Bango plc issues trading update

End User Spend
The EUS rate exiting June 2017 exceeded £300m/yr, compared with £195m/yr exiting December 2016. Growth was from existing app store routes, the addition of new routes for Google Play and early progress in Japan for Amazon.

Cash
Cash on 30 June 2017 was £5.6m compared with £5.7m on 31 December 2016, due to reduced cash consumption as revenue increased, and improved receivables during the first half.

Cost and revenue
Costs and revenue are in line with management expectations for the first half of 2017.

Processing capacity
Enhancements to the Bango Platform technology have increased processing capacity, which has now been tested to levels in excess of £5billion/yr.

New routes and migrations
New store billing routes were launched in USA, Japan, Hong Kong, Indonesia, Austria, Italy, UK. Two Google Play routes were migrated from other suppliers over to the Bango Platform.

Direct Carrier Billing (DCB) for physical goods
Bango has launched DCB for the Amazon Japan store. The full range of retail goods sold by Amazon Japan can be charged to the customer’s phone bill through the Bango Platform. The service is now live for KDDI (au) and NTT DOCOMO subscribers, covering around 75% of the Japanese market.

Outlook
Bango continues to invest in technology and business development. The competitive position, sales pipeline and market opportunities remain very positive as Bango moves into the second half.

Bango will announce its Interim Results for the six months to 30 June 2017 on Tuesday 19 September 2017.

 
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Contact Details:

Bango PLC
Tel. +44 333 077 0247
Ray Anderson, CEO
Rachel Elias-Jones, CFO
Anil Malhotra, CMO    

FTI Consulting
Tel. +44 203 727 1000
Matt Dixon
Chris Lane
Rob Mindell    

Cenkos Securities PLC
Tel. +44 131 220 6939
Nick Tulloch
Beth Mckiernan
Neil McDonald
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