March 24 Mobile banking technology company
Monitise Plc cut its revenue growth forecast for the
year ending June and said it would post a core profit in 2016 as
it transitions its business model from upfront licences to
Monitise, which forecast a slowdown in revenue growth in
2015, also announced a placing of 160.64 million shares to
accelerate the shift in business.
The company has 1.68 billion shares outstanding.
Separately, MasterCard said it would make a minority
investment in, and partner with, Monitise to help develop and
deploy mobile wallets and other digital payment services to
Monitise, which plans to raise the number of registered
users to 200 million by 2018 from the current 28 million, said
it expected revenue to rise about 40 percent in 2014, compared
with its previous forecast of a 50 percent growth.
The company also said it expected its loss before interest,
tax, depreciation and amortisation in the second half to exceed
its first-half loss of 10.2 million pounds ($17 million).
Monitise said Barclays Bank Plc and Canaccord Genuity Ltd
are the joint bookrunners for the offering.
($1 = 0.6065 British Pounds)
(Reporting by Aashika Jain in Bangalore; Editing by Don