Monitise sees H1 revenue soar

Morse spin-off anticipates a threefold increase

Morse spin-off Monitise is anticipating a threefold increase in first-half revenue as it looks to keep up its growth momentum.

In a pre-close trading update, the firm revealed it expects turnover for the six months to 31 December 2011 to be in the region of £15m, compared with £5.3m in the same period a year ago.

The mobile banking specialist said its first-half 2012 revenue will be higher than the £14m revenue generated in the entire 12 months ended June 2011. Monitise is also boasting an order book of more than £75m, with more than £35m contracted during the first six months of FY2012.

It is also expected to be close to break-even EBITDA for H1 2012, once exceptional profit on the acquisition of Monitise Americas is taken into account, and investments into its future operations, technology platform and service delivery is taken into account.

Monitise also has 5.5 million customers signed up to its mobile money services compared with three million at the start of January 2011. The platform is processing 330 million transactions per year, compared with 120 million a year ago.

During the year Monitise has formed strategic partnerships with RBS Technology Services and Visa Europe, and taken 100 per cent ownership of its Americas business.

Alastair Lukies, chief executive of Monitise, said: “Our revenue performance and growing order book clearly demonstrates the momentum of the Monitise business as we head into calendar 2012, the year of the Olympics. We have seen via the increase in activity across our own technology platform how mobile banking has created an exciting and fast-growing new way for consumers to interact with their bank and manage money on their terms.

“Worldwide interest and activity around mobile money is growing daily. Monitise has positioned itself as the only independent, interoperable, bank-grade mobile technology platform open to deliver services across any market to any device,” he added. “That gives us a critical role to play as the mobile money market evolves. The market opportunity is huge.”

Duncan McIntyre, chairman of Monitise, said: “Monitise really has had an exceptional 2011 as a company. Trading for the group has never been better and we enter the calendar year 2012 with great momentum.” The firm’s H1 2011 interim results are set to be announced in February.