Strong results mean Bango looks to the future with confidence


16-03-2021
Bango Annual Report cover image © Bango

Bango (AIM: BGO), the data-driven commerce company, today announces its Final Results for the year ended 31 December 2020.

Summary

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Revenue and profit ahead of expectations and demonstrating strong growth.

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New payment deals won in 2020 provide confidence for 2021 outlook.

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Bango Marketplace adoption accelerating, enabling app developers to find paying users that drive more payment volume – the Bango virtuous circle.

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Bango was certified as carbon neutral in 2020 with an ongoing commitment for continuous improvement.

 FY2020 Financial Highlights 

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Revenue grew by 70% to £12.2M (2019: £7.2M)*.

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End User Spend (EUS) increased to £1.9B, the sixth consecutive year of strong growth (2019: £1.1B).

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Adjusted EBITDA** grew by 16x to £4.6M (2019: £0.3M)*.

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Cash at 31 December 2020 was £5.8M (31 December 2019: £2.7M).

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Net Profit was £4.7M (2019: loss £2.3M), including £3.9M profit from the creation of the JV with NHN.

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Net Profit from continuing operations was  £0.7M (2019: loss £2.2M) comprising:

 

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£1.27M profit from the Bango Platform

 
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£0.53M loss from the 40% share of the NewDeep JV

 

* Adjusted to exclude discontinued operations

** Adjusted EBITDA is operating profit before depreciation, amortization, share based payments and exceptional items from continuing operations

2020 Operational Highlights

 

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Amazon.co.jp payment methods extended to SoftBank customers in June 2020.

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Three-year platform deal signed with a major telecoms provider for third party service bundling.

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Agreement with Microsoft to bring cloud gaming services to Telcos worldwide, starting with Xbox Game Pass Ultimate and Xbox All Access which extends subscriptions to hardware bundling.

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BT Group launched BritBox and Amazon subscriptions using the Bango Platform.

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Video streaming subscription services OnDemand Media (Chinese, Korean and Vietnamese content), EpicOn and DocuBay joined the Bango circle.

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Subscription bundling extended beyond telecoms to two of the largest US brick-and-mortar retailers.

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10x growth in app developers engaged with Bango Marketplace and 20x more Bango Audiences used to target their marketing campaigns.

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Channel partner program launched with 12 partners for Bango Marketplace providing increased availability of Bango Audiences to app developers.

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Customer Data Platform business was divested into a JV (NewDeep Limited) with NHN Group. Bango Marketplace technology and business remains 100% owned by Bango.

Outlook
 

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New customers won and new routes launched during FY2020 will drive the strong growth expected in 2021.

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The TPAY Mobile partnership, announced in January 2021, creates new growth opportunities for Bango merchants in the Middle East, Africa and Turkey.

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Acceleration of online commerce due to lockdowns provides a higher base of users from which to grow.

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Continued growth in subscriptions from launches of high-volume services such as Prime Video Mobile Edition, and high price, multi-year subscriptions such as Xbox All Access and Game Pass Unlimited

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New pricing plans and Bango Audience segmentation technology on the newly launched www.bango.ai will drive further growth of Bango Marketplace.

 

Paul Larbey, Chief Executive Officer of Bango, commented:   " Seventy per cent revenue growth and 16x EBITDA growth are the financial indicators of the strong year Bango delivered in 2020, resulting in a net profit of £4.7M.

"Our payment revenue continues to diversify as we enter new verticals and expand our addressable market. The new merchants and payment providers that joined the Bango circle in 2020 underpin our growth trajectory.

"Bango Marketplace is increasingly used by the leading app developers to reach paying users. With new subscription plans, channel partners and audience segments the data monetization business is set to contribute meaningfully to Bango’s growth.

"With the combination of the achievements in 2020 and a strengthened leadership team, we look to the future with increasing confidence."

A video presenting these results can be viewed at https://bango.com/fy2020-results-video/.

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for making this announcement on behalf of Bango is Paul Larbey, Chief Executive Officer.  

To read more information, click here.

App developers, stores and payment providers cross the threshold into the Bango ecosystem to converge, grow and thrive.

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