Monzo have just published their annual report and inside are some very serious issues.
Monzo have made a record loss - a record they update on an annual basis.
And even worse than that is the fact that their revenues are not growing.
Monzo's lending business contracted over the last 12 months rather than expand.
And Monzo's paid products have contributed £2 million in gross profit to the P&L - that's incredibly low for a company that spent $200 million on costs.
The only revenue stream that is growing is interchange, but it is growing slower than the costs are rising.
Monzo's Directors acknowledge the issue and have said that there is a significant risk to Monzo's ability to continue operating.
But the Auditors have made a much stronger statement.
The auditors have stated that "a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern for a period of twelve months."
The future for Monzo looks bleak based on this report. I really hope they can change their direction, but it certainly isn't looking promising.
💵 GREAT INVESTING APPS I USE
GET A FREE SHARE WORTH UP TO $150 WITH STAKE (UK, Australia, NZ)
https://hellostake.pxf.io/qnA3xq
You will get a free share if you sign up using this link and deposit a minimum of £50.
GET A FREE SHARE WORTH UP TO £200 WITH FREETRADE (UK ONLY)
https://magic.freetrade.io/join/sasha-yanshin
You need to sign up and make any deposit to get the free share.
SIGN UP FOR ETORO (Global)
https://med.etoro.com/B15358_A95689_TClick_SSasha.aspx
67% of retail investor accounts lose money when trading CFDs with this provider. Your capital is at risk. Other fees may apply.
👍 SUBSCRIBE TO MY CHANNEL
https://www.youtube.com/c/SashaYanshin?sub_confirmation=1
DISCLAIMER: Some of these links may be affiliate links. If you purchase a product or service using one of these links, I will receive a small commission from the seller. There will be no additional charge for you.
DISCLAIMER: I am not a financial advisor and this is not a financial advice channel. All information is provided strictly for educational purposes. It does not take into account anybody's specific circumstances or situation. If you are making investment or other financial management decisions and require advice, please consult a suitably qualified licensed professional.
0 Comments