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Bango losses narrow

By BFN News | 09:34 AM | Tuesday 14 March, 2017


Total revenues at Bango, the mobile payments company, rose to £2.6m in the year to the end of December - up from £1.3m in 2015 - and adjusted losses before interest, tax, depreciation and amortisation narrowed to £2.8m from £3.1m. The group said the annualised end user spend (EUS) exit rate grew to £195m/yr - 191% higher than the FY2015 EUS exit rate due to growth from existing and acquired routes. EUS for the full year increased 196% to £132.3m (FY2015: £44.7m) which included 8 months of EUS from acquired routes in addition to growth from existing routes. EUS revenue expressed as a percentage of EUS was 1.8% (1H2016: 1.67%; FY2015: 1.8%). Chief executive Ray Anderson said: "End user spend (EUS) grew ahead of expectations in 2016 due to a combination of growth from existing routes plus new business coming with the acquisition of BilltoMobile. "The ability of the Bango Platform to efficiently process this extra volume and deliver organic EUS growth, supported by unique products like Bango Boost and Bango Dashboard, demonstrates the power of the platform. "The strength of Bango on Android and other web platforms is cementing its key position in the largest and fastest growing parts of the market, with DCB becoming an increasingly popular method of payment for the growing range of services sold to mobile users over the internet. "As the demand for new forms of content continues, Bango has seen EUS growth in the first quarter in line with expectations, and is confident of doubling EUS in 2017. "The Bango Platform can now handle at least $2 billion of transactions per year without additional cost, proving that the Bango Platform can handle EUS levels that will see Bango become profitable. "Bango continues to perform load testing to ensure that it can comfortably meet the expectations of the leading stores connected to Bango." At 9:34am: (LON:BGO) Bango PLC share price was -2p at 98p Story provided by StockMarketWire.com

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