Monitise plunges on wider annual loss, CEO to step down

9th Sep 2015 08:08

(ShareCast News) - Shares in Monitise plunged over 25% early on Wednesday, after the mobile money group posted a wider annual loss.In the 12 months to 30 June, the group posted a loss before tax of £227.4m compared with a £63.4m loss in the previous year, while revenue slid 6% year-on-year to £95.1m.Meanwhile, the group announced that chief executive Elizabeth Buse will step down on 9 September and will be replaced by deputy chief executive Lee Cameron, who has been on the company board since 2008.Buse's departure comes after Alastair Lukes, founder and co-chief executive, left his position following a strategic review last year, as the company's share price collapsed.The London-listed group has moved away from a subscription-based model to focus on its products and platforms but the shift in strategy has failed to prove profitable so far."Our move to become a cloud business reflects our drive to adapt to the evolving needs of the industries and clients we serve," the company's outgoing chief said."A consequence of reshaping Monitise for growth and profitability is that we have had to recognise significant non-cash impairments and exceptional one-off costs."Monitise shares were down 25.39% to 4.33p at 0830 BST on Wednesday.