Monitise PLC Monitise Trading Update (2016S)
06 Julio 2015 - 1:00AM
UK Regulatory
TIDMMONI
RNS Number : 2016S
Monitise PLC
06 July 2015
Monitise plc
Trading update
CEO strategy update
FY 2015 revenue expected to be between GBP88-90m
H2 EBITDA(1) loss expected to show material improvement on
H1
FY 2016 EBITDA(1) profitability target reiterated; gross cash of
GBP88.6m provides balance sheet strength to break-even and
beyond
LONDON - 6 July 2015 - Monitise plc (LSE: MONI, "Monitise" or
the "Company") announces an unaudited trading update for its
financial year ended 30 June 2015.
Financial update
-- Full-year 2015 revenue is expected to be between GBP88-90m.
-- As guided on 25 March 2015, Monitise expects H2 2015
operating and capital expenses to be materially lower than H1, with
a further improvement in FY 2016. Accordingly, we expect an
improved position in H2 EBITDA(1) loss compared to H1.
-- Monitise reiterates its FY 2016 EBITDA(1) profitability target.
-- Gross cash at 30 June 2015 of GBP88.6m shows a material
reduction in H2 cash outflows over H1 and provides balance sheet
strength to see Monitise through to break-even and beyond.
(1) EBITDA is defined as operating loss before exceptional
items, depreciation, amortisation, impairments and share-based
payments charge.
Strategy update
Under CEO Elizabeth Buse, who was appointed as sole CEO of the
Company in March 2015, Monitise continues to drive towards EBITDA
profitability in FY 2016 and profitable growth thereafter. While
our review of the business remains ongoing, and good progress is
being made with projects to optimise costs and improve
profitability, it has become increasingly clear that there are two
distinct types of business within Monitise that have different
characteristics and need to be managed accordingly:
-- Standardised platforms - The new business leveraging
standardised deployments of cloud-based API and on-premise products
and platforms. This business is expected to be the key driver of
our future growth and profitability and is supported by our digital
agency and content teams. It has faster deployment times, lower
up-front costs and can be more easily adopted by customers. Client
support for this model is evidenced in our Santander fintech joint
venture as announced on 1 July 2015 and a major regional US
financial institution recently contracting to access the new
cloud-based platform.
-- Customised platforms - This business line supports many of
Monitise's existing clients with customised platforms, mainly in
Europe. Monitise will work with its clients and partners to improve
and optimise the financial performance of this business line,
including enabling existing clients to benefit from the new
cloud-based platform for their own innovation roadmaps.
A further update will be provided with Monitise's 2015 financial
year results, which are scheduled to be published on 9 September
2015.
Monitise CEO Elizabeth Buse said: "We have delivered a solid
revenue performance in what has been a difficult year. Across the
business, our cost disciplines have improved, we are taking the
necessary tough decisions and our path to profitability is on
track. 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."
About Monitise
Monitise (LSE: MONI) is a world leader in Mobile Money -
banking, paying and buying with a mobile device. Leading banks,
payments companies, retailers and mobile networks use Monitise's
technology platforms, products and services to securely connect
people with their money. Monitise's digital agency designs and
delivers high-engagement apps across multiple industry
verticals.
More information is available at www.monitise.com. For views and
insights from the Monitise team about the world of Mobile Money,
visit www.monitise.com/insights.
Enquiries:
Investor Relations
Richard Johnson, Michelle Singleton Tel: +44(0)20 3657 0331
investorrelations@monitise.com
Media Relations
Gavin Haycock, Anna Howard Tel: +44(0)20 3657 0362
press@monitise.com
Canaccord Genuity
(NOMAD)
Simon Bridges, Emma Gabriel Tel: +44(0)20 7523 8000
Brunswick
Jonathan Glass, Jon Drage Tel: +44(0)20 7404 5959
This information is provided by RNS
The company news service from the London Stock Exchange
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