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Monitise Posts Wider Loss Despite Higher Revenues; Names New Chairman

5th Sep 2013 06:54

SAN FRANCISCO (Alliance News) - Monitise Plc (MONI.L), a Mobile Money - banking company, reported Thursday a wider loss in its fiscal 2013, hurt by higher expenses, even as revenues more than doubled. Looking ahead, the company expects revenue growth of approximately 50 percent in fiscal 2014.

Separately, the company said it appointed Peter Ayliffe, who has served as a Non-Executive Director on the Board since November 2011, as Non-Executive Chairman. He succeeds Duncan McIntyre, who is stepping down as Chairman, but will continue as a special advisor to the company.

Ayliffe, aged 60, who has led Visa Europe, of Visa Inc. (V), the world's largest payment card processor, as President and Chief Executive for seven and a half years, will assume his new duties on October 1, following his retirement from Visa Europe.

The company's fiscal 2013 statutory pre-tax loss was 51.05 million pounds, compared to last year's loss of 16.9 million pounds. Loss per share was 3.8 pence, compared to last year's loss of 2.1 pence.

Adjusted loss for the year, which excluded certain items, was 32.8 million pounds, and loss per share was 2.4 pence.

Group EBITDA was loss of 19.3 million pounds for the year, compared to last year's loss of 10.4 million pounds. The company's depreciation, amortization and impairments expenses surged from last year.

In the year, revenues, however, more than doubled to 72.8 million pounds from 36.1 million pounds. Revenue growth was 50 percent on an organic basis.

Gross margin climbed with user generated margin particularly strong, owing to a number of significant product licence deals.

The company also said it targets a move to the London Stock Exchange's main market in calendar 2014.

Copyright RTT News/dpa-AFX


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