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Bango on target

By BFN News | 09:23 AM | Thursday 21 January, 2016


Bango, the mobile payments company, says it has a healthy number of activations scheduled for launch in 2016 and the pipeline of further activation opportunities is significantly larger than it was entering 2015. Bango says it has seen repeated success in activating carrier billing routes in high-growth markets, adding significantly to end user spend growth and enabling Bango to maintain a market-leading position in a fast-growing industry. Furthermore, by activating billing routes with global app stores and Mobile Network Operators, Bango believes there is potential to extend its scope of its activities over time. It says the the annualised EUS exit run-rate for 2015 was GBP67m, representing an increase of over 100% year-on-year and in line with Bango's target. This growth was achieved despite adverse foreign exchange movements during 2015. It says a tightly controlled fixed cost base, together with a market-leading position, gives Bango confidence in its ability to deliver long-term value for shareholders. This low fixed cost base allows Bango to process well in excess of ten times current EUS, meaning EUS directly leads Bango towards profitability. The board also remains of the view that Bango has sufficient cash reserves to: � Maintain a strong balance sheet through to and beyond profitability, � Sustain sales and marketing to grow its market share, and � Invest in research and development to boost the performance of Bango's growing number of billing routes for its customers worldwide. At 9:23am: (LON:BGO) Bango PLC share price was -8.5p at 88.5p Story provided by StockMarketWire.com

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