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Bango after-tax losses rise

By BFN News | 07:37 AM | Tuesday 15 September, 2015

Mobile payments company Bango posts an after-tax loss of £2.68m for the six months to the end of June - up from £2.52m. Losses before interest, tax, depreciation and amortisation were stable at £1.8m and end user spend rose to £18.45m from £10.74m. Chief executive Ray Anderson said: "Despite the unprecedented strengthening of sterling against almost all of the domestic currencies in countries where we are most active, and a declining market share of Blackberry devices, we have demonstrated an accelerating growth rate and remain on course to meet our 2015 exit run rate expectations. "The Bango cost base remains stable, but Bango technology and growing momentum has enabled increasing levels of engagement with more mobile operators, more App Store activations and has provided tools and technology that has enabled existing activations to grow their revenues quickly. "This progress demonstrates the benefits of the investments in the Bango technology and systems made in 2014, providing a strong foundation for Bango to expand on its position as the industry standard platform. This will benefit App Stores, mobile operators and consumers. It also provides some exciting opportunities for further value creation for Bango in the future." Story provided by

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