Growing use of its mobile payment services for banks increased Monitise PLC revenue for fiscal 2011, but the expense of developing new markets in Europe and Nigeria resulted in a pretax loss, the mobile-payments company said Sept. 1.
The London-based company more than doubled its revenue during the fiscal year ended June 30, citing strong growth in its registered customer base, which increased to 4.5 million, double the number of customers who were using Monitise software a year earlier to enable bank transfers and payments on a mobile phone.
The company also reported “a substantial increase” in monthly transactions to 10 million, but did not provide 2010 numbers.
Monitise said it was on track to reach its target of breaking even in during its next fiscal year.
The company reported a pretax loss of £17.2 million (US $27.5 million, or 19.million euros), slightly wider than its £17 million loss in 2010.
The company reported an operating profit of £3.2 million at its customer banks currently in operation, up sharply from last year’s loss of £2.5 million.
Revenue for the year reached £14 million, up 133% from £6 million in 2010.
“This has been a breakthrough year for Monitise,” company CEO Alastair Lukies said in a press release. “We are a high growth company and a market leader in the mobile money space.”
Monitise said its recent agreement with Visa Europe to develop and supply mobile payments to Visa’s 4,600 member banks across 36 countries contributed to its increase in transactions (
Monitise previously reported solid revenue progress after the second quarter of its fiscal year in December 2010 (
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