Monitise increases sales and cuts losses

Monitise increases sales and cuts losses

Mobile banking company Monitise's sales trebled to £15.8m and the business decreased its losses in its half year results to 31 December.

The group reduced its loss from £7.5m to £6.9m. The business made a pre-tax profit of £1.1m, but this included an exceptional item of £10.1m reflecting the acquisition of a 51% holding in the Monitise Americas joint venture. Monitise said it has a record order book of £83m, with an additional £120m of contracts from existing customers in place for the next five years.

Monitise said it is now processing 480 million transactions per year across the platform, up from 120 million in December 2010. It said that at peak times, more than one million customers are using its services daily. The business said it plans to add more retailers to its Simply Tap mobile checkout service 'shortly'. It launched the service in November with the likes of Carphone Warehouse, HMV and Thorntons in partnership.

Monitise increased its sales guidance for the year from £28m to £34m and said gross margin would have increased to more than 70% by the end of its financial year.

Monitise Group CEO Alastair Lukies said: 'Our growth continues to accelerate and we had an excellent six months to the end of December 2011 with encouraging signs across all our key financial, operational and adoption metrics. Our rapidly growing order book, increasing pipeline and deepening partnerships further validate Monitise's leadership role as the enabler of choice in the mobile money industry.'

Written by Mobile Today
Mobile Today

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