Bango PLC (AIM:BGO, OTCQX:BGOPF), the subscription bundling and payments business, reported another 'solid' performance with revenue for the year just gone up 16% to $53.4 million - which led to a more than doubling in underlying earnings.
Transactional revenue climbed 11 to $36.2 million, or 14% on a constant currency basis. Revenue from Bango’s Digital Vending Machine (DVM) and one-off projects rose 28% to $17.2 million, fuelled by growing demand for its subscription management platform. Annual recurring revenue increased by 59 to $14.0 million.
Bango’s ability to retain and expand business with existing customers also stood out, with net revenue retention hitting 125%.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 137% to an expected $15.2 million, compared with $6.4 million the previous year.
The company ended the year with net debt of $1.7 million, down from $3.9 million in 2023, after making two repayments on its NHN loan. Its Barclays overdraft facility remained unused, and the outstanding NHN loan was reduced to $5.1 million.
CEO Paul Larby said: "Underpinned by solid foundations in the payments business, and with growing DVM recurring revenue, Bango is in an excellent position to extend our market leadership during 2025, confirming the DVM as the technology of choice for subscription bundling."
Bango added nine new customers for its Digital Vending Machine in 2024, bringing the total to 27. Key deals included the launch of Disney+ with Portugal’s largest high-street retailer, Continente, two telecom providers in the Asia-Pacific region, and its first customer in Eastern Europe.
The company also expanded its network of content providers, with 110 now integrated into the vending machine, up from 93 in 2023. In addition, Bango now works with 27 eDisti partners, allowing customers to quickly deploy pre-stocked vending machines featuring brands such as Disney+, Les Mills and CrunchyRoll.
In a separate announcement, the company said Matt Wilson was appointed chief financial officer, replacing Matt Garner immediately.