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Bango on course to double end user-spend (again) in 2018

The company is on track to double EUS again in 2018 without putting any strain on the platform or unduly increasing operational costs
Amazon Prime
Amazon is just one of many tech giants using the Bango platform

End-user-spend (EUS) on Bango plc’s (LON:BGO) mobile payments platform more than doubled in 2017.

EUS rose to £271.4mln in 2017 from £132.3mln in 2016 while revenue increased 62% to £4.2mln from £2.6mln, a shade ahead of the consensus forecast of £4.1mln.

READ: Bango goes a bundle on Amazon Prime in India

The EUS run rate at the end of February 2018 was £465mln a year and the company said it is on track to double EUS again in 2018 without putting any strain on the platform or unduly increasing operational costs.

The adjusted loss before interest, tax, depreciation and amortisation narrowed to £1.6mln from £2.8mln the previous year.

READ: Bango enables 9Pay wallet for Google Play users in Nigeria

The company ended the year with £4.8mln in cash, down from £5.7mln a year earlier.

Looking ahead, the company expects growth from direct customer billing for Amazon physical goods in Japan, resale and bundling for Amazon Prime in India and beyond, plus continued growth for Google Play and from new merchants worldwide.

READ: Bango extends direct carrier billing for Amazon customers in Japan

Bango said it is deepening customer relationships and opening new revenues streams by providing further ways to make money from data harvested by mobile network operators.

"The Bango Platform enables leading merchants across the world to grow their sales faster by opening-up payments to more users and by using the unique data that only Bango can provide,” said Ray Anderson, the chief executive officer of Bango.

“Sales through the Bango Platform more than doubled in 2017, while the core operating costs remained stable. Bango added new customers, new payment routes and continual enhancements to the Bango Platform, developing and investing in new technology, providing more opportunities for Bango customers to expand and diversify their businesses. Growth with existing routes and substantial opportunities in the sales pipeline make Bango confident in continued substantial EUS and revenue growth in the coming year," he added.

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