Domain registration company says it has lost $8.3m in the past 12 months

Domain registration services provider Safest Domain Registry has revealed it lost $3.7 million in the 12 months to March 31.

The loss was due to a reduction in revenue, according to the statement.

It is a reflection of the continued decline in demand for domain name services from the increasing complexity of our existing infrastructure, said Safest Registrar, which manages more than 90,000 domain names.

Domain registration service provider SafesafeDomain Registrar said it expects to make a full recovery of this loss and is investing heavily in its IT infrastructure.

The firm said the losses reflected a significant decline in its revenue in the last 12 months, primarily due to the impact of the recent Cybercrime Act.

Domain names are generally registered by individuals and are used to connect websites and services.

There are more than 5 million domain names registered on the web, with more than 30 million registered on behalf of businesses.

More than half of the domain names listed on the Registrar of the Future’s Domain Name Market Tracker (DNDM) are currently in the process of being sold or transferred.

This was partly due to competition from private registrars and some other factors, such as increased complexity and the fact that we have not been able to attract the large volume of registrations that we are used for.

The number of domain names on the DNDM dropped by 2.5 per cent in the quarter ended March 31, down from a peak of 6 per cent a year ago.

While this was offset by a rise in new registrations and the increase in the number of registrations, the DNFM data indicates that the decline in registrations is not sustainable, according for Safest.

The company said it has been in discussions with the Australian Competition and Consumer Commission (ACCC) and is working with them to identify how to best address these issues.

Safest said its efforts to address these challenges will be reflected in the future development of the company’s technology and processes.

In a statement, ACCC spokesperson Mark O’Brien said the regulator’s investigation into the registrar had “identified a number of issues with the registrant’s practices and services, which have resulted in significant losses to the company.”

“The ACCC is investigating whether the company has broken the Competition and consumer laws, and is providing advice to the registrarian in relation to the matters,” he said.

“The company will continue to work with the ACCC to resolve any outstanding issues.”

Safesafe is based in the Sunshine State and its main customers are Australia Post, Royal Mail and Virgin Australia.