Proactive Investors - Run By Investors For Investors

Bango revenue doubled in 2016 as end user spending soared

The rate of end user spending across Bango's mobile payments platform was up some 191% year-on-year by the end of December.
Photophoped picture showing cash coming out of a mobile handset as though it is a wallet
Bango's platform lets customers to pay via their mobile carrier.

Payments specialist Bango plc (LON:BGO) has confirmed that revenues doubled in 2016 as end users massively increased their spending via mobile devices.

The company’s mobile payments platform told investors that end user spend (EUS) rate - what the underlying customers paid across Bango – amounted to £195mln per year for 2016, which eclipses the rate of £67mln a year at the end of 2015.

That represents 191% growth in EUS, measured at the exit of each year. Meanwhile, total EUS for 2016 amounted to £132mln, versus £45mln in the preceding calendar year.

Bango revealed that revenue for 2016 totalled £2.6mln, up from £1.3mln in 2015, with some £2.4mln derived from EUS (representing 1.8% of 2016 EUS) and the other £200,000 coming from platform fees.

The company also highlighted that through the ongoing development of its platform it ended 2016 with the capacity to carry a transaction rate in excess of US$2bn, up from US$1bn at the end of 2015.

During the year, Bango acquired rival BilltoMobile for £2.15mln in cash (plus £0.35mln in shares) and at around £5mln it says operating expenses for 2016 were in line with expectations. It ended December with a £5.6mln cash balance.

Bango is hosting a strategy day for investors in London on January 30 when it will give investors a chance to learn how Bango is capitalizing on its investment in payment technology to grow market share for its customers.

Final results for the twelve months ended December 31 will be released on March 14.

View full BGO profile View Profile

Bango plc Timeline

Big Picture
September 19 2017

Related Articles

Care home worker and elderly person
August 16 2017
cloudBuy is focusing on big projects such as a web site that could revolutionise how personal health budgets are spent, and its collaboration with Asian bank UOB
online payment
July 07 2017
The cash influx will give the proposed new board the financial muscle to take the e-commerce enabler to the next step
August 14 2017
Overheads have been cut dramatically and the group is focusing on higher margin business.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use