Monitise sees breakeven in 2013 as mobile banking drives revenue higher in full-year

Mobile banking, payments and commerce networks specialist Monitise PLC (LON:MONI) more than doubled revenue in the full year to end-June 2011 and reported a strong rise in its order book. It expects breakeven in 2013.

Revenue rose to £14 million from £6 million a year earlier, while the order book - incorporating the recently announced five-year strategic contracts with Visa Inc and Royal Bank of Scotland - stood at £78 million as at September 1 2011, six times the £13 million recorded at end-June 2010.

The pretax loss widened slightly to £17.2 million from £17 million.

The group noted in particular the strong growth in live transactions, with more than 10 million mobile banking transactions now processed per month, and the value of mobile transfers and payments exceeding £160 millon per month, compared with £600,000 the previous year.

Monitise now has more than 4.5 million registered customers, more than double the level a year ago.

Chief executive Alastair Lukies called the period under review “a breakthrough year for Monitise”.

“We are a high growth company and a market leader in the mobile money space just as it hits its own tipping point. We have built a robust, secure, interoperable bank-grade technology platform that is relevant in all parts of the globe.”

Chairman Duncan McIntyre added: "The group is hitting key targets as our live operations now deliver profit, we deepen our partnerships with Visa Inc. and RBS Group, and form new partnerships with Visa Europe and Astra, among others. 

The business is increasingly well positioned to deliver ongoing value for our shareholders. Monitise is on track to breakeven in 2013 and we look to the future with confidence as our momentum continues," McIntyre said.