Monitise Announces Dramatic Increase in Revenues

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Monitise Plc (LSE:MONI) announced on Wednesday that their revenue for the six months ending 31 December is expected to be £15 million, nearly three times higher than the £5.3 million generated during the same period last year.  The news drove shares up over 10% in early morning trading, putting the share price at 29.25 p by 10:15 GMT.

In the news release, the company also stated that they expect their revenues from the first half of 2012 to be higher than the £14 million of revenue generated in the 12 months ending June 2011.

Further Update Information

According to the company, they currently have orders totalling over £75 million, £35 million of which are contracted for the first half of 2012. Monitise also believes that profitability in their live operations division will show growth in the future and gross margins are expected to be similar to the 62% seen in the first half of last year.

Though their revenues have increased, the company expects their EBITDA loss to be similar to the equivalent period last year. They expect to be close to breaking even for the half year.

Monitise stated that they are continuing to invest in their business to capitalise on the growing demand for mobile banking worldwide. They believe that their investments are paying off, as they have increased from 3 million to 5.5 million users since the start of the year and they have processed 330 million transactions, compared to 120 million during the same period last year.

CEO Comments

Group Chief Executive Officer, Alastair Lukies said:

“Our revenue performance and growing order book clearly demonstrate the momentum of the Monitise business as we head into calendar 2012, the year of the Olympics. We have seen via the increase in activity across our own technology platform how mobile banking has created an exciting and fast-growing new way for consumers to interact with their bank and manage money on their terms.”

Continuing his statement, he added:

“Worldwide interest and activity around mobile money is growing daily. Monitise has positioned itself as the only independent, interoperable, bank-grade mobile technology platform open to deliver services across any market to any device. That gives us a critical role to play as the mobile money market evolves. The market opportunity is huge and we will continue to invest to ensure we will retain our leadership role.”

Company Spotlight

Monitise Plc is a technology company that specilises in delivering mobile banking services to clients globally. It is a UK based company traded on the LSE with live operations in the UK, the US, India, and Africa. They are currently working to grow their business to include operations in Europe, Asia Pacific, and Latin America. The company has partnerships with many major banks, credit card companies, and mobile data providers.

References
 About Monitise

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