07:00 Tue 15 Sep 2020
Bango PLC - Half-year Report
("Bango")
Interim Results
Bango (AIM: BGO), the global platform for data-driven commerce, today announces its unaudited interim results for the six months ended
1H2020 Financial highlights
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* NHN acquired 60% of Audiens in |
** Adjusted EBITDA is operating profit before depreciation, amortization, share based payments and exceptional items from continuing operations |
*** Operating costs before depreciation, amortization, share based payments and exceptional items from continuing operations. |
**** Includes income from the platform and the gain from the creation of the JV (see note 7) with NHN |
1H20 Operational highlights
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Innovation powering growth
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Post-period
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"Bango has delivered continued growth during a period of worldwide social and economic turbulence. Record revenue growth of 50%, adjusted EBITDA over double the entire FY19 amount, and an EBITDA margin of 23% during this period demonstrates the relevance and resilience of the Bango Platform.
Most revenue growth results from contracts and routes won in previous years, so it is encouraging for future growth that the payments business launched new merchants and new routes during a period when online spending surged. With retailers now joining the Bango circle and new wins such as the major telco platform deal announced in May, Bango is ideally positioned to continue delivering exponential growth.
The first half of the year has firmly established
While our successes are global, the opportunity in
Contact Details:
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FTI Consulting |
finnCap |
Tel. +44 333 077 0247
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Tel. +44 203 727 1000 |
Tel. +44 207 200 0500
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About Bango
Online businesses join the Bango ecosystem where merchants and payment providers converge, grow and thrive.
Being inside the Bango circle means global merchants including Amazon (NASDAQ: AMZN), Google (NASDAQ: GOOG) and Microsoft (NASDAQ: MSFT) are able to work together with payment partners from
Bango. Be inside the circle. For more information, visit www.bango.com.
CEO statement
Payments business and EUS growth
Bango has always focused on growth for our partners; when they are successful, so is Bango. This focus clearly differentiates us in the market and is the reason why more partners continue to join the Bango circle to thrive.
The formula driving growth for Bango is:
More Users X More Routes X More Merchants X More Data Insights = Sustained Exponential Growth
More Users: 1H20 has seen a surge in online commerce. With restrictions on movement from COVID-19 measures, people across the world turned to online commerce with many purchasing apps, food and streaming services for the first time. This extended period of home stay has resulted in 45% more users making payments using the Bango Platform compared to 1H19. This growth in online commerce will benefit Bango moving forward.
More Routes:
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More Merchants: Bango launched the first "pure 5G" service with streaming games provider Hatch in the
More Insights: Bango Boost delivered good growth across all existing connections for merchants including Google, Microsoft and Amazon. In 1H20, two new technology enhancements were launched as part of the next generation of Bango Boost.
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Data monetization
The Bango Platform offers unique insights into payment behavior.
Just as
1) Proof of the value
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2) App developer engagement
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3) Value of payment data available
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The Audiens CDP business achieved targets ahead of plan in 2019. Nonetheless, Bango recognized that an increased focus and investment would boost the market opportunity in a world where the role of data for businesses continues to grow in importance. In April, Bango completed the creation of a joint venture with
NHN also extended its partnership with Bango, becoming a strategic investor by taking a 4.7% stake. This partnership opens-up global opportunities for both companies and highlights Bango's strong relationships in the
Strengthened team
In January, several governance changes were announced to strengthen Bango for accelerated growth.
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The Bango culture remains as strong as ever. The team moved seamlessly to a home working model following COVID-19 restrictions and, as these results demonstrate, Bango delivered significant growth across the business despite the challenges of lockdown to businesses everywhere.
During the peak of lockdown Bango conducted the annual employee engagement survey. Bango has always ranked amongst the best in class for employee engagement, but this year saw the highest ever score, demonstrating the strength of employee engagement that underpins these high levels of growth.
Outlook
Bango maintains a confident outlook for the future and remains on track for |
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Strong pipeline |
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Expanding addressable market |
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Increased adoption of mobile commerce |
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Launch of new services |
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Summary
This has been a strong period of continuing growth and expansion into new sectors for Bango and the Board is very pleased with the growth and the move into profitability. The Board has confidence in the virtuous circle strategy where more payment data produces more data insights, which drives more payments and the circle thrives and grows.
Chief Executive Officer
CFO statement
The Bango Platform continues to grow strongly and delivered revenue growth of 50% and an Adjusted EBITDA margin of 23% in 1H20.
On
Bango business model
Bango reports on one line of business, payment transactions processed by the Bango Platform for the world's leading merchants for both physical and digital goods and data activity from the monetization of payment data.
End User Spend (EUS)
EUS is total value of transactions processed by the Bango Platform (excluding taxes). It is the most significant Key Performance Indicator that management uses to measure the growth of the business and data within the platform and the continued success of Bango customers and partners.
EUS for 1H20 was up 59% to
Revenue
Total revenue from continuing operations increased 50% YoY to
Bango earns payment revenue from transactions processed through the Bango Platform and data monetization revenue from the insights provided through this activity. Bango also earns other fees, such as integration fees, which are recognized on completion of contracted milestones.
Gross margin was 98% of revenue in 1H20; the same as 1H19.
Operating expenditure of continuing operations
Bango Group Adjusted EBITDA was a positive
The share-based payment charge for 1H20 was
Amortization of intangible assets in 1H20 was
Prior year restatements and reclassifications
The 1H19 consolidated income statement has been restated to include the impact of operations now classified as discontinued (see note 7).
Adjusted exceptional items in discontinued operations
In 1H20
The retained 40% interest held by Bango has been accounted for by the group as an associate. The interest in the associate has been determined by measuring the fair value as a proportion of the value invested in the
In 1H20 Bango incurred and separately disclosed items that are considered non-recurring and exceptional. These comprise non-recurring legal and advisor fees, and other expenses due to the divestment of Audiens into the strategic partnership with
The Board is of the opinion that the nature and materiality of these items makes it appropriate to classify these as 'exceptional' and that this provides a more useful presentation of the underlying performance of the Group.
In determining whether an event or transaction is exceptional, management considers quantitative as well as qualitative factors such as the frequency or predictability of occurrence as well as the size and nature of an item both individually and when aggregated with similar items for example restructuring costs, product development or asset write-offs.
This presentation is consistent with the way that financial performance is measured and reported to the Board and assists in providing a meaningful analysis of our trading results.
Profit and earnings per share
The total comprehensive income after tax was
Basic earnings per share from continuing and discontinued operations was 4.94p(1H19: loss 1.82p).
Cash
Cash balances at
Going concern
A combination of strong operating cash flows and revenue growth generated by the business supports the Directors view that the Group has sufficient funds available to meet its foreseeable working capital requirements. These requirements support planned investments to grow marketing and sales, and to develop new products to ensure Bango benefits from the continued growth of EUS through the Bango Platform that the Board expects over the coming years.
The Directors have taken into account the wider macro-economic effects, including foreign exchange and interest rate fluctuations, and have concluded that the going concern basis remains appropriate.
Chief Financial Officer
Consolidated statement of comprehensive income
for the six months ended
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Notes |
Six months ended Unaudited |
Six months ended Unaudited |
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£ '000 |
£ '000 |
Alternative performance measure (Non-IFRS) |
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End User Spend |
4 |
743,045 |
467,236 |
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Revenue |
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4,770 |
3,186 |
Cost of sales |
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(77) |
(53) |
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Gross profit |
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4,693 |
3,133 |
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Operating costs |
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(3,599) |
(3,253) |
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Operating profit before depreciation, share based |
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1,094 |
(120) |
payments, amortization and exceptional items * |
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Share based payments |
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(284) |
(435) |
Depreciation |
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(179) |
(234) |
Amortization |
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(1,042) |
(733) |
Exceptional items* |
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- |
(165) |
Total administrative expenses |
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(5,104) |
(4,820) |
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Operating loss |
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(411) |
(1,687) |
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Net interest payable |
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(27) |
(2) |
Share of net loss of associates accounted for using the equity method |
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(230) |
- |
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Loss before taxation from continuing operations |
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(668) |
(1,689) |
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Income tax |
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271 |
215 |
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Loss from continuing operations** |
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(397) |
(1,474) |
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Profit from discontinued operations |
7 |
3,962 |
190 |
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Profit / (loss) for the period (attributable to equity holders of the company) |
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3,565 |
(1,284) |
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Other comprehensive income Foreign exchange on consolidation |
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320 |
90 |
Foreign exchange realized on discontinued operations |
7 |
33 |
- |
Total comprehensive income for the |
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period attributable to equity holders of |
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3,918 |
(1,194) |
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Basic earnings /(loss) per share |
5 |
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From continuing operations |
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(0.55)p |
(2.09)p |
From continuing and discontinued operations |
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4.94p |
(1.82)p |
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Diluted earnings /(loss) per share |
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From continuing operations |
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(0.55)p |
(2.09)p |
From continuing and discontinued operations |
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4.88p |
(1.82) p |
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*Exceptional Administrative items relate to the business rebranding
Notes 1 to 9 are an integral part of the consolidated interim financial statements.
** Includes
Consolidated statement of financial position as at
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Unaudited |
Audited |
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Notes |
£ '000 |
£ '000 |
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ASSETS |
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Non-current assets |
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Property, plant and equipment |
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195 |
283 |
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Right of use assets |
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496 |
931 |
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Intangible assets |
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12,574 |
12,201 |
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Investments accounted for using the equity method |
8 |
5,986 |
- |
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19,251 |
13,415 |
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Current assets |
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Trade and other receivables |
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2,295 |
2,588 |
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Research and development tax credits |
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736 |
597 |
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Cash and cash equivalents |
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4,183 |
2,687 |
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7,214 |
5,872 |
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Total assets |
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26,465 |
19,287 |
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EQUITY |
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Capital and reserves attributable to equity holders of |
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Share capital |
6 |
14,879 |
14,137 |
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Share premium account |
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38,706 |
36,057 |
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Merger reserve |
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2,175 |
2,175 |
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Other reserve |
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4,810 |
4,526 |
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Foreign exchange revaluation reserve |
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430 |
77 |
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Accumulated losses |
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(38,710) |
(42,275) |
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Total equity |
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22,290 |
14,697 |
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LIABILITIES |
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Current liabilities |
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Trade and other payables |
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2,565 |
3,421 |
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Lease liabilities |
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212 |
303 |
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2,777 |
3,724 |
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Non-current liabilities |
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Lease liabilities |
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375 |
748 |
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Deferred tax liability |
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1,023 |
118 |
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1,398 |
866 |
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Total liabilities |
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4,175 |
4,590 |
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TOTAL EQUITY AND LIABILITIES |
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26,465 |
19,287 |
Notes 1 to 9 are an integral part of the consolidated interim financial statements.
Consolidated cash flow statement for the six months ended
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Six months ended Unaudited |
Six months ended Unaudited |
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£ '000 |
£ '000 |
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Net cash generated / (used by) operating activities |
217 |
(412) |
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Cash outflow from investing activities |
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Purchases of property, plant and equipment |
(44) |
(77) |
Addition to intangible fixed assets |
(1,004) |
(1,046) |
Purchase of remaining shares in Audiens |
(989) |
- |
Interest received |
- |
12 |
Net cash outflow from investing activities |
(2,037) |
(1,111) |
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Cash flows from financing activities |
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Proceeds from issuance of ordinary shares |
3,391 |
136 |
Interest payable |
(18) |
(7) |
Interest payments on finance lease obligations |
(14) |
(15) |
Capital repayments on finance lease obligations |
(123) |
(133) |
Net cash generated from financing activities |
3,236 |
(19) |
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Net increase / (decrease) in cash and cash equivalents |
1,416 |
(1,542) |
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Cash and cash equivalents at beginning of period |
2,687 |
3,815 |
Exchange differences on cash and cash equivalents |
80 |
(19) |
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2,767 |
3,796 |
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Cash and cash equivalents at end of period |
4,183 |
2,254 |
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Notes 1 to 9 are an integral part of the consolidated interim financial statements.
Consolidated statement of changes in equity for the six months ended
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Share capital |
Share premium account |
Merger reserve |
Other reserve |
Foreign exchange reserve |
Retained earnings |
Total |
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£ '000 |
£ '000 |
£ '000 |
£ '000 |
£ '000 |
£ '000 |
£ '000 |
Balance at |
14,054 |
35,797 |
2,175 |
3,880 |
161 |
(40,099) |
15,968 |
Share based payments |
- |
- |
- |
436 |
- |
- |
436 |
Exercise of share options |
37 |
98 |
- |
- |
- |
- |
135 |
Transactions with owners |
37 |
98 |
- |
436 |
- |
- |
571 |
Loss for the period |
- |
- |
- |
- |
- |
(1,284) |
(1,284) |
Foreign exchange of consolidation |
- |
- |
- |
- |
90 |
- |
90 |
Total comprehensive income for the period |
- |
- |
- |
- |
90 |
(1,284) |
(1,194) |
Balance at |
14,091 |
35,895 |
2,175 |
4,316 |
251 |
(41,383) |
15,345 |
Balance at |
14,137 |
36,057 |
2,175 |
4,526 |
77 |
(42,275) |
14,697 |
Share based payments |
- |
- |
- |
284 |
- |
- |
284 |
Exercise of share options |
39 |
161 |
- |
- |
- |
- |
200 |
Issue of new shares |
703 |
2,488 |
- |
- |
- |
- |
3,191 |
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Transactions with owners |
742 |
2,649 |
- |
284 |
- |
- |
3,675 |
Profit for the period |
- |
- |
- |
- |
- |
3,565 |
3,565 |
Foreign exchange realized on discontinued operations |
- |
- |
- |
- |
33 |
- |
33 |
Foreign exchange of consolidation |
- |
- |
- |
- |
320 |
- |
320 |
Total comprehensive income for the period |
- |
- |
- |
- |
353 |
3,565 |
3,918 |
Balance at |
14,879 |
38,706 |
2,175 |
4,810 |
430 |
(38,710) |
22,290 |
Notes 1 to 9 are an integral part of the consolidated interim financial statements.
1. |
General information |
The interim financial statements have been approved for issue by the Board of Directors on
2. |
Basis of preparation |
The condensed interim financial information for the half year ended
The consolidated interim financial information has been prepared under the historical cost convention.
The cash flow forecasts of Bango anticipate increased cash generation from trading operations, therefore the Directors have a reasonable expectation that there are adequate resources to continue its operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
3. |
Principal accounting policies |
The principal accounting policies adopted are consistent with those of the annual financial statements for the year ended
Changes in ownership interest
Following a loss of control, the subsidiary's net assets including any goodwill will be disposed from the Group's accounts. The gain on disposal is determined by offsetting the net assets against the fair value of consideration and assets received. In addition, any amounts previously recognized in other comprehensive income in respect of the former subsidiary are reclassified to the income statement. The results of the subsidiary to the date of disposal and the profit or loss on the disposal are shown in discontinued activities.
Associates
Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights of an entity. Investments in associates are initially recognized at cost and thereafter accounted for using the equity method of accounting.
Under the equity method of accounting, the investment is adjusted from its initial cost with the Group's share of the post-acquisition changes to shareholders funds from the associate entity and recognized in the consolidated statement of financial position. In addition, the Group's share of the post-acquisition profit or losses are recognized in the income statement with any movement in the associate entity's other comprehensive income reported in the Group's other comprehensive income. Dividends received or receivable from associates are also adjusted against the carrying amount of the investment.
Where the Group's share of losses in an equity-accounted investment equals or exceeds its interest in
the entity, including any other unsecured long-term receivables, the Group does not recognize further
losses, unless it has incurred obligations or made payments on behalf of the other entity.
The carrying amount of equity-accounted investments is tested for impairment annually or when events would indicate that it might be impaired. Impairment charges are deducted from the carrying value and recognized immediately in profit or loss
4. |
Turnover |
Bango, based on the information reviewed by the chief operating decision maker, reports on one segment of turnover following the disposal of the former subsidiary.
(a) End User Spend
As a non IFRS alternative performance measure, Bango has identified EUS as its key performance indicator on which all management decisions surrounding investment in the platform and development of intangible assets are based.
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Six months ended Unaudited |
Six months ended Unaudited |
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£ '000 |
£ '000 |
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End User Spend |
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743,045 |
467,236 |
Key business decisions are based on the total value and volume of transactions that Bango has processed in each month through its payment platform.
Management reporting is based principally on information on the type of customer and strategic decisions are made after consideration of the gross profit generated from the Group and growth objectives.
5. Earnings / (loss) per share
Basic earnings per share are calculated by dividing the loss attributable to equity holders of
|
|
Six months ended Unaudited |
Six months ended Unaudited |
|
|
£ '000 |
£ '000 |
|
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|
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Loss from continuing operations |
|
(397) |
(1,474) |
Profit from discontinued operation after tax |
|
3,962 |
190 |
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|
|
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|
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Profit / (loss) attributable to equity holders of |
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3,565 |
(1,284) |
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Weighted average number of ordinary shares in issue |
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72,156,812 |
70,361,350 |
Basic earnings / (loss) per share
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From continued operations |
|
(0.55)p |
(2.09)p |
From discontinued operations |
|
5.49p |
0.27p |
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Basic earnings / (loss) per share attributable to equity holders from continuing and discontinued operations |
|
4.94p |
(1.82)p |
Diluted earnings / (loss) per share
At
For diluted earnings per share for continuing and discontinued operations for the current period the dilutive effect of share options is 847,989 shares which reduces the basic earnings per share by 0.06p to 4.88p.
6. Share capital
Allotted, called up and fully paid:
Ordinary shares of 20p each in
|
No |
£ |
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As at |
70,267,908 |
14,053,582 |
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Exercise of share options |
417,834 |
83,566 |
As at |
70,685,742 |
14,137,148 |
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Issue of new shares |
3,515,500 |
703,100 |
Exercise of share options |
194,292 |
38,859 |
As at |
74,395,534 |
14,879,107 |
7. Discontinued operations
a)
(b) Financial performance and cash flow information of the associate
Financial performance and cash flow information presented are for the period ended
|
Unaudited £ '000 |
Unaudited £ '000 |
Revenue |
184 |
1,134 |
|
|
|
|
|
|
Expenses |
(326) |
(1,009) |
Depreciation & amortization |
(13) |
(126) |
Exceptional items - transactional costs |
(738) |
- |
Profit on sale of the subsidiary (Note 7c) |
4,846 |
- |
Profit before tax |
3,953 |
(1) |
|
|
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Taxation |
42 |
191 |
Profit after tax from discontinued operation |
3,995 |
190 |
|
|
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Exchange differences on translation of discontinued operations |
(33) |
- |
|
|
|
Profit after tax |
3,962 |
190 |
|
|
|
Total comprehensive income from discontinued operations |
3,962 |
190 |
|
|
|
Cash movements from discontinued activities
|
|
|
Net cash inflow from operating activities |
150 |
355 |
Net cash flow from investing activities |
(208) |
(336) |
Net cash flow from financing activities |
(2) |
- |
|
|
|
|
|
|
Net decrease in cash generated by the subsidiary |
(60) |
19 |
|
|
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(c) Details of the disposal of the subsidiary
|
|
2020 |
|
|
£ '000 |
|
|
|
Intangibles, property, plant and equipment |
|
2,976 |
Goodwill |
|
2,548 |
Trade receivables, cash & other debtors |
|
969 |
Research and development tax credits |
|
187 |
Total assets |
|
6,680 |
|
|
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Trade creditors |
|
833 |
Deferred tax liability |
|
114 |
Total liabilities |
|
947 |
|
|
|
Net assets |
|
5,733 |
|
|
|
|
|
2020 |
|
|
£ '000 |
|
|
|
|
|
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Fair valuation of 40% investment in associate |
|
6,216 |
Acquired Intangible assets - proprietary software retained in Group |
|
5,386 |
|
|
|
Carrying amount of net assets |
|
(5,733)
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Deferred tax on acquired intangible assets |
|
(1,023) |
|
|
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Profit on sale of subsidiary |
|
4,846 |
|
|
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8. Interest in associates
The table below provides the summary of the financial information of the associates that is material to the Group. They have been amended to the reflect the adjustments using the equity method and modifications and differences in accounting policy. The interest in the associate has been determined by remeasuring the fair value as a proportion of the value invested in the
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£ '000 |
|
|
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Opening balance as at |
|
- |
Addition - fair value of interest retained in the |
|
6,216 |
Share of operating losses |
|
(230) |
|
|
|
Closing balance as at |
|
5,986 |
9. Publication of non-statutory accounts
The condensed consolidated interim financial information was approved by The Board of Directors on
The financial information set out in this interim report does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. The figures for the period ended
Independent review report to
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the interim financial report for the six months ended 30 June 2020 which comprises the consolidated statement of comprehensive income, consolidated statement of financial position, consolidated cash flow statement, consolidated statement of changes in equity and the related explanatory notes. We have read the other information contained in the interim financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Directors' Responsibilities
The interim financial report is the responsibility of and has been approved by the Directors. The Directors are responsible for preparing and presenting the interim financial report in accordance with the AIM Rules of the London Stock Exchange.
As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards and International Financial Reporting Interpretations Committee pronouncements as adopted by the European Union. The condensed set of financial statements included in this interim financial report has been prepared in accordance with the presentation, recognition and measurement criteria of International Financial Reporting Standards and International Financial Reporting Interpretations Committee pronouncements, as adopted by the European Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the interim financial report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the interim financial report for the six months ended 30 June 2020 is not prepared, in all material respects, in accordance with the presentation, recognition and measurement criteria of International Financial Reporting Standards and International Financial Reporting Interpretations Committee pronouncements as adopted by the European Union, and the AIM Rules of the London Stock Exchange.
Use of our report
This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "'Review of Interim Financial Information performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. Our review work has been undertaken so that we might state to the Company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed.
RSM UK Audit LLP
Chartered Accountants
Second Floor
North Wing East
126-130 Hills Road
Cambridge
CB2 1RE
Date 14 September 2020
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