Monitise revenues up by a fifth as user base grows

On track for full year income of at least £70m

Shares in UK mobile money firm, Monitise, are expected to rise when trading opens later today [11th February 2013] after the company reported revenues of £27.8 million in the first half-year to end-December, up by more than a fifth with gross margins soaring by 72 per cent from 64 per cent for the same period in the previous year. There was also strong growth in user generated revenue on a reported and organic basis, up 164 per cent and 70 per cent respectively.

Though there was an earnings before tax loss of £14.7 million compared to £4.2 million loss in H1 FY 2012, this was said to be in line with management expectations and reflected the acquisition of Clairmail, the US based rival it bought for $173 million in March last year [2012], and continued investment in scaling Monitise.

Elsewhere Monitise reported that its full-year revenue target of at least £70 million ($110 million) was on track, underpinned by a strong order book and sales pipeline.

In a separate announcement the company revealed a tie-up with BlackBerry in Indonesia where later this month the partners will launch the region’s first mobile payments service, having recently received regulatory approval from Bank Indonesia, the country’s central bank.

About Dave Evans

Dave Evans was a long established commentator on both the IT and cellular industries. His last focus was on share price trends within the sector. He passed away in September [2014].
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