Monitise revenue drops amid absence of FINkit contracts

Monitise reported a drop in revenue for the year to the end of June as it said current trading remains challenging.

The AIM-listed financial services digital technology company said revenue fell to £50.9m from £67.6m. While the business continues to focus on cost management, it said cost reduction activity has not mitigated the expected revenue decline or the absence of any contracts for its FINkit cloud-based platform.

In the absence of material FINkit revenues, Monitise expects FY 2018 revenue to be lower than the previous year, with a knock-on effect on operating results.

Chief executive officer Lee Cameron said: "We continue to manage the costs of the business where possible as revenues reduce and we seek our first FINkit contract. Whilst the cost action has not mitigated the revenue reduction this has reduced our cash burn in the period. Current trading remains challenging."

At 1045 BST, the shares were down 0.4% to 2.84p.