Shares in Bango plc (LON:BGO) boomed on Tuesday Morning after the mobile payments company saw spending across its platform grow again in the first half of the year.
Annualised end user spend (EUS) at the end of June exceeded £300mln a year, compared with £195mln a year at the end of December 2016.
That growth was driven from existing app store routes as well as the addition of new routes for Google Play and early progress in Japan for Amazon, leaving Bango on track to hit its target of doubling EUS by the end of 2017.
Bango’s platform is more than capable of handling such a sharp rise in spend , with various enhancements meaning it has been tested to levels in excess of £5bn a year.
Investors will have to wait until mid-September for exact figures on first half costs and revenues, although the AIM-quoted company revealed both were in line with expectations.
As for its cash position, that remained healthy at £5.6mln (Dec 2016: £5.7mln), buoyed by reduced cash consumption as revenue increased, and improved receivables.
‘Very positive’ outlook
Bango expects the progress made in the first six months of 2017 to continue into the second six months.
“The competitive position, sales pipeline and market opportunities remain very positive as Bango moves into the second half,” read this morning’s trading update.
The company will announce its interim results for the six months to 30 June on 19 September.
Shares zipped 3.22% higher to 192.5p in afternoon trading.