Monitise (LON:MONI) reported that its full year revenues have more than doubled amid “astonishing growth” in the mobile money market.
The mobile payments specialist said revenues for the year to June should reach US$53 million compared with the US$22 million reported for the previous year.
This was the third successive year that revenue has more than doubled from the previous year.
Monitise added that profitability in live operations continues to show very strong year on year growth, while demand for its Monitise Enterprise Platform is at an all-time high.
At the end of the year, Monitise had more than US$170 million of committed minimum orders with a further US$250 million expected from existing contracts, making more than US$420 million in total.
As a result, the group expects to post revenues of US$110 million for the current financial year.
“Once again the Monitise team has achieved substantial growth in the financial year 2012 and proven the global demand for a truly bank-grade Mobile Money platform,” said chairman of Monitise Duncan McIntyre.
“We believe we have both the leading platform and market position so as the landscape continues to evolve and accelerate we must continue to invest to optimise shareholder value.”
Investors cheered the update, sending shares in Monitise up seven percent to 31 pence by 8:30am, valuing the group at £324.1 million.