By Rory Gallivan
LONDON--Shares in Monitise PLC (MONI.LN) fell by 20% Thursday
after the mobile device payments technology provider issued a new
revenue warning and announced a strategic review that could result
in the sale of the company.
Monitise, which is part owned by payment card company Visa Inc
(V), said it now expects revenue of between 90 million pounds
($136.2 million) to GBP100 million for the current financial year,
down from a previous forecast of 25% growth from revenue of GBP95.1
million it recorded in the year ended June 30, 2014.
The company said it believes it has an "exciting future as an
independent business", but added that other businesses may be in a
better position to exploit its assets. The strategic review will
include a "formal sale process", it said.
Monitise was previously one of the biggest hopes of the U.K.
technology scene and has even been lauded by Prime Minister David
Cameron as an example of the country's capacity for technology
innovation.
Monitise's valuation was well in excess of a billion pounds in
early 2014, but it has been hit hard by reduced revenue forecasts
and the news that Visa is considering its options over its
stake.
The comapny reiterated its longer term target of having 200
million users of its technology, delivering average revenue per
user of GBP2.5 a year.
-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter:
@RoryGallivan
Subscribe to WSJ: http://online.wsj.com?mod=djnwires