Revenue to more than double at Monitise

Shares of mobile banking technology firm Monitise powered ahead after it reiterated that full-year revenues in 2012 are expected to more than double after strong demand for its mobile money services.

Revenue for the year is predicted to be around $53m or £34m compared to $22m or £14m reported the same time last year. This will be the third successive year that revenue has more than doubled compared to the previous year.

CEO Alastair Lukies said: "The Mobile Money landscape continues to grow at an astonishing rate. As a major global force in Mobile Money, Monitise remains positioned at the centre of this huge ecosystem with its platform, skills and partnerships driving another year of phenomenal growth."

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Monitise said profitability in live operations continues to show very strong year-on-year growth and gross margins for the year are expected to be in the region of 66%, compared with 62% last year, and on track to hit more than 70% by the second half of 2012/13.

Demand for the Monitise Enterprise Platform is at an all-time high and investment in the platform and its global reach continues in line with market demand, it said.

The order book of the combined group at the end of June 2012, included over $170m of committed minimum orders, plus a further $250m of additional revenues expected from existing contractual arrangements, making more than $420m (£270m) in total.

Total revenues in 2012/13 are expected to be in the region of $110m or £70m and the group remains on track for EBITDA break-even by December 2013.

CJ