Minds + Machines announces share buyback following 'healthy' H1
Domain registry business Minds + Machines revealed plans for a £1m share buyback on Thursday following "healthy" growth throughout the first half of its trading year.
Minds + Machines said it was confident that its solid first half had left the company with a "solid cash-generative footing", prompting it to launch the buyback.
The buyback, which will be funded from existing resources, was set to commence "shortly".
For the six months ended 30 June, Minds + Machines expects results to be in line with management expectations, with registrations up 19% year-on-year to 1.82m while new sales billings through its original 28 properties increased 30%.
MMX also stated cash in-flows for the period were "ahead of expectations" at $8.6m, up from the $6.3m reported a year earlier.
The AIM-listed firm noted that a historical decline in its ICM portfolio had stabilised during the first half, delivering $2.8m - flat year-on-year but an improvement on the 16% decline recorded in the first half of 2018.
Chief executive Toby Hall said: "Whilst we are not upgrading guidance for the full year at this stage, we are extremely encouraged by the progress made in the first half.
"Our revenues are increasingly predictable, with healthy channel sales and strong renewal revenues now driving the business forward. With the legacy onerous contract issue now in the process of being resolved and innovation-based activity supplementing our organic growth, the outlook is bright."
As of 0935 BST, MMX shares had climbed 5.09% to 5.99p.