Mobile money company Monitise has made a half year loss of £25.3m as it counts the cost of a 2012 acquisition spree.
The business said the results, for the six months until 31 December 2012, are in line with expectations. It made a number of purchases last year, including US mobile payments business Clairmail and Carphone Warehouse's share of the companies' Mobile Money Network joint venture. For the same period in 2011, it made a profit of £1.1m.
Sales were up from £17.1m to £27.8m, which it said reflected the Clairmail buy. On a like for like basis, sales would have increased by 22%. It said the business was on track to make full year revenues of £70m.
Among the products it has built during the past year have been HSBC's Fast Balance app for Android and BlackBerry and a person to person transfer and alerts service for Visa Europe, which is being rolled out to banks this year.
Alistair Lukies, Monitise CEO, said: 'Monitise’s performance during the six months ended 31 December 2012 saw revenues continue to rise on the previous period with gross margins lifted by the ongoing shift towards growing user generated revenues. Monitise’s overall performance during the period reflected the ongoing investment in scaling the business to meet the increasing global demand for Mobile Money and strategic moves taken to consolidate the group’s leadership position globally.'
Author: Graeme Neill