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Monitise triples revenue in 2H 2011

Tim Green
Monitise triples revenue in 2H 2011

Sales of £15.8m for June to December, against £5.3m for the same half the previous year.

The publicly floated UK firm specialises in making apps, sites and back-end services that power mobile banking services and mobile money transactions.

It's still making a loss, but the long term progress of the firm remains pretty impressive. Indeed, Monitise says cash break-even remains on target for December 2013.

The group has a cash position of £43m ($67m), and is debt free, and its order book stood at £83m ($128m) at December 31st, 2011, with a further £120m ($186m) of revenues from existing contracts over the next five years, totalling £203m ($314m).

Group EBITDA loss was reduced from £7.5m ($11.6m) in H1 FY 2011 to £6.9m ($10.7m) in H1 FY 2012.

Monitise works with a large number of consumer-facing banks in Europe, the US and Africa, and is particularly close to Visa Europe, which made a strategic investment of £24.7m ($38.3m) in Monitise last year.

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It says 480m transactions are processed by its systems a year.

Alastair Lukies, CEO, said: 'Our growth continues to accelerate and we had an excellent six months to the end of December 2011 with encouraging signs across all our key financial, operational and adoption metrics.

"Our rapidly growing order book, increasing pipeline and deepening partnerships further validate Monitise's leadership role as the enabler of choice in the mobile money industry."

Tags: banking , monitise , mobile money

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