Monitise doesn't pay a dividend and has never made a profit, but the growth profile is truly impressive. Turnover has doubled for the third year in a row, and management has pencilled in a near doubling in the current year to at least £70m. Gross margins rose from 62 per cent to 66 per cent, with a target of 70 per cent in the second half of the current financial year, and Monitise expects to reach break-even on a cash-profit basis by next September.
Demand for payment systems software for mobile phones has grown significantly, and the order book more than doubled to £110m, with a further £160m expected from existing contracts. These include multi-year contracts with RBS, HSBC and the Co-operative Bank. Mobile banking has become increasingly popular, and registered users with Monitise rose 4.5m from a year earlier to over 17m.