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Monitise to remain independent, with new CEO
2015-03-25 09:57:00| Telecompaper Headlines
(Telecompaper) Mobile money specialist Monitise has concluded the strategic review it announced in January, and said it will remain an independent company, having found this was the best way to maximise long-term value for shareholders. The company has stopped all takeover talks and said it is no longer in an offer period. Elisabeth Buse will lead Monitise as CEO, while founder and co-CEO Alastair Lukies will step down with immediate effect. In his new role as founder and strategic adviser, Lukies will report to Buse. Meanwhile, Stephen Shurrock, CEO of Consumer at Telefonic, has been appointed a non-executive director, representing shareholders Telefonica and Santander. Going forward, the company will focus on sales in Europe, the Middle East and North America. Additional market opportunities will be pursued where they directly support partner needs. Monitise reiterated its forecast for this year, guiding for revenues at GBP 90-100 million and EBITDA loss of GBP 40-50 million. The company still expects to become EBITDA profitable in FY 2016. In addition to revenue growth, Monitise continues to expect H2 2015 operating and capital expenses materially lower than in H1, with a further improvement in FY 2016. Monitise also continues to see 200 million users and ARPU at GBP 2.50 ARPU as commensurate with the scale of its opportunity. The company declined to give any timing to the targets, saying they would be driven by partner-led product and service roll outs. By the end of FY 2018, the company sees EBITDA margins passing 30 percetn, underpinned by high operational leverage.
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Category:Telecommunications