Monitise lowers revenues forecast for the full year

6th Jul 2015 13:56

Monitise, a mobile banking and payments service group, said its revenues will be lower than previously expected due to a "difficult year".The company expects full-year revenue to be between £88-90m, below previous guidance of £90-100m announced in March.However, it also anticipates operating and capital expenses to be materially lower in the second half than in the first.Monitise said the launch of its API-based platform in April has been well received from clients, giving it confidence for the future.As a result, the company reiterated its earnings before interest, taxes, depreciation, and amortization profitability target for the financial year of 2016.Chief executive 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."Shares fell 2.44% to 10p on Monday at 14:06.