Interim Results

Bango PLC
18 September 2023
 

 

Bango PLC

 

("Bango ")

 

Interim Results for the six months ended 30 June 2023

 

Cambridge, UK, 18 September 2023 - Bango (AIM: BGO), the global platform for data-driven commerce, today announces its interim results for the six months ended 30 June 2023.

 

Key highlights:

·      Revenue up 88% to $20.3M (1H22: $10.8M), in line with management expectations

·      Strong Digital Vending MachineTM (DVM) traction in the US. New deal in 1H means Bango has secured 3 out of 5 key US telcos, opening up subscription bundling to >200M US customers

·      The DOCOMO Digital (DDL) integration cost synergies are 90% complete. On track to deliver profitability in line with consensus expectations.

 

 

Financial Overview:

 

Results for the 6 months ended 30 June 2023 

1H23

1H22

Change

Revenue

$20.3M

$10.8M

+88%

Annual recurring revenue (ARR) 1

$5.6M

$3.4M

+63%





Adjusted EBITDA2

($0.2M)

$2.9M






Profit/(Loss) before taxation

($4.9M)

($1.2M)






Cash

$13.4M

$5.7M


 

Financial highlights:

·     

Revenue increased to $20.3M (1H22: $10.8M). Growth driven by payment & subscription volumes, new DVM contracts and a contribution from the acquisition of DDL. Bango payments revenue, including the DDL contribution is typically 40:60 weighted 1H:2H

·     

ARR grew to $5.6M.  This growth will accelerate as DVM contracts won in 1H23 launch

·     

Gross profit margin remains high at 90% in 1H23 (2H22: 90%)

·     

Actions to deliver $19M of the $21M of guided cost synergies are already complete and the benefit to profit margins of synergy actions taken in 1H23 will materialize through 2H23

·     

Adjusted EBITDA2 of -$0.2M (1H22: $2.9M), is ahead of the July trading update and reflects the impact of costs associated with the DDL integration. Adjusted EBITDA is in line with management expectations for 1H23

 

Operational highlights:

·     

2 new US DVM wins in 1H23, including 1 additional top 5 US operator, strengthens Bango leadership position in the US market

·     

DVM contract with Japanese employee benefits provider, Benefit One, illustrates the additional opportunity for the DVM in verticals outside telco

·     

Bango Payments continues to grow, evidenced by the new Amazon and Google routes announced

·     

22 new merchants connected to the Bango Platform in 1H23 with an increasing number using Bango Audiences, to find new paying consumers and drive growth.

 

 

Outlook

·     

Bango is on track to meet consensus market expectations for the full year

·     

There is a healthy pipeline of DVM deals. The expected launch of services from the wins in the first half gives Management confidence that Bango will exit the year with a run rate of $10M ARR

·     

As full synergies from the acquisition are realised, Bango will see Adjusted EBITDA margins increase and is on track to deliver a substantial increase in Adjusted EBITDA for FY24.

·     

Strong free cash flow generation expected in FY24.

 

 

Paul Larbey, Chief Executive Officer of Bango, commented:

"I am excited about the opportunities for our Super Bundling strategy. Our leadership in the telecommunications market was extended by the acquisition of DOCOMO Digital one year ago. Profitability and cash generation will grow, as we deliver on the synergies from the acquisition.  Our focus on the Digital Vending Machine is already delivering revenue growth. The recurring revenue generated from the DVM deals already won will drive exponential growth in the years to come."

 

Presentation and Webcast

A presentation of the interim results will be made to investors and analysts at 8.30am this morning via the Investor Meet Company Platform. Those wishing to join the call can sign up to Investor Meet Company for free and add to meet BANGO PLC via:
https://www.investormeetcompany.com/bango-plc/register-investor

 

Notes 

1

ARR is calculated by annualizing the June 2023 revenue derived from ongoing, contracted, repeating revenues

2

Adjusted EBITDA is earnings before interest, tax, depreciation, amortization, share based payment charge, negative goodwill and exceptional items.

