Monitise considers Nasdaq listing - FT
14 February 2012 | 4892 views | 0
UK-based mobile banking firm Monitise is considering a float on Nasdaq, having outgrown its listing on London's AIM market, according to the Financial Times
Monitise reported a stellar set of results for the first half on Monday, buoyed by a close relationship with Visa and an international growth strategy that has positioned the firm to reap the benefits of soaring interest by banks and consumers in mobile services.
"Aim has been good to us, we have raised money on Aim five times, but at some point we are going to hit a ceiling," Alastair Lukies, chief executive, told the FT.
The company's revenues tripled for the first half and it narrowed its Ebidta loss to £6.9 million, from $7.5 million in H1 2011.
The firm has come a long way since the dark days of 2009, when its stock price languished at just five pence, way off its IPO debut of 21.25 pence.
Monitise is forecasting break-even in 2013 and analysts have earmarked the firm to report an £8 million profit by end-2014.
The company's stock currently sits at 36.38 pence.