Results for the six months ended 30 September 2009 show that Bango plc (AIM:BGO), the mobile web payments and analytics company, continues to make good progress - with revenues for the first half up 83% to £12.32m, and losses after tax reduced to £0.13m.
Bango makes excellent progress
Commenting on the results, Lindsay Bury, Chairman of Bango, said: "Bango has made excellent progress in the first half. Several of the world's largest content providers have begun the migration of their mobile business onto the Bango platform, contributing to the significant increase in transaction volumes over the past year.
"Bango's current operating expenses can support further substantial growth in transaction volumes. With many opportunities for growth in volumes from new and existing customers, stable percentage margins on these additional transactions are expected to drive the business to profitability and positive cashflow in the second half.
"Bango sits in the middle of this growing market and with its unique technology, operator relationships, strong operational foundation and significant market opportunity, the board looks to the future with confidence and expects a successful outcome to the year."
Financial and Operational Highlights (H1 FY10)
(under IFRS, comparative data for 6 months to 30 Sept 2008 except where indicated)
- Revenues for the first half up 83% to £12.32m (£6.75m)
- End user spend gross margin stabilised at 5.3%
- Loss after tax reduced to £0.13m (£0.59m)
- Continued migration of large U.S. content providers to the Bango system
- Deployment of unique Bango technology to enable customer to benefit from Wi-Fi on mobiles
- T-Mobile USA "off-deck mobile web billing" first integration with Bango
- Fox Mobile and Turner Broadcasting won as customers
Bango (AIM: BGO) provides technology that enables commerce on the mobile web.
Bango enables businesses of all sizes to collect payment for music, games, applications, videos and services sold to internet connected mobile phone users. Bango is able to charge payments to mobile phone bills or use other billing methods such as credit card based on intelligence about the consumer. Bango also provides an analytics service that provides accurate information about visitors and the effectiveness of marketing activities for mobile web sites.
App developers, stores and payment providers cross the threshold into the Bango ecosystem to converge, grow and thrive.