Monitise bullish despite wider losses

Morse off shoot claims stong UK traction, but losses doubled over past nine months

Morse spin-off Monitise has issued a bullish outlook, despite seeing its annual losses widen to £8.7m in its maiden results as a public company.

The Alternative Investment Market-listed mobile banking and payment technology specialist, said it has witnessed strong progress in the UK, with three major UK banking groups and seven UK mobile operators now using its platform.

It added that it was confident of signing further UK banks in the coming months and that its international roll out was gaining traction.

Turnover for the year to June 30 doubled to £500,000, although operating losses widened from £3.3m in the nine months ended June 30 to £8.7m.

Duncan McIntyre, chairman of Monitise, which was spun off from Morse in June (CRN, 18 June), said: “We have made strong progress both with our UK business and our international expansion strategy this year and are well positioned to become one of the leading mobile banking and payment platforms worldwide.

“The Group is still in its investment phase and as such, we are focused in the near term on rolling out our platform and developing related services to further exploit the value of our technology and intellectual property.”

Alastair Lukies, chief executive at Monitise, added: “Monitise has had an extremely successful year and we believe we will become one of the leading mobile banking and payments providers in the world. The successful demerger from Morse and the fundraising allows us to continue to develop our business as an independent company and pursue our strategy for growth.”