Minds + Machines Group Limited reported unaudited consolidated earnings results for the six months ended June 30, 2018. For the six months, the company reported revenue of $6,423,000 against $5,277,000 a year ago. Operating earnings before interest, taxation, depreciation and amortisation was $661,000 against $238,000 a year ago. LBITDA was $14,644,000 against $424,000 a year ago. Loss before taxation was $14,737,000 against $505,000 a year ago. Loss for the period was $14,684,000 against $526,000 a year ago. Retained loss for the period attributable to equity holders of the parent was $14,681,000 against $528,000 a year ago. Basic and diluted loss per share from continuing operations was 0.08 cents against 2.07 a year ago. Net cash generated from operations were $500,000 against net cash used in operating activities was $928,000 a year ago.

For the second half, the company expects certain cost of sales and operating expenses to naturally increase in second half 2018 whilst complete the integration of ICM. Post completion of the integration, management expects to achieve economies of scale in 2019 through streamlining processes, systems and teams with the goal of bringing overall OPEX to be at or below $6 million in 2019.