Bango announces maiden interim results for past six months


24-10-2005

Bango provides unique technology and services enabling businesses to make money from the sale of content and services to customers accessing the internet through their mobile phones.

These are Bango's interim results for the six months ending 30th September 2005, the first results since its successful admission to trading on AIM in June 2005.





Highlights



  • Strong trading performance

    Revenues grew 158% to 3.22M (1.25M to 30 Sep 04)

    Gross profit grew 158% to 0.95M (0.37M to 30 Sep 04)

    Operating expenses increased by 57%

    Pre-tax losses reduced to 0.43M (0.55M to 30 Sep 04)

    Trading profitably in UK, the longest established market

    Cash balance of 6m as at 30 September 2005

    37 new Bango Pro package customers won during period

    Healthy pipeline and momentum entering second half of financial year



  • Successful IPO in June 2005

    Raised 6.24M (net of expenses) to support growth plans

    Improved profile among customers, partners and prospects

    Beneficial impact on staff recruitment and retention



  • Significant product and technology enhancements

    Release of new high-end Bango Target product

    Release of new Bango Identifier functionality

    Reduced billing costs for our content providers by 7.5%

    Granted second European Patent for Bango technology



  • Geographic expansion

    Team deployed in USA, supported by Cingular and PayPal deals

    Team deployed in Germany, supported by Vodafone and O2 deals



  • Industry developments

    Cingular and PayPal partnering with Bango in the US, offering more flexible billing

    Clamp-down on inappropriate subscription scams supports legitimacy of Bango's transparent approach

    Termination of Simpay initiative strengthens Bango's competitive position

    Wider introduction of music playing phones broadens market for content



    Commenting on the interim results Lindsay Bury, Chairman of Bango, said: 'Bango's leadership in enabling direct to consumer mobile content is being validated by the quantity and calibre of companies that are selecting Bango's technology, by the unique relationships Bango has established with industry leaders and by Bango's increasingly strong trading performance. Industry developments, combined with Bango's own initiatives, have enhanced further the Company's competitive position.



    'The Company is judiciously applying the proceeds of its successful AIM IPO, including on international expansion into the USA and Germany. We believe the outlook for the sector remains attractive and we look forward to the future with confidence.'



    Ray Anderson, Chief Executive Officer of Bango, added: 'Bango's unique technology, global reach and special relationships with leading mobile operators allow us to play a key role in accelerating the transition towards brands and services being promoted direct to consumer via internet enabled mobile devices. Recent announcements by major content brands, television channels and internet companies about the importance of mobile consumers in their future plans give us great confidence in the rapid growth of this exciting opportunity.'



    *******





    Contact Details:



    Bango plc

    Tel. +44 1223 472777

    Ray Anderson, CEO

    Peter Saxton, CFO



    This information is provided by RNS



    The company news service from the London Stock Exchange
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