Bango (AIM: BGO), the mobile commerce company, today announces its unaudited interim results for the six months ended 30 June 2019.
Bango interim results show continued growth and strong performance
1H2019 Financial highlights
End User Spend (EUS) for 1H2019 exceeded £465m, more than double the £220m EUS for 1H2018. This marks the fifth consecutive year of growth in EUS of more than 100%.
- Revenues increased 64% to £4.32m (1H2018: £2.63m)
- Group Adjusted EBITDA* £0.01m (1H2018: loss £0.92m)
- Adjusted Operating Expenditure** £3.60m in-line with forecast (1H2018: £3.30m)
- including increased product development and investment in data business
- Cash £2.25m at 30 June 2019 (30 June 2018: £5.88m; 31 Dec 2018: £3.81m)
- Sufficient to fund the Group to cash generation, and support planned investment to grow sales and develop new products
* Adjusted EBITDA is Operating profit before depreciation, amortization, share based payments and exceptional items.
** Operating expenditure before depreciation, amortization, share based payments and exceptional items.
1H2019 Operational highlights
- Demand for Bango Marketplace has grown with 9X increase in registrations
- New payment and resale routes launched in India, Philippines, New Zealand, UAE, Chile, Singapore and Spain. Partners include cable and fixed line providers, in addition to Mobile Network Operators
- New Bango resale technology opens-up the 3Bn+ pre-paid mobile market to OTT media companies
- Expansion of Amazon relationship to new markets and additional services, including Prime Now and Twitch Prime
- Partnership with Spotify announced
- New major merchant signed, expected to launch during second half of current financial year
- Google Direct Carrier Billing (DCB) for first time in Morocco and Myanmar; Amazon resale in Europe; Spotify in North America
- Internet of Things (IoT) project for vehicles paying highway tolls in USA
Delivering the Bango Platform strategy
- Reliable and efficient processing of payments on a technologically advanced, fixed-cost platform
- Analysis and segmentation of payment data using advanced, privacy-enhancing techniques to generate high value marketing audiences
- Virtuous circle for Bango customers driving transaction growth through more effective marketing using Bango audiences
Ray Anderson, Chief Executive Officer at Bango, commented: “The Bango strategy continues to deliver success for our customers and this is being demonstrated by the continued, rapid growth in the Bango business. 2019 has seen strong performance across the business, with payment and resale growing in multiple markets, and Bango Marketplace attracting more developers and delivering more audiences. The outlook is promising as the synergies across the Bango business deliver increasing value to our customers”.
App developers, stores and payment providers cross the threshold into the Bango ecosystem to converge, grow and thrive.