Monitise pares full-year losses

City A.M. Reporter
MONITISE yesterday announced a deal with a unit of Bank of China to provide the Hong Kong-based lender with mobile payments technology, as it narrowed its full-year losses to £17m and doubled revenues to £36.1m.

The British mobile banking technology company said it would help launch mobile services for Bank of China (Hong Kong), which is looking to tap Hong Kong’s high levels of mobile phone ownership.

Monitise also reiterated its revenue forecast of £70m for the fiscal year 2013. The company expects to achieve its Ebitda break-even target by September 2013, one quarter earlier than its previous forecast.

Loss before tax for the year to 30 June narrowed to about £17m from £17.2m a year ago. Revenue grew 136 per cent to £36.1m. Revenue from live operations, which include deployments in the UK and the Americas, grew 130 per cent to £29.4m.

The company said its order book as at 30 June was more than £110m, double the previous year, and that it sees £160m as additional revenue from existing contracts.

Shares in the firm closed up 2.3 per cent at 33.5p.