Less Ads, More Data, More Tools Register for FREE

Pin to quick picksMonitise Share News (MONI)

  • There is currently no data for MONI

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Monitise predicts positive earnings after massive write-offs

Fri, 12th Feb 2016 10:45

(ShareCast News) - First-half results from Monitise showed underlying losses cut by a third as the painful restructuring of the financial software group grinds towards what is expected to be a profitable second half.However, reported operating losses before tax ballooned to £211.6m compared to £58.1m a year before, with sales slipping to £33m from £42m.As they moved from the failed attempts to commercialise a mobile banking app towards a wider focus on its FINkit cloud-based software that allows finance sector customers to build and run secure and compliant products and services.Management have written off £167m from the value of its old non-cloud assets."The essential transition to cloud-based services and sustainable recurring revenues, continues to be very challenging," said chairman Peter Ayliffe, who is now overseeing his third chief executive in a year.Chief executive Lee Cameron, promoted from chief commercial officer in September, said the company had taken "tough decisions" and "defined a clear path to take the business forward".Total costs were cut to £53.6m in the first half, down from £69.4m and projected to reduce by roughly £3m per month in the second half.Staff numbers stood at 646 at the period end, down from 950 a year before and 850 at the year end.As a result, the company's existing businesses are expected to generate positive EBITDA in the second half of the year and onwards."Investment in FINkit will be proportionate to the timing and scale of contracts signed and we will continue to evaluate all assets in order to preserve and maximise value for all stakeholders," Cameron said.Shares in Monitise, having fallen from a peak of just over 80p to below 1.7p over the last two years, bounced to 1.81p by 1400 GMT on Friday.
More News
25 Mar 2015 09:11

BUZZ-Monitise: No longer up for sale, co-CEO Lukies to step down

** Monitise Plc's shares down as much as 22.2 pct, after mobile-banking software maker says it is no longer looking to sell itself, and that co-CEO Alastair Lukies will step down ** Elizabeth Buse, who was hired from Visa Inc to co-run Monitise in June, will become the sole CEO ** Co'

Read more
25 Mar 2015 08:26

LONDON MORNING BRIEFING: Updates From TUI And Bellway Cheer Market

Read more
25 Mar 2015 08:09

Monitise Ends Sales Process And Names Buse As Sole Chief Executive

Read more
25 Mar 2015 07:40

Monitise says no longer up for sale, Buse to become sole CEO

March 25 (Reuters) - British mobile-banking software maker Monitise Plc said it was no longer looking to sell itself, and would continue streamlining its business as an independent company. The company also said its founder and co-CEO Alastair Lukies would step down with immediate effect an

Read more
3 Mar 2015 17:11

Tullow Oil To Drop Into FTSE 250, Hikma To Move Up To FTSE 100

Read more
2 Mar 2015 09:42

UK BROKER RATINGS: Nomura Raises Pearson To Neutral From Reduce

Read more
26 Feb 2015 11:59

Monitise jumps on contract wins

Mobile banking software group Monitise shares jumped on Thursday, after the company won two major multi-year, "multi-million dollar" contract wins. The group did not disclose the value of the contracts or the companies it had signed the deals with, though said one of them was with a "top 10 US finan

Read more
26 Feb 2015 09:32

BUZZ-Monitise: contract wins lift shares

** British mobile-banking software maker Monitise jump 6 pct as co, which is up for sale, wins 2 multi-yr contracts with multi-mln dollar aggregate value ** Co, which has mkt value of about 534 mln pounds ($820 million), said last week it was in constructive talks regarding a sale **

Read more
26 Feb 2015 09:21

Monitise Shares Up On Multi-Million Dollar Contract Wins Announcement

Read more
19 Feb 2015 09:27

BUZZ-Monitise Plc: retreats further from 1-month high

** Monitise Plc down for second straight day and falls as much as 10.2 pct after UBS TP cut spurs more weakness after stock hit a 1-month high earlier this week ** UBS cuts TP to 65 pence from 75 pence, cuts EPS forecasts significantly near-term but longer-term assumptions unchanged *

Read more
17 Feb 2015 18:48

UPDATE 3-Monitise, up for sale, says in "constructive" talks

* Strikes digital banking deal with unnamed financial institute * Posts wider EBITDA loss for H1 * Shares jump as much as 16 pct (Adds Fiserv, TCS comments and share close) By Noor Zainab Hussain Feb 17 (Reuters) - British mobile-banking software maker Monitise Plc said

Read more
17 Feb 2015 12:26

UK MIDDAY BRIEFING: UK Experiencing Lowest Inflation In 25 Years

Read more
17 Feb 2015 11:45

UK WINNERS & LOSERS: IHG And Sports Direct Lead FTSE 100 Fallers

Read more
17 Feb 2015 08:50

BUZZ-Monitise: rallies on bid spec despite weak H2

** Monitise rises 10.5 pct, its best day since Feb. 4, with traders citing reports US tech giant FIS interested in a bid for the co. Link: http://bit.ly/1vQGgSK ** Mastercard and IBM both previously mentioned as potential suitors in Monitise, that put itself up for sale last month **

Read more
17 Feb 2015 08:29

UK MORNING BRIEFING: Insurer Brit Leads FTSE 250 On Takeover Deal

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.