Sept 5 Mobile banking technology company
Monitise Plc reported a wider loss as operating costs
doubled due to investments in technology and services and the
company's recent acquisition.
Shares in the company fell as much as 9 percent to 48.75
pence on the London Stock Exchange, making it one of the top
percentage losers in early trade.
The stock touched a life high on Wednesday after the company
announced two new contracts and Goldman Sachs raised its price
target on the stock.
Monitise said loss before interest, taxes, depreciation and
amortization widened to 19.3 million pounds for the year ended
June 30 from 10.4 million pounds a year earlier.
Operating costs rose 116 percent to 74.5 million pounds from
34.4 million last year.
The company bought U.S.-based Clairmail in June for $173
million and Mobile Money Network and eMerit Solutions last
Monitise said on Thursday that it acquired Grapple Mobile
Ltd, a European mobile innovation and design agency, for about
16.5 million pounds in stock as well as 22.9 million pounds in
The company said Peter Ayliffe, Visa Europe's retiring CEO,
would take over as non-executive chairman from Oct. 1.
Visa Europe is the third largest investor in Monitise with a
7.39 percent stake as of Dec. 27, 2012, according to Thomson