Monitise gives H1 2011 the thumbs up

Morse spin-off in cash-rich position as it predicts boom in connected commerce

Monitise has celebrated a whopping 207 per cent revenue growth for the first six months of its 2011 fiscal year.

Revenue stood at £5.3m for the six months ended 31 December 2010, compared with £1.72m for the previous six months.

However, the firm, which was spun off from Morse in 2006, saw pre-tax loss increase to £7.9m compared with £6.9m in the previous year.

Despite the loss, the firm has a cash balance of £33.7m on 31 December 2010 and is in a bullish mood looking forward, saying it expects a strong growth in registered customers and transaction volumes, more new partnerships and a renewed consumer appetite for its Mobile Money offering.

Alastair Lukies, chief executive of Monitise, said: “The six months ending 31 December 2010 clearly demonstrate the strength and robustness of Monitise’s platform and business model. We are operating in a very exciting space and we have continued to expand our footprint signing further critical commercial partnerships.”

Lukies said deals include the Mobile Money Network with Best Buy Europe and Charles Dunstone, and the earlier licensing partnership with Visa Europe.

“We firmly believe that the era of connected commerce is upon us and are pleased to continue to assist financial institutions in defending and extending their role at the centre of the payments infrastructure,” he continued.

“The rapid progress in our existing live operations and the number of exciting partnerships in play position us well as we continue to invest to extend our market footprint. We look to the future with confidence.”

Duncan McIntyre, chairman of Monitise, said: “This has been another outstanding six months for Monitise with significant progress made across the business. We have started the second half with confidence and are well placed to further develop our global mobile banking, payments and commerce services for clients.

“I am particularly pleased to see our European business expand through our partnership with Visa Europe and the forging of an exciting new partnership in Indonesia, the fourth most populous country in the world. We anticipate this momentum continuing,” he added.