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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Monitise | LSE:MONI | London | Ordinary Share | GB00B1YMRB82 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.09 | 3.08 | 3.09 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
By Rory Gallivan
LONDON--Monitise PLC (MONI.LN) slashed its full-year revenue growth estimates for the second time this year, sending its shares down 16%, as it blamed customers moving to subscription payments rather than paying up front.
The mobile payments technology provider, which is partly owned by payment card company Visa Inc. (V) and helps it and other companies to enable their customers to make payments with smartphones, now expects revenue growth of 31% to 33% for the year ended June 30, down from 40% previously.
The downgrade is "due to a faster shift than originally anticipated to the new subscription-based business model," Monitise said, adding that the full-year loss will also be bigger than previously expected.
The latest warning comes after Monitise in March lowered its full-year revenue growth forecast to 40% from 50%.
Monitise also said Tuesday that it expects 2015 revenue growth of 25%, having in March said it would be at a lower rate than in 2014, without giving a figure.
Monitise, which was founded in 2003 and is yet to make a profit, reported revenue of 72.8 million pounds ($124.8 million) for the year ended June 30, 2013.
Visa Inc. had a 5.5% stake in Monitise on June 30, according to Monitise's website, while Visa Europe, a separate company that cooperates with Visa Inc, owns 6%.
-Shares at 1101 GMT, down 8 pence, or 16%, at 41 pence valuing the company at GBP807 million.
-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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