 


 


 

Contact Details:  

  

Bango PLC  

Singer Capital Markets (Nominated Adviser and Joint Broker)

 

Stifel Nicolaus Europe Limited (Joint Broker)

+44 1223 617 387 

+44 20 7496 3000


+44 20 7710 7600

investors@bango.com








Paul Larbey, CEO

Harry Gooden


Nick Adams

Matt Garner, CFO 

Jen Boorer


Richard Short

Anil Malhotra, CMO 

Asha Chotai


Ben Burnett

Rebecca Jamieson, IR




 

About Bango

 

The world's largest online merchants, including Amazon (NASDAQ: AMZN), Google (NASDAQ: GOOG) and Microsoft (NASDAQ: MSFT), use Bango technology to acquire more paying users. 

Bango has developed unique purchase behavior technology that enables millions more users to buy the products and services they want, using innovative methods of payment including carrier billing, digital wallets and subscription bundling. Bango harnesses this purchase activity into valuable marketing segments, called Bango Audiences. Merchants use these audiences to target their marketing at paying customers based on their purchase behavior. Better targeting increases spend through the Bango payments business, in turn generating more data insights, creating a powerful virtuous circle that drives continuous growth. Everyone connected to the Bango Platform thrives as the virtuous circle grows. 

Bango, the technology behind every payment choice. For more information, visit www.bangoinvestor.com

 

 

CEO Statement

 

Introduction

While subscriptions aren't new, in recent years they have become the dominant way that we pay for goods and services from music, video and gaming to food, health, transportation and educational services. Analysts are excited about the growth of the subscription economy, expecting over $600B of consumer spend on digital subscriptions within the next 3 years and over $1 Trillion spent on subscriptions across all categories. Bango has unique technology that enables merchants to benefit from Super Bundling - where telcos and other channel partners offer their customers an integrated hub of subscription services. This technology is the Bango Digital Vending Machine which is the defacto solution in the Super Bundling market. Powering this opportunity is our number one priority for 2023. To do this while completing the integration of DOCOMO Digital requires focus, strong execution and a great team; all things that I am proud to say Bango has in abundance. 

The growth in the subscription economy coupled with our dominance in the Super Bundling market, particularly in the US where Bango powers 3 out of the top 5 service providers, is reflected in our 88% revenue growth in 1H23.

Integration

In the first half, we continued the rapid integration of the teams and customers brought into Bango through the DOCOMO Digital acquisition at the end of August 2022. As we start the second half of the year, our plan to realize $21M of annualized cost synergies is practically complete, with actions already taken to deliver $19M of these. The migration of routes to the Bango Platform will complete in 2024 as planned and a number of low value routes have been exited. The organizations are fully integrated and the simplification of the former DOCOMO Digital business is well advanced. There is a natural delay from the synergies being executed to them benefiting our profitability. The simplest example is headcount reductions where, due to notice periods, cost savings begin around one quarter after the redundancy is triggered.

As the benefits from the cost synergies executed in 1H 2023 flow through, the result is a step up in EBITDA in 2H23 and beyond.

The acquisition also accelerated the growth of the Bango team working on the Platform. The ability to rapidly assimilate technical staff with domain expertise has allowed Bango to grow the team faster than we could have hoped for.

Payments

The Payments business continues to grow. Due to the concentration of big spending events in the second half of the year (Christmas, Black Friday, Amazon Prime Day, New Year celebrations), revenue is typically 40:60 weighted.

Our strategy is to continue to support the global merchants as they expand, to use the platform benefit to add new merchants to existing wallet and DCB connections and to enable telco billing for DVM customers. The connection to the Global Tech leader (announced in June last year) is complete and the first launches are expected in 1H 2024.

Audiences

In my statement reported in the FY22 results, I listed the three focus areas for Bango Audiences.

1.

Focus on a smaller number of larger app developers

2.

Expand into brand marketing direct and with agencies

3.

Support Digital Vending Machine merchants in finding new customers

 

I am pleased to say that great progress has been made across all three areas. We launched campaigns with sports brands Sweaty Betty and Vuori and reached agreement with the first large marketing agency who has launched a campaign for a global financial services brand and is expanding their use of Audiences to major retailer campaigns. 

The ability to target offers using Bango Audiences is one of the reasons so many DVM merchants have selected the Bango Platform to help them expand their customer base. I expect the two businesses to become more tightly coupled as the DVM business grows.

