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Bango end user spend doubles

By BFN News | 08:10 AM | Tuesday 19 September, 2017


Bango saw end user spend (EUS) increase to £92.31m in the six months to the end of June - up from £46.17m last time. Revenue from EUS increased 114% YoY to £1.65m (1h2016: £0.77m) The group said that annualised EUS exiting August was over £400m, at least 140% more than the rate entering September 2016 (£167m). The group reported a loss before interest, tax, depreciation and amortisation of £1.01m - down from £1.64m last time. Chief executive Ray Anderson said: 'With a unique, powerful technology platform and winning strategy to power the world's leading online stores, Bango continues to gain rapid momentum. 'The largest internet businesses are expanding their use of the Bango Platform to reach new customers and increase the return on their marketing investments. 'Adding to the substantial growth achieved by expanding the reach of Google Play and Microsoft Windows Store, in June 2017 Bango technology enabled Amazon to start using carrier billing to collect payments from consumers buying physical goods in Japan. 'New capabilities and unique innovations added to the Bango Platform over the last few years are now starting to be used to open similar opportunities worldwide. Bango continues to invest in the development of its platform to embrace additional routes and markets and attract further innovation on the Bango Platform. 'Merchant partners benefit from fast growth in existing billing routes, and new payment routes added through the year. 'New customers with ambitious growth plans are also coming to the Bango Platform as a result of business development activity - especially in the USA and Japan. Bango therefore remains confident of achieving at least 100% year-on-year growth in End User Spend for the third consecutive year.' At 8:10am: (LON:BGO) Bango PLC share price was +11.5p at 239p Story provided by StockMarketWire.com

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