Monitise doubles its revenues but shares falter on mounting losses

 
Steve Dinneen
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MONITISE doubled its full-year revenues but failed to inspire the market yesterday as its shares slid 2.7 per cent.

The mobile payments firm declared the last 12 months a “breakthrough year” despite increasing its pre-tax loss from £17m to £17.2m. It increased its revenues from £6m to £14m.

The firm said the slightly bigger loss was down to continued investment. Its order book hit £78m – six times the year before – and the firm said it expects to see its revenues soar over the next 12 months.

Chief executive Alastair Lukies said: “This has been a breakthrough year for Monitise. We are a high growth company and a market leader in the mobile money space just as it hits its own tipping point.

“Revenues are more than double those of the previous year and we are seeing accelerating profit growth across our live operations.

“We will continue to invest in the business, the Group is debt free and we are excited about the opportunities ahead.”

Evolution Securities analyst Philip Sparks called the results “pivotal”.