Monitise sales surge; pledges to double revenues in FY10

Monitise sales surge; pledges to double revenues in FY10

Mobile money outfit Monitise is reporting an 80% increase in revenue to £2.7 million (2008: £1.5m), and a reduction in adjusted operating loss, excluding share based payments, to £12 million (2008: loss £12.8m) for the year ending June 2009, as customer numbers surged.

At the year end over 110 banks and financial institutions in the UK and North America were signed up to the vendor's Mobile Money Manager platform, and by 20 August the vendor counted 750,000 end-user subscribers. Monitise has forecast growth to more than one million customers by 31 December 2009. The company is also pledging to double revenues in the year ahead.

The solid performance follows a recent £5.1 million investment by Visa, UBS Asset Management and GE Capital, leaving the company with a cash balance of £15 million in July 2009.

Earlier this week, Monitise bought out joint venture partner VocaLink to take full control of UK mobile banking and payments network Monilink.

The company says future revenue growth will come from annuity licence fees and recurring per user fees from both UK and North America markets, and from new partnerships, alliances and businesses in the developed and developing world.
The anticipated annuity license fees include an expected $13 million return over a five-year period from a mobile payments deal with Visa.

Commenting, Alastair Lukies, Monitise CEO says: "The endorsement by Visa and the rapid growth in our customer base clearly validates the long held confidence in our Mobile Money Manager Platform and business model. When we began, the Mobile Money space simply did not exist. It is now a high growth global industry and we are front runners."

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