MMX is transforming from a company focused on acquiring and deploying new top level domains to a sales and marketing organisation focused on driving recurring revenue. The interims and the actions the group has taken post that reflect the focus on achieving cross-over to operating profitability in 2016 (overall costs cut whilst still investing in sales and marketing) and driving shareholder value. The group delivered a cash neutral performance in H1’15, maintaining its very high cash balances ($48m). The Board has now announced a share buyback of up to £15m, reflecting its view on the value it sees at current levels. Operational metrics are tracking well and the group is confident of delivering a much stronger H2 performance. The group’s strategy is the clearest it has been for some time and we believe there is opportunity to create significant value.
