Minds + Machines Group, the company, formerly known as Top Level Domain Holdings, (LON:MMX) released its earnings for the year ending December 31, 2013 and swung to an operating profit of £776,000 against a loss of £3.07 million loss in 2012.

All the profit came from losing private auctions on New gTLD strings it applied for.

During 2013 M+M participated in six private auctions in which it netted £4.1m, in addition to picking up two more new gTLD Strings .fishing and .casa

CEO Antony Van Couvering is quoted as saying:
“We could lose some big ones [auctions] and walk away with some money, or we could win a great TLD and be poor, so these profit/loss numbers are not terribly reflective of how we are doing,” he said.

“In six to nine months we’ll have a much better view of what this landscape looks like

Shares in Minds + Machines finished trading up just over 1% at 12.125 pence Tuesday morning.

Period highlights

Financial:
Operating profit of £776,000 for year ended 31 December 2013 (2012: );(2012: £3.07 million loss)

Profit after tax for year ended 31 December 2013, £729,000 (2012: £3.06 million loss);

Cash reserves increased to £21.7 million as at 30 April 2014 following equity raise in January 2014;

Business Highights

Company re-named and readmitted to AIM as Minds + Machines Group Limited on 21 March 2014;

.london successfully launched on 29 April 2014;

7 other new domains in which the Group has an interest successfully soft-launched on the Internet; the company has another 22 uncontested domain applications – 17 of which the Company either wholly or majority owns – now going through the final pre-launch phases;

The Company is looking to resolve a further 43 contested new domain applications in which it has an interest through private auctions.