Monitise says revenues will double in 2012

 
Elizabeth Fournier
SHARES in Monitise outperformed the general market yesterday, after the mobile banking technology firm said it expected its full-year revenues to double in 2012 thanks to strong demand.

Monitise is predicting that revenues will hit $53m (£34m) when it publishes its full-year figures in September, compared to revenues of $22m in 2011.

Gross margins, meanwhile, are forecast to edge up slightly from 62 per cent last year to 63 per cent for the last 12 months.

The company also took a bullish stance on its performance over the course of next year, predicting that 2013 revenue would double again to $110m.

Though it did not release profit or loss figures, Monitise reiterated its plan to break even on earnings before interest, tax, depreciation and amortisation (Ebitda) by the end of next year.

At the end of last month, Monitise announced that it had bought US rival firm Clairmail for £108m, helping it expand its reach in the North American market.

Over the last year it has also inked multi-year deals with HSBC, RBS and the Co-operative Bank, and launched pan-European mobile person-to-person payments with partner Visa Europe.

“Monitise continues to execute against strong growth targets, which we see as a reflection of the strength of the mobile money market and Monitise establishing itself as the market’s clear leader,” said analysts at Canaccord Genuity in a note yesterday.