Monitise reaches cash break-even point

Six-month report reveals it has reached three million customers globally since it broke away from Morse

Morse spin-off Monitise has broken even in Europe and now has more than three million registered customers.

In a report covering the six-month trading period ended 31 December 2010, the firm revealed it had reached month-on-month cash break-even as it pursues its aggressive growth plans. Full six-month results will be revealed on 10 February.

Monitise also claimed the adoption of smartphone apps continue to have a positive effect on use of its products and that its Globe Platform processed more than 13 million transactions in December.

Alastair Lukies, chief executive of Monitise, said: "Momentum in Monitise and the broader Mobile Money space is accelerating at an aggressive pace as user numbers and transaction volumes continue to grow globally.

"It is particularly pleasing that the first of our deployed platforms has hit the key break-even milestone.

Through our global partnerships with some of the world's leading organisations, we are placed to enable connectivity between the billions of mobile phones and heavily regulated financial services platforms that are part of everyday life," he said.

In separate news, the firm appointed Tim Wade to its board as a non-executive director and chairman of its Audit Committee. Wade is currently an independent non-executive director of investment firm Resolution and non-executive director of Macquarie Bank International.

Duncan McIntyre, chairman of Monitise, said: "We are delighted to have Tim join our board as we continue to expand our global business. His experience and understanding of retail and corporate banking and financial services around the world - key client sectors for Monitise - will significantly benefit the company as we pursue our international growth strategy."