of USD10.0m, from a year-earlier profit of USD22.1m. The comparative period benefitted from a USD33.7m profit on gTLD auctions, versus USD7.9m in the just-ended period.

Revenue was at USD6.3m, from USD1.9m. The company also confirmed that the proposed appointment of Toby Hall as CEO was approved on April 26.

"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," Hall said in a statement.

"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.

"I am also pleased to report good progress has been made post period-end in addressing contracts that historically have been burdensome for the Group so that 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."






Story provided by StockMarketWire.com