Mobile banking firm Monitise posts bigger loss

Reuters News
Posted: Sep 15, 2014 3:18 AM

Sep 15 (Reuters) - Monitise Plc <MONI.L>, a mobile banking technology company, said full-year group EBITDA loss widened 63 percent due to investment in product and sales particularly in the second half of the year.

Shares in the company fell as much as 7 percent in early trade on Monday.

The company, which provides payment solutions to 350 financial institutions, said earnings before interest, taxes, depreciation, and amortization (EBITDA) loss widened to 31.4 million pounds ($51 million) for the year ended June 30.

Revenue rose 31 percent to 95.1 million pounds.

Monitise said it expected revenue growth of at least 25 percent in 2015 and that it would be EBITDA profitable in 2016.

The company also said it signed a strategic partnership with Santander to develop and deploy a series of mobile banking solutions.

(Reporting by Noor Zainab Hussain in Bangalore; Editing by Gopakumar Warrier)