Monitise has appointed advisers to help review its “strategic options”, which could include selling the business, as it announced that it expected FY2015 EBITDA losses of around $60-76 million.

The company said its board believes “there may be other businesses which could leverage its capabilities for digital commerce enablement to significantly accelerate the growth of the business”, and is planning to host a capital markets day for institutional investors in London and New York.

The company said a strategic review is taking place “in light of recent share-price weakness, shareholder feedback and industry developments” and that its FY2015 revenue is expected to be between $136 million and $151 million, compared with previous forecasts of at least 25 per cent growth.

However, it expects EBITDA to be profitable in FY2016.

“As part of the re-shaping of our business, Monitise expects its FY2016 total cost base to be materially lower than current consensus (which is approximately $272 million), reflecting a number of initiatives commenced during the period, including the transition of UK professional services employees to IBM, and streamlining benefits of the shift to being a product-based business,” the company said.

In November, the firm bounced back from the potential loss of Visa as a shareholder by unveiling MasterCard, Telefonica and Santander as new backers to support the rollout of its global platform. It unveiled a £49 million investment by the three new backers.

It also announced a further link-up with IBM following a global alliance in the summer.

Monitise, which claims a total user count exceeding 82 million, said it is undertaking a transition in its business to a product-based recurring revenue mode.

In a joint statement, co-CEOs Alastair Lukies and Elizabeth Buse said: “We are successfully transitioning our business to a product-led, recurring revenue digital technology company. Partner and client support for this was underscored by major partnership updates during the first half, and the many services we developed and helped to launch across Europe, the Americas and Asia.”

“In our business and the review we are now embarking on, we remain focused on ensuring the best possible outcome for all Monitise stakeholders,” the statement added.