Bango posts final results and announces Board changes


As Bango (AIM: BGO), the mobile payments company, today announces its Final Results for the year ended 31 December 2015, it also strengthens its Board to support global expansion by partners.

FY2015 Financial performance

  • FY2015 End User Spend (EUS) exit run rate over 100% higher than FY2014 EUS exit run rate at £67m pa
  • EUS for the whole year increased 78% to £44.7m (FY2014: £25.2m)
  • Total gross profit £1.3m (FY2014: £1.3m)
  • Blended gross margin on EUS 1.8% (FY2014: 2.4%); narrowing due to faster than expected growth in high volume developed markets  
  • Stable cost base of £4.4m (FY2014: £5.0m) demonstrating the technology and systems can deliver growing volumes at fixed cost on the route to profitability
  • Adjusted LBITDA* reduced to -£3.1m (FY2014: -£3.7m)
  • Cash balance of £12.1m (including £11m fundraise in November 2015) (FY2014: £6.3m (including fundraising of £6.0m)

*Adjusted LBITDA is the loss before interest, tax, depreciation, amortization and share based payment charge.

FY2015 Operational performance

  • Market share grew to 40% of live app store carrier billing routes, confirming Bango as market leader  
  • Activated Direct Carrier Billing (DCB) in emerging markets for Google, BlackBerry, Microsoft and Samsung, including the first Google Play carrier billing launches in South America and Africa. Over 30 activations in FY2015
  • Activated new DCB routes in high spend developed markets including Germany, Spain and United Kingdom
  • Commenced second phase roll-out of Bango Boost technology to six additional Mobile Network Operators (MNOs), following success of first phase which demonstrated 20-70% uplift in EUS


  • Bango expects to deliver at least a 100% increase in annualized EUS exit run rate for FY2016. The run rate at the beginning of March 2016 was £79.4m per year
  • The pipeline for further activation opportunities increased over the last year due to the DCB ambitions of the major app stores and their associated digital content offerings. At the start of March there were 30 activations scheduled and underway for launch, and a pipeline of over 200 opportunities being pursued
  • In the year to date, growth rates have been strong across all Bango routes, including in emerging territories, as in FY2015. Bango expects growth in its high volume routes to continue to accelerate in which case overall gross margin may remain slightly below the 2% anticipated in the longer term.

Bango strengthens Board to support global expansion by partners

  • Gerry Tucker appointed to Strategic Partnerships Director
  • Rachel Elias-Jones appointed CFO

Bango plc is pleased to announce a strengthening of its Board of Directors to accelerate the global rollout of the Bango Payment Platform with its major partners.

Gerry Tucker, who has served as Bango CFO from November 2012 to March 2016, has accepted the role of Strategic Partnerships Director. Gerry will focus high level attention on the financial and regulatory structures that Bango is putting in place to support the growth ambitions of our key partners around the world. The increased focus on deploying mobile operator wallets and other innovative payment instruments, will benefit from experienced senior management attention and direct Board level accountability.

In recent months Gerry has led Bango’s activities enabling strategic partners to use the Bango Payment Platform to enter new, and traditionally complex markets for Direct Carrier Billing (DCB), including Brazil, India and Nigeria. Prior to joining Bango, Gerry had extensive experience delivering complex payments solutions, including establishing trading structures in Europe and Asia for major computer games publishers, Virgin /Sega and Take Two, and distribution networks for Activision's Guitar Hero. He is a representative Director on behalf of Bango plc in several Bango subsidiaries.

Gerry’s successor as CFO is Rachel Elias-Jones, who is appointed to the Board with immediate effect. Rachel has worked as Bango’s Financial Controller for four years, developing and running the finance team to drive innovation of critical finance functions and ensure commercial flexibility for Bango partners. She is highly qualified for this role, has attended Bango plc Board meetings since 2015 and holds a Board role in one of Bango’s subsidiary companies.

Bango CEO Ray Anderson commented: “Gerry has impressed Bango partners with his innovative approaches to opening up previously closed markets, enabling the flow of money through the Bango Payment Platform, in compliance with regulations, in some of the most demanding environments. I have asked Gerry to focus his unique experience and expertise on this area, and at the same time to provide advice to the Board on the commercial diligence around a limited number of strategic partners that are starting to work with the Bango Payment Platform. The results of this work will deliver benefits to our partners during 2016 and beyond.

"I would also like to congratulate Rachel Elias-Jones on her appointment to CFO. Rachel has played a critical part in Bango’s financial management and reporting over the past four years. We are fortunate to have Rachel’s talent and experience, which made her the ideal CFO candidate as Bango further expands into new markets and embarks on new innovative payment services with our partners.”

Gerry Tucker

Gerry is a key member of the team that developed and is implementing Bango’s strategic plan to provide the universal payment platform for mobile users. Bango works to create an open, inclusive market where everyone with a mobile phone is able to pay using a safe and secure payment method.  

As Strategic Partnerships Director, Gerry supports the growth ambitions of major app store partners. Gerry focuses high level attention on the financial and regulatory structures that Bango puts in place, enabling deeper engagement with key payment partners around the world at a strategic level

Gerry focusses Bango drive to set up structures that enable partners to use the Bango Payment Platform to enter new, and traditionally complex markets for Direct Carrier Billing (DCB), including Brazil, India and Nigeria.

Gerry is a seasoned finance leader with a proven track record of success. His career to date encompasses roles across several different market sectors. He has held senior financial and operational roles with companies ranging from a pre-revenue start-up to large multi-nationals. These companies include; Vodafone, Take Two (and Rockstar), the publishers of 'Grand Theft Auto' and Activision, publishers of 'Guitar Hero'.

Rachel Elias-Jones

Rachel is responsible for overall financial management of Bango, for corporate financial functions and for Bango’s financial relationships with partners.

The global reach of Bango requires a wide range of financial and taxation models, Rachel ensures the smooth running of the team delivering this commercial flexibility. Rachel has responsibility for innovation and management in critical finance functions, and is closely involved in product development to ensure the Bango Payment Platform can scale and handle complex requirements. Her flair for bringing clarity to complex finance structures is reflected in her leadership of “Project Clarity”, an initiative that has transformed the quality of analysis and reporting that Bango issues to partners.

An experienced finance leader and Chartered Accountant, Rachel spent 5 years in practice at ‘top 5’ audit firms, specializing in the technology and listed sectors, prior to joining Bango.

Disclosures in accordance with the AIM Rules in respect of Rachel’s appointment are set out in Appendix 1 to this announcement.


Manisha Chowdhury
Team Assistant, Strategic Communications
FTI Consulting
020 3727 1399 T | +44 7970 661492M


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