Despite revenues trebling to £1.5 million during the year ending 30 June 2008, the Morse spin-off saw its pre-tax loss widen to £14.0 million, from £8.7 million a year ago.

Product development and deployment costs came in at £8 million for the year, while cost of sales rose to £630,000, compared to £327,000 a year ago.

In June Monitise raised £11.8 million through a share subscription which it is using to fund its development strategy and global expansion.

In today's statement, Alastair Lukies, chief executive, Monitise says: "Our goal, over the coming year, is to at least maintain the current rate of revenue growth."

Lukies says overall cash overheads in the year ahead are expected to be in the region of £14 million, subject to potential additional investment in new territories.

"There are a number of new opportunities opened up by the partners participating in our fundraising, and our investment focus will be on those markets with the strongest commercial potential," he adds.