Digital Vending Machine (DVM)

Bundling has long been a successful strategy for telcos. In the past 10 years bundling voice, mobile data, fixed broadband, TV etc became commonplace, termed Triple or Quad play services. Telcos bundled these services to increase revenue and also to reduce churn - the logic being the more services you had the harder it was to leave. With the emergence of direct-to-consumer streaming services with original content, such as Netflix, Prime Video & Disney+, it became expensive and often impossible for telcos to purchase the wholesale content rights and bundle through a set-top-box. This led to telcos starting to bundle third party streaming services with certain broadband tiers. This type of bundle is a consumer offer that Bango has enabled between merchant and telcos for many years (see our latest announcement on the 70 Amazon Prime bundling connections).

Super Bundling is simply the ability to manage and pay for all your subscriptions in a single place, and on a single bill. This provides significant benefits for everyone:

For the Consumer:

·     

Easier to see the total cost of subscriptions and manage renewals

·     

Access to discounts and special offers

·     

Simpler to discover and try new services - no need to provide credit card details

 

For the bundler (telco):

·     

Increased revenue per customer - the telco takes a margin for each subscription sold

·     

Reduced churn - switching broadband is straight forward. Switching broadband and 5-10 additional subscription services is much more difficult

·     

Exciting new services and offers to attract new customers

 

For the subscription provider (e.g. Netflix):

·     

Access to a new customer group

·     

Increased subscribers with lower churn than credit card

·     

Additional marketing - the bundler is now marketing the subscription services

 

The DVM is the Bango product powering this Super Bundling opportunity. It is built on, and shares the advantage of, the broader Bango Payments Platform, i.e. connect once, access many. The Super Bunding market is new but growing quickly. In the telco space, Bango is the Super Bundling technology partner for many of the largest telcos, including three out of the top five in the US (Verizon and T-Mobile having been previously announced and the other, won in 1H23, we are unable to name). The remaining two have not yet launched a Super Bundling proposition and remain active targets. The business is therefore in a "footprint capture" phase, where revenue growth is driven by winning and launching new telcos. The Bango DVM provides a solution for telcos of all sizes with many smaller operators having launched or looking to launch Super Bundling to help them differentiate their offers. These telcos start on the bottom tier of license revenue which for a large telco could be circa $1M. Once launched, and at volume, the business enters the "capacity growth" phase where license fees will significantly increase.

Some simple maths shows the telco opportunity is huge and Bango is well positioned to become the market leader in subscriptions bundling.

Paul Larbey

CEO

 

 

CFO statement

  

Following the acquisition of DOCOMO Digital at the end of August 2022 and the growth of the DVM business, Bango revenue has continued to grow. Bango has executed on its acquisition strategy to reduce the costs associated with the DDL business, while also investing in the Bango Platform and the development of the new DVM offer.

 

Bango business model

 

As in previous years, Bango continues to report on one line of business, being payment transactions processed by the Bango Platform for both physical and digital goods, subscriptions managed by the DVM and the monetization of payment data. The growth in the DVM business can be seen from the reported Annual Recurring Revenue (ARR). ARR is calculated by annualizing the end-month revenue in the period derived from ongoing, contracted, repeating revenues. 

 

Revenue

 

Revenue increased 88% to $20.3M (1H22: $10.8M).

 

During the period, the Japanese Yen continued to weaken against the US Dollar which had some negative impact on revenue from Japan which forms a significant portion of the acquired DOCOMO Digital revenue.

 

Bango Annual Recurring Revenue continues to show good growth moving from $3.4M at 1H22 to $5.6M at 1H23, a 63% increase. 

 

Bango earns further payment revenue from transactions processed through the Bango Platform, license fees from DVM Agreements, data monetization revenue from the insights provided through this activity and through other methods, such as integration fees, which are recognized on completion of contracted milestones and in line with International Financial Reporting Standard 15; Revenue from Contracts with Customers.

 

Gross margin is high at 90.0% of revenue in 1H23 (1H22: 92.8%).

