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July 6, 2015

Monitise shrugs off “difficult year” with robust revenue

Aims for EBITDA profitability in 2016.

By Alexander Sword

Monitise achieved revenues of £88 to £90 million for full-year 2015, according to its unaudited trading update.

Ahead of the release of the financial results on 9 September 2015, the update for the year ending 30 June reiterated Monitise’s target of achieving EBITDA profitability in FY 2016 and profitable growth thereafter.

The finance company also noted a reduction in H2 cash outflows over H1, with gross cash at £88.6 million at the end of June.

Crucially, the update stated that the company had realised there were "two distinct types of business within Monitise" with different characteristics.

The first of these was defined as ‘standardised platforms’, Monitise’s new business providing standardised deployments of cloud-based API and on-premise products and platforms.

Monitise claimed this would be the key driver of future growth, while it would also work to optimise its ‘customised platforms’ business.

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CEO Elizabeth Buse admitted the company had faced a "difficult year" but was on the "path to profitability" after taking the "necessary tough decisions."

She added: "Central to our growth plans is our new API-based platform launched in April, we have been delighted with its technical capability and the reception it has received from clients, which gives us confidence for the future."

Monitise missed revenue targets earlier this year and undertook a strategic review, at one point mooting the idea of a sale.

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