Monitise’s Trading Update for the period to June 30 reveals a strong H2 financial performance. In line with previous guidance, revenues were stable compared to H1, and the group reported positive EBITDA. Cash outflows were significantly reduced vs comparable periods, and the group saw initial revenues from the FINK it platform. Management commentary that the transition from legacy products to FINK it will make for a decline in revenues in FY17 versus FY16 is consistent with our (unchanged) earnings estimates.