Bango plc (LON:BGO), the mobile commerce company, said end user spend (EUