Monitise, a technology company delivering mobile banking, payments and commerce networks worldwide, has announced an unaudited pre-close trading update following its 30 June financial year end.
The company said its full year revenues are expected to be approximately £14 million ($22 million), more than double the £6 million ($10 million) reported last year, and with a year end annualised revenue run rate in excess of £20 million ($32 million).
Growth across live mobile banking and payments services continues, with Monitise now handling more than 10 million banking transactions a month, including 100,000 account transfers and mobile payments per week with an average monthly value of more than £100 million.
The company has achieved minimum contracted revenues at year end of approximately £55 million ($90 million) over the next five years. This represents more than four times the level seen a year ago, with significant upside potential, further underpinning plans to reach break-even in calendar 2013.
There has been a strong increase in operating profit and cash generation in the second half from live operations, broadly matched by continued investment in the business.
Monitise is now in a robust financial position, debt free with in excess of £23 million cash balance as at 30 June 2011. It has a strong outlook for the next financial year with the Group well positioned to double revenue again in 2011/2012, it said.
The group has made strong progress during the second half of the year, entering a number of long term partnerships including a new five year deal with Visa Inc. worth a minimum of $50 million with significant upside.
Total Monitise registered customers are approaching 4.5 million, more than double the level seen a year ago.
Monitise has developed and launched the first banking apps for the iPad from a high street bank with key partner RBS/NatWest, along with upgrades and enhanced functionality for their iPhone apps. These apps illustrate Monitise technology platform’s ability to optimise applications to take advantage of the capabilities of advanced handsets. They also show how Monitise helps deliver an integrated customer experience with the most up to date information by being directly integrated into a bank’s core banking platform.