The group recently announced its strategy to re-focus as a pure-play registry business. This transforms the group from one that previously owned, operated and retails its domains (with the associated costs of doing so) into a pure-play owner of the assets. This will deliver significant cost savings, which together with growing revenues (billings grew 58% yoy in 2015) and a strong balance sheet ($35m of cash), gives more than ample resources to help drive take up of its domains. We believe the group has an attractive portfolio of TLDs and believe there is much to look forward to in 2016 and beyond.