 

Operating expenditure of continuing operations

 

Bango adjusted operating costs for 1H23, which exclude depreciation, amortization, share based payments, negative goodwill and exceptional items, were $18.5M, up from pre-acquisition costs of $7.2M for 1H22. The increase was largely driven by the acquired costs of the DDL business, especially related to headcount. These costs are reducing as part of the synergy savings being executed.

 

Adjusted EBITDA was negative $0.2M, (1H22: $2.9M) as a result of the increased costs but was in line with expectations for the first half.

Exceptional costs for the period of $3.3M include the disposal of a non-trading subsidiary acquired in the DDL transaction ($2.6M), further write downs of the intangible assets related to the DOCOMO Digital platform ($0.6M) and office cost expenses related to the unsuccessful acquisition of a new Bango office ($0.1M).

The Negative goodwill ($3.8M) relates to the fair value adjustment of deferred tax which formed part of the opening balance sheet and amends the negative goodwill of $10.2M recognized at the year-end as at 31 December 2022 to $14M.

The share-based payment charge was $1.1M (1H22: $0.8M) calculated using the Black-Scholes-Merton model. Bango continues to view this benefit as a key driver for employee engagement allowing them to benefit from growth in the share value of the company and this benefit was extended, where possible, to those who joined as part of the DDL acquisition.    

Continued investment in the Platform, combined with the development of the DVM offering and advancements in the automation of the Audiences offering, has seen depreciation and amortisation rise in cost from $2.5M in 1H22 to $3.5M in 1H23 as capitalised R&D is released into production and amortized.

Loss and loss per share

 

The loss after tax was $4.3M (1H22: $0.5M) after accounting for a share of the net loss of associates (NewDeep JV) using the equity method: $0.5M (1H22: $0.8M).

 

Bango takes advantage of the R&D tax credit scheme available to businesses carrying out qualifying R&D and this gave a benefit of $0.7M (1H22: $0.7M). The process of submission has changed this year with further revisions and restrictions on values that can be claimed coming into force from April 2024. Bango will continue to make use of this benefit in future years although the return will be reduced from these new rule changes.

 

Basic loss per share was a loss of 5.55c (1H22: 0.65c). 

 

Cash

 

Cash and short-term cash investments as at 30 June 2023 were $13.4M (31 December 2022: $12.7M) including the loan received from key investor NHN Corporation ($7.9M).  Bango continued to generate cash from operating activities during the period.

 

 

Matthew Garner

Chief Financial Officer 


 

 

Consolidated statement of comprehensive income for the six months ended 30 June 2023





Six months


Six months




ended


ended




30 June 2023


30 June 2022




Unaudited


Unaudited


Note


$ 000


$ 000

Revenue



20,274


10,789

Cost of sales



(2,026)


(781)

Gross profit



18,248


10,008

Administrative expenses



(22,596)


(10,431)

Adjusted EBITDA



(231)


2,851

Exceptional items

3


(3,336)


-

Negative goodwill

3


 3,798


-

Share based payments



(1,067)


(819)

Depreciation



(512)


(103)

Amortization



(3,000)


(2,352)

Operating loss



(4,348)


(423)

Finance costs



(103)


(1)

Finance income



2


12

Share of net loss of associates accounted for using the equity method

6


                    (489)


(799)

Loss before taxation



(4,938)


(1,211)

Income tax income



                      683


714

Income for the period (attributable to equity holders of the company)



 

                 (4,255)


 

(497)

Other comprehensive income






Items that may be reclassified subsequently to profit or loss






Foreign exchange on consolidation



                   1,969


(3,773)

(Loss) and total comprehensive income for the financial period



                 (2,286)


(4,270)

 

 

 

Loss per share

 

Note

 

Basic loss per share                                                                                                    4                      (5.55) c                   (0.65) c

 

 

Diluted loss per share                                                                                                4                      (5.55) c                  (0.65) c

 

Notes 1 to 8 are an integral part of the consolidated interim financial statements.

 

Consolidated statement of financial position as at 30 June 2023

 


 

 

Note

30 June 2023 Unaudited

$ 000


31 December 2022

Audited

$ 000

ASSETS





Non-current assets





Property, plant and equipment


1,128


1,145

Right of use assets


2,615


2,640

Intangible assets


33,187


27,244

Investments accounted for using the equity method

6

                        4,061


3,766



                      40,991


34,795

Current assets





Trade and other receivables


13,439


22,016

Research and development tax credits


1,926


2,030

Short-term investments


41


41

Cash and cash equivalents


13,361


12,657



                      28,767


36,744

Total assets


69,758


71,539

EQUITY





Capital and reserves attributable to equity holders of the parent company





Share capital

5

24,575


24,471

Share premium account


63,113


62,411

Merger reserve


2,886


2,886

Share-based payments reserve


5,194


4,029

Foreign exchange reserve


(1,108)


(2,812)

Accumulated losses


                   (63,629)


(59,541)

Total equity


                      31,031


31,444

LIABILITIES





Current liabilities





Trade and other payables


27,144


32,533

Lease liabilities


                          792


841



27,936


33,374

 

 

Non-current liabilities





Loans and borrowings

7

7,873


-

Trade and other payables


448


512

Lease liabilities


1,819


1,801

Deferred tax


651


4,408



                      10,791


6,721

Total liabilities


                      38,727


40,095

Total equity and liabilities


69,758


71,539

 

 

Notes 1 to 8 are an integral part of the consolidated interim financial statements.

 

Consolidated cash flow statement for the six months ended 30 June 2023

 

 

 

 


Six months

ended


Six months

ended

30 June


30 June

2023


2022

Unaudited


Unaudited

$ 000


$ 000

Cash flows from operating activities




Loss for the period

(4,255)


(497)

Adjusted for:




Depreciation of property, plant & equipment

512


103

Amortization of intangibles

3,000


2,352

Negative goodwill recognized

(3,798)


-

Net finance costs

101


(11)

Share based payments

1,067


819

Share of profit or loss of associate

489


799

Taxation credit

(683)


(714)

Decrease/(increase) in trade and other receivables

9,142


(2,570)

(Decrease)/increase in trade and other payables

(5,282)


1,162

Cash generated from operating activities

293


1,443

Corporation tax received

                      796


62

Net cash generated from operating activities

                   1,089


1,505

Cash flows from investing activities




Purchases of property plant and equipment

(76)


(368)

Addition to intangible fixed assets

(8,318)


(4,601)

Short-term investments

-


945

Interest received

2


11

Additional investment in associate

(631)


 -

Net cash outflow from investing activities

        (9,023)


(4,013)

Cash flows from financing activities




Proceeds from issue of ordinary shares

806


172

Proceeds from borrowings

7,873


-

Interest payable

(39)


-

Interest payments on finance lease obligations

(64)


-

Capital repayments on finance lease obligations

(484)


(37)

Net cash flows from financing activities

                   8,092


135

 


 



Net increase/(decrease) in cash and cash equivalents

158


(2,373)

Cash and cash equivalents at 1 January

12,657


8,706

Effect of exchange rate fluctuations on cash held

546


(628)

Cash and cash equivalents at 30 June

                 13,361


                   5,705

 

 

 

 

Notes 1 to 8 are an integral part of the consolidated interim financial statements.


Consolidated statement of changes in equity for the six months ended 30 June 2023

 


 

 

Share capital


Share

premium account


 

Merger reserve


Share based

payment reserve


Foreign

currency translation


 

Retained earnings


 

 

Total

$ 000


$ 000


$ 000


$ 000


$ 000


$ 000


$ 000

At 1 January 2023

24,471


62,411


2,886


4,029


(2,812)


(59,541)


31,444

Loss for the period

-


-


-


-


-


(4,255)


(4,255)

Foreign exchange translation

-


-


-


265


(265)


-


-

Foreign exchange on consolidation

-


-


-


-


1,969


-


1,969

Total comprehensive income

-


-


-


265


1,704


(4,255)


(2,286)

Share-based payment transactions

-


-


-


1,067


-


-


1,067

Transfer for exercised options

-


-


-


(167)


-


167


-

Exercise of share options and warrants

104


702


-


-


-


-


806

Transactions with owners

                104


                 702


                      -


                 900


                      -


                 167


 1,873 

At 30 June 2023

          24,575


           63,113


              2,886


              5,194


           (1,108)


         (63,629)


           31,031

 


 

 

Share capital

Share

premium account


 

Merger reserve


Share based

payment reserve


Foreign

currency translation


 

Retained earnings


 

 

Total

$ 000

$ 000


$ 000


$ 000


$ 000


$ 000


$ 000

At 1 January 2022

24,392

62,057


2,886


3,635


2,109


(58,265)


36,814

Loss for the period

-

-


-


-


-


(497)


(497)

Foreign exchange translation

-

-


-


(395)


395


-


-

Foreign exchange on consolidation

-

-


-


-


(3,773)


-


(3,773)

Total comprehensive income

-

-


-


(395)


(3,378)


(497)


(4,270)

Share-based payment transactions

-

-


-


819


-


-


819

Transfer for exercised options

-

-


-


(168)


-


168


-

Exercise of share options and warrants

34

138


-


-


-


-


172

Transactions with owners

                  34

                 138


                      -


                 651


                      -


                 168


                991

At 30 June 2022

           24,426

            62,195


              2,886


              3,891


           (1,269)


         (58,594)


           33,535

 

Notes 1 to 8 are an integral part of the consolidated interim financial statements.


1      General information

Bango PLC ("the Company") was incorporated on 8 March 2005 in the United Kingdom. Bango PLC is domiciled in the United Kingdom. Bango PLC's shares are listed on the Alternative Investment Market of the London Stock Exchange ("AIM"). The Bango registered office is at Botanic House, 100 Hills Road, Cambridge, CB2 1YG, United Kingdom. The Bango principal place of business is 326 Science Park, Milton Road, Cambridge, CB4 0PZ, United Kingdom.

 

 

2      Basis of preparation

These interim financial statements are for the six months ended 30 June 2023. They do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2022, which have been filed at Companies House with an unmodified audit report.

 

These interim financial statements have been prepared in accordance with UK-adopted International Accounting Standards ("IFRS"). These financial statements have been prepared under the historical cost convention.

 

These interim financial statements have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 31 December 2022. The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these interim financial statements and are expected to be followed throughout the year ending 31 December 2023.

 

These financial statements are presented in US Dollars (USD), the presentation currency of Bango PLC Group. The Group's functional currency is GBP Sterling.

 

 

 

3      Exceptional items and negative goodwill

 


2023

$ 000

Restructuring costs

2,643

Asset write-down

553

Bango office costs

                         140


                   3,336

The restructuring costs relate to the closure of the Net-M subsidiary during the period.

The asset write-down relates to development costs incurred on the former Docomo Digital platform that would ordinarily be capitalized under IAS 38, but due to the planned migration to the Bango Platform, the costs have been expensed.

Bango office costs relate to expenses incurred in the unsuccessful acquisition of a new Bango office.

 


2023

$ 000

Negative goodwill

                         3,798



Negative goodwill relates to the fair value adjustment of the deferred tax which formed part of the opening balance sheet and amend the negative goodwill of $10.2M recognized as at 31 December 2022. Following further reviews, the deferred tax liability is no longer required.

 

4      (Loss) / earnings per share

(a)        Basic

Basic loss per share are calculated by dividing the profit attributable to equity holders of Bango Plc by the weighted average number of ordinary shares in issue during the period.

 


Six months

ended

Six months

ended

30 June 2023

30 June 2022

Unaudited

Unaudited

$ 000

$ 000

Loss from operations

                 (4,255)

(497)

Loss attributable to equity holders of Bango PLC

                 (4,255)

                    (497)

 

Weighted average number of ordinary shares in issue

 

         76,641,638

 

         76,074,109

 

Basic (loss) / earnings per share

Basic loss per share attributable to equity holders

 

 

 

           (5.55) c

 

 

 

            (0.65) c

 

 

 

Basic adjusted (loss) / earnings per share

Adjusted basic (loss) / earnings per share is a key financial information which discloses the financial performance of the core business for which the directors have direct control. Adjusted basic (loss) / earnings per share is determined as the profit attributable to equity holders of Bango Plc excluding the Bango Plc share of the net loss of associate for the period, negative goodwill and exceptional items divided by the weighted average number of ordinary shares in issue during the period.

 

 


Six months

ended

Six months

ended

30 June 2023 Unaudited

$ 000

30 June 2022 Unaudited

$ 000

Loss from operations

(4,255)

(497)

Exceptional items

3,336

-

Negative goodwill

(3,798)

-

Share of net loss of associates accounted for using the equity method

489

799

(Loss) / profit attributable to equity holders of Bango PLC

                 (4,228)

                   302

 

Weighted average number of ordinary shares in issue

 

         76,641,638

 

          76,074,109

Basic adjusted (loss) / earnings per share



Adjusted basic (loss) / earnings per share attributable to equity holders

           (5.52) c

                 0.40 c

 

 

(b)        Diluted



At 30 June 2023 8,422,410 options over ordinary shares of (30 June 2022: 6,554,141) were outstanding.


Six months

ended 30 June 2023 Unaudited

$ 000


Six months

ended 30 June 2022 Unaudited

$ 000

 

Weighted average number of ordinary shares in issue

 

76,641,638


 

76,074,109

Options

-


-

Weighted average number of ordinary shares in issue (including options)

         76,641,638


         76,074,109

As required by IAS33 (Earnings per Share), the impact of potentially dilutive options was disregarded for the purposes of calculating diluted loss per share in the current and previous periods as the Group was loss making.

 

 

 

Diluted (loss) / earnings per share

Diluted (loss) / earnings per share attributable to equity holders                                               (5.55) c         (0.65) c

 

 

Diluted adjusted earnings per share





Six months

ended 30 June 2023 Unaudited

$ 000


Six months

ended 30 June 2022 Unaudited

$ 000

 

Weighted average number of ordinary shares in issue

 

76,641,638


 

76,074,109

Options

-


1,064,927

Weighted average number of ordinary shares in issue (including options)

         76,641,638


77,139,036

 

 

As required by IAS33 (Earnings per Share), the impact of potentially dilutive options was disregarded for the purposes of calculating diluted loss per share in the period as the Group was loss making.

Diluted adjusted (loss) / earnings per share

Diluted adjusted (loss) / earnings per share attributable to equity holders                              (5.52) c             0.39 c

 

 

 

5     Share capital

 

Allotted, called up and fully paid shares

 

30 June

2023

No.

 

 

$ 000

31 December

2022

No.

 

 

$ 000

 

As at 1 January of 0.20 each

 

76,331,846

 

24,471

 

76,013,659

 

24,392

Exercise of share options and warrants of 0.20 each

 

            427,362

 

                      104

 

              318,187

 

                        79


76,759,208

24,575

76,331,846

24,471








 

 

6     Interest in associates and other investments Interest in associates

The interest in associate relates to the group's 40% interest in the NewDeep Limited group.

 

 


2023


2022

$ 000


$ 000

Opening balance as at 1 January

3,766


5,630

Addition - NewDeep Limited group

631


-

Other investments

-


76

Share of operating losses

(489)


(1,393)

Foreign exchange movements

153


(547)

Closing balance as at 30 June

                  4,061


                  3,766

 

 

7     Loans and borrowings

 


30 June

31 December

2023

2022

$ 000

$ 000

Non-current loans and borrowings



Borrowing

                   7,873

                           -

 

During the period the Group entered into a three year loan agreement with NHN Corporation for $7.9M. The loan was secured with a fixed annual interest rate of 6%. The loan is payable over eight quarterly instalments beginning in September 2024.

 

 

8    Publication of non-statutory accounts

 

The condensed consolidated interim financial information was approved by The Board of Directors on 17 September 2023.

 

The financial information set out in this interim report does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. The figures for the period ended 31 December 2022 have been extracted from the Statutory Financial Statements of Bango PLC, which have been filed with the Registrar of Companies. The auditor's report on those financial statements is unqualified and did not contain any reference to any matters to which the auditors drew attention to by way of emphasis without qualifying their report a statement under section 498(2) or 498(3) of the Companies Act 2006. The interim financial information for the six months to 30 June 2023 is unaudited. The interim report together with an analyst briefing presentation will be distributed to all shareholders and will be available on the Bango investor site at www.bangoinvestor.com.

 

 


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