Monitise Doubles Revenue for Third Year Running

LONDON -- Monitise (LSE: MONI.L  ) shares rose 5.17% to 30.5 pence in early-morning trading after the announcement of the technology and services company's positive trading update.

The report states that Monitise expects full-year revenues for 2012 to reach $53 million -- nearly two and a half times last year's figure of $22 million. This will mean that for three straight years, revenue has more than doubled compared with the previous year.

Specializing in the delivery of mobile banking, payments, and commerce solutions worldwide, the company is attracting well more than half a million new registered customers per month, with demand for the Monitise Enterprise Platform at an all-time high.

In an unaudited trading update following its June 30, 2012 financial year-end -- the company's 2012 full-year results are scheduled to be published on Sept. 4 -- Monitise stated that it expects gross margin for the year to come in around 66%, versus 2011's 62%, and indications suggest it is on track to hit more than 70% by the second half of fiscal 2013. Total group revenues in FY 2013 are expected to be in the region of $110 million.

Monitise Group CEO Alastair Lukies commented: "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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