Shares in Bango PLC (AIM:BGO, OTCQX:BGOPF), the mobile commerce company, jumped 18% to 68p after it said it remains on course to meet full-year market expectations after a strong first half marked by rising recurring revenue and improved profitability.
Annual recurring revenue grew 31% to $20.4 million in the six months to 30 June, up from $15.6 million a year earlier.
Cash EBITDA reached $3.7 million in the period, exceeding the $2.3 million delivered across the whole of the 2025 financial year.
Adjusted EBITDA is expected to be at least $9 million, up 34% from $6.7 million, reflecting higher-quality revenue and efficiency initiatives taken last year.
Total revenue is expected to rise 3% to $25.9 million, in line with management expectations.
Subscription revenue increased 13% to $12.3 million, with net revenue retention of 119% reflecting strong expansion from existing customers.
The company won six new subscription customers in the half, three of which are contracted, including one deal previously delayed from the final quarter of the 2025 financial year.
Payments revenue declined 5% to $13.6 million as planned, with Bango continuing to restructure legacy routes to focus on margin expansion and revenue quality.
Net debt stood at $8.7 million at the end of June, down slightly from $9.2 million at the end of December.
Paul Larbey, chief executive, said the company had delivered a solid first half with a clear focus on profitable growth.
"Since noting a more cautious macro backdrop earlier in the year, we have continued to see resilient customer demand and sales execution," he said.
He added that the variety of customers adopting the Bango Digital Vending Machine platform, from global brands to financial services and telecoms companies, reinforces confidence in the long-term opportunity.
Bango also strengthened its board, with Darcy Antonellis becoming non-executive chair and Duncan Magrath joining as audit committee chair.
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