Mobile payments solutions provider Monitise has narrowed its losses to £23.3 million for the six months to December-end, the period being its fiscal first half of the year.

Giving details to the London Stock Exchange, the company sounded upbeat despite losses as it posted a 67% rise in group sales to £46.5 million.

The company - which has a number of high-profile clients including IBM and Telefonica - is firming up its solutions portfolio under CIO Steve Chambers, whom it headhunted from Visa Europe last October. Making the CIO integral to its corporate journey, Chambers was also made board member and a non-executive director of the company.

Chief executive Alastair Lukies asked for patience in a call to investors today. "If the mobile market is a clock face, we are at one minute past midnight," he said.

Lukies admitted that consumers have been slow in adopting mobile payments, but added that there are signs of a tipping point as 75% of 18- to 25-year-olds in the UK have a smartphone and had shown an increasing preference for mobile banking.

The chief executive remained non-committal on the subject of acquisitions. "We get asked are you an acquirer or an acquiree? We haven't given it a lot of thought. But if we do a good job, we're both," he said.

Monitise has recruited a number of high profile clients including IBM and Telefonica.