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Monitise reports on tough turnaround year

Thu, 08th Sep 2016 10:51

(ShareCast News) - Financial services digital technology company Monitise announced its preliminary results for the financial year to 30 June on Thursday, which it said confirmed a "substantial improvement" in operating figures in the second half.The AIM-traded firm said its new business unit, FINKit3, which enables banks and financial services organisations to "transform" their digital services, launched during the year generating initial revenues in the second half of FY 2016, and received a positive response from current and potential clients and partners.Full year revenue was £67.6m, a decline of 24.7% compared to the prior year as anticipated but stable half-on-half and in line with previous guidance.Monitise reported half-year EBITDA profitability of £0.6m in the second half of the year, in line with previous guidance, though the figure was a £19.6m loss in the full year.The company's cash flow stabilised with positive cash from operations in the second half, and cash usage was down 84% compared to the same period in FY 2015."In my first year as CEO we have made substantial progress in making Monitise a more stable and simpler business which is well positioned to achieve profitability," said CEO Lee Cameron."At the EBITDA level we recorded a small profit in the second half of the year."Our restructuring has halved operating costs in the second half of the year and reduced headcount by 41% compared to a year ago while maintaining our high client service levels and launching our FINKit digital banking and financial services product."Monitise chairman Peter Ayliffe said the year saw an "unprecedented amount" of change throughout both the business and the board."However, I am pleased to report that the outcome is a business which is much better managed, and much more appropriately structured for successful longer-term profitable growth based on its business unit focus, FINKit platform and associated capabilities."
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22 Jan 2015 09:33

UPDATE 1-Monitise explores strategic review, warns on full-year results

(Adds details, analyst comment, share movement) By Richa Naidu Jan 22 (Reuters) - Monitise Plc, a British mobile banking technology company, said it was reviewing its strategic options and warned that full-year revenue would be below its expectations, blaming its transition to a subsc

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22 Jan 2015 09:29

UPDATE 1-Monitise explores strategic review, warns on full-year results

(Adds details, analyst comment, share movement) By Richa Naidu Jan 22 (Reuters) - Monitise Plc, a British mobile banking technology company, said it was reviewing its strategic options and warned that full-year revenue would be below its expectations, blaming its transition to a subsc

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22 Jan 2015 09:24

Monitise begins strategic review after profit warning

Mobile banking technology provider Monitise could put itself up for sale after warning that sales growth would be flat in the full year. The AIM-listed company, which is in the midst of transforming its business to a product-based recurring revenue model, said full year revenue was expected to be be

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22 Jan 2015 08:24

UK MORNING BRIEFING: Royal Mail, RSA Lead Gains Ahead Of ECB Meeting

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22 Jan 2015 08:03

Monitise Puts Itself Up For Sale As It Cuts Growth Guidance

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22 Jan 2015 07:51

Monitise explores strategic review, warns on full-year revenue

Jan 22 (Reuters) - Monitise Plc, a British mobile banking technology company, said it was reviewing its strategic options and warned on full-year revenue, blaming its transition to a subscription-based business model. The company said it had appointed Moelis & Co to conduct the review. <

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15 Jan 2015 14:11

Monitise To Offer Mobile Banking Services In MoneyPass Network Deal

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5 Dec 2014 08:25

Monitise signs new mobile banking contract with Virgin Money

Mobile payments group Monitise has signed a seven-year deal with Virgin Money to help develop its digital banking services. The agreement, which extends a commercial relationship between the two companies that has been in place since December 2013, will see Virgin use Monitise's Mobile Money network

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27 Nov 2014 11:06

Santander takes 5 pct stake in mobile banking firm Monitise

LONDON, Nov 27 (Reuters) - Spain's Banco Santander has bought a 5 percent stake in mobile banking business Monitise that values the company at $1 billion and shows the increasing focus banks are putting on mobile payments. Mobile banking has boomed in Europe in the last two years, with a s

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27 Nov 2014 11:04

Monitise raises £49.2m amid new share issue

British holding company Monitise PLC said Santander Group, Telefónica Group and MasterCard have agreed to subscribe for 161.3m new shares in the mobile payments company. The firm added that the agreement will raise £49.2m, giving Santander 108.2m new shares and a 5.1% stake in the company, while Tel

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27 Nov 2014 10:43

BUZZ-Monitise: up 17.2 pct on expanded strategic partnerships

** The mobile payments processing company's shares jumps as much as 17.2 pct after it said it was in talks with Santander Group, Telefonica and MasterCard Inc to support the growth of its global platform. ** The three companies will invest 49.2 mln pounds in Monitise in exchange for an 8.

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12 Nov 2014 10:04

Monitise In Partnership With Turkey's Ziraat Bank

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4 Nov 2014 08:21

UK MORNING BRIEFING: Legal & General, Imperial Tobacco Start Strongly

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4 Nov 2014 06:13

UK AGM, EGM Calendar - Week Ahead

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3 Nov 2014 16:09

UK AGM, EGM Calendar - Week Ahead

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