Belfast Telegraph

Tech firm threatens move to US

By Gideon Spanier

Monitise, the fast-growing UK mobile payments company, yesterday raised fears about London as a place for tech companies, and claimed it was holding back valuations compared with US rivals.

Alastair Lukies, the chief executive and founder, has warned that he could move Monitise's stock-market listing from London as he feels it has outgrown the junior market, Aim, where it is listed at present.

"We want to make sure we have the best access to capital and funding that enables us to keep growing," said Mr Lukies, as he unveiled a 136% surge in full-year revenues to £36.1m.

"Monitise has hundreds of opportunities that come our way every month. We have to say 'no' because of capital constraints," he said. "I believe there are other environments that could offer more opportunities - the Nasdaq, the Hang Seng, the LSE."

He said US rivals with a similar profile were being valued at higher levels because there is a more positive attitude to tech firms.

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