Monitise trading update shows soaring full year revenues

Source: Monitise

Monitise plc (LSE:MONI), the technology company delivering mobile banking, payments and commerce networks worldwide, announces an unaudited pre-close trading update following its 30 June financial year-end.


  • Full-year revenues expected to be approximately £14 million ($22 million), more than double the £6 million ($10 million) reported last year, and with a year-end annualised revenue run rate in excess of £20 million ($32 million).
  • Growth across live mobile banking and payments services continues, with Monitise now handling more than 10 million banking transactions a month, including 100,000 account transfers and mobile payments per week with an average monthly value of more than £100 million.
  • Minimum contracted revenues at year end of approximately £55 million ($90 million) over the next five years. This represents more than four times the level seen a year ago, with significant upside potential, further underpinning plans to reach break-even in calendar 2013.
  • Strong increase in operating profit and cash generation in the second half from live operations, broadly matched by continued investment in the business.
  • Robust financial position, debt free with in excess of £23 million cash balance as at 30 June 2011.
  • Strong outlook for next financial year with Group well positioned to double revenue again in 2011/2012.
  • The group has made strong progress during the second-half of the year, entering a number of long term partnerships including a new five-year deal with Visa Inc. worth a minimum of $50 million with significant upside.

Total Monitise registered customers are approaching 4.5 million, more than double the level seen a year ago.

Monitise has developed and launched the first banking apps for the iPad from a high street bank with key partner RBS/NatWest, along with upgrades and enhanced functionality for their iPhone apps. These apps illustrate Monitise technology platform's ability to optimise applications to take advantage of the capabilities of advanced handsets. They also show how Monitise helps deliver an integrated customer experience with the most upp to date information by being directly integrated into a bank's core banking platform.

In Mobile Commerce, the launch of the Mobile Money Network (MMN), the joint venture between Monitise, Best Buy Europe and Carphone Warehouse founder Charles Dunstone, is helping give Monitise a leading position in mobile shopping, broadening its proven heritage across mobile banking and mobile payments. Monitise is partnering with MMN to leverage and evolve its bank-grade technology platform and to extend existing bank and payments industry relationships as part of its collaborative network approach.

In India, Monitise has launched its first Mobile Money services while in Asia Pacific the business has entered a partnership with JETCO, a leading ATM and payments infrastructure player with consumer services due to be launched imminently.

Monitise Chief Executive Alastair Lukies said: "Monitise continues to see very rapid growth across all areas of its business, both in the UK and internationally. The strength of our broadening partnerships and proven service delivery capabilities is a key validation that our strategy is working worldwide across mobile banking, mobile payments and mobile commerce.

"As a trusted partner to financial institutions worldwide, we remain focused on our vision to leverage our global scale, proven credentials and network enabling strengths in the Mobile Money ecosystem. Our growth is being fuelled by exploding demand for globally proven bank-grade services so our clients can help their customers manage their finances via their handsets quickly and securely. The market opportunity is accelerating rapidly and we look forward to the future with confidence."

Monitise's full-year results are scheduled to be published on 1 September 2011. 

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