Published on: September 8, 2016

FY16 results confirm solid progress made

Mobile money specialist Monitise has released full year results to June 2016 in line with guidance from the mid July update and consistent with the outlook given at the half year, with the company achieving EBITDA breakeven and substantially lower cash spend in the second half following significant rationalisation. For the full year, EBITDA losses halved to £19.6m on revenues down 25% to £67.6m, whilst the statement contained a cautiously positive outlook, noting traction on the new FINKit bank-grade PaaS platform. Whilst the outlook remains uncertain, a significant cash balance (£42m) and a much lower cost base at least mean that the company is far better placed than this time last year.