Mobile money outfit Monitise is reporting widening full year operating losses, to £17.1 million, despite a 125% surge in revenues.
The London-based firm says revenue for the year was £6 million, up from £2.7 million in 2009. Transactional revenues saw particularly strong growth, reaching £2.9 million compared to just £500,000 in 2009.
However, the company continued to incur heavy costs, citing investment in technology - £4.9 million - and international expansion.
Adjusted FY operating losses, excluding share-based payments and an exceptional gain made on taking 100% ownership of its Monilink UK joint venture, were £14.3 million, compared to £12 million in 2012.
Monitise remains upbeat though after raising £32.4 million, before expenses, earlier this year through a share placing and subscriptions by Visa and First Eastern.
Duncan Mcintyre, chairman, Monitise, says: "Monitise has transformed its position over the past year. We have undertaken successful fund raisings and emerged with a strong balance sheet that will now fund us through to cash break-even. Revenues are accelerating as we attract new customers and they use more of our premium services. Our cost structures in the UK and North America are now fully aligned to revenue growth."
Shares in the firm were down 0.75 pence, or 3.4%, to 21 pence, in afternoon trading.