CEO Elizabeth Buse is leaving Monitise after just 15 months for “personal reasons”, as the struggling mobile money tech firm posted ugly-looking full-year 2015 figures.
The announcement about Buse’s departure followed a six per cent fall in revenue to £90 million in the 12 months to end-June. The annual loss after tax was £224 million, compared to £60 million in 2014.
As the company shifts business model to a cloud-based approach, it was forced to recognise an “onerous” provision of £30 million for a small number of contracts.
In addition, there were share-based payment charges of £28 million in relation to acquisitions. These two factors contributed to the spiralling loss in FY 2015.
And the horizon is not clearing for Monitise, which forecast no revenue growth in FY 2016. Operating costs are expected to continue to decline in FY 2016 through redundancies, lower IT costs, pulling out of noncore geographic markets and reducing property costs. The company expects the result will be EBITDA profitability in the second half of FY 2016, with the target of full-year EBITDA profitability.
“Elizabeth Buse to step down as CEO and from the Board, effective 9 September 2015, due to her desire for personal reasons to return to the United States,” said a company statement. She will remain with the firm until the end of October to oversee the transition to new leadership.
Deputy CEO and chief commercial officer Lee Cameron was appointed CEO, effective 9 September 2015.