The Hitman Franchise was set to become an annual release, with two development teams, IO Interactive and Square Montreal, alternating between projects. IO Interactive's Absolution launched in 2012, and so there should have been a Square Enix Montreal Hitman title last year, but unfortunately it was revealed that the project was canned silently last year and replaced with an upcoming mobile title.
The announcement doesn't come as a surprise since most of Square's titles failed to meet sales expectations for the past fiscal year. The company was restructured, and the goals and visions of the company changed too. Square applied a more mainstream strategy, aiming at releasing more mobile titles which appeal to a wider market.
IO Interactive will still be working on main franchise, which means that we should be expecting a follow up to absolution by he end of this year.