Monitise revealed this morning it had crept further out of the red during the last six months of the year.
The fintech firm's interim results revealed a loss before tax of £7.5m for the six months to the end of December, a 96 per cent improvement on the £210.5m loss it announced for the same period the year before.
However, revenues also slipped to £28.2m, down 15.6 per cent from £33.4m the year before.
The firm also repeated its previous warning that revenues were likely to continue to decline for the remainder of its financial year, which runs until June, although the company's cost saving plans would help to offset the impact on its bottom line.
Shares were trading up 1.9 per cent at 2.7p at the time of writing.
Why it's interesting
The firm has been transforming its business model in an attempt to claw its way out of the red. Today's figures are a sign its plans are working.
However, the plan has also resulted in a loss of staff. The company's headcount dropped by 16 per cent over the last six months.
Monitise is also banking on its FINKit unit to rake in some cash in the near future. The offering will allow lenders to develop various digital services, which more of them will likely be looking to do off the back of last year's Competition and Markets Authority report into the retail banking sector.
What Monitise said
Monitise's chief executive Lee Cameron said:
Our transformation programme is nearing completion...Having successfully stabilised and simplified the group, the challenge now is to grow our revenue.