Big Losses Stack Up At Monitise

British payments player Monitise continues to struggle.

According to reports, the firm’s losses have quadrupled in the last half-year as the firm has written off £167 million ($243 million) from the value of its business. Losses before taxes in the last six months grew rapidly from £58 million ($84.4 million) to £211 million ($307 million).

All in, the firm has lost a staggering 95 percent of its total value in the last two years, though it is aiming to break even in the second half of this year. Much of the losses have come as Monitise has shifted its central business away from its legacy core business to a cloud-based system.

On Friday (Feb. 12), the firm noted:

“Following a reassessment of the group’s strategic plan, a further review of intangible assets has been undertaken. The result of the review is a non-cash impairment of £166.8 million against the value of non-cloud intangible assets.”

Lee Cameron, the third CEO at Monitise this year, said the firm is “strong and healthier” following a restructuring. He further noted:

“We have faced many challenges during the last six months and have further work to do to restore investor confidence in our business, but we are adequately funded, and I am confident we will be EBITDA positive in the second half of FY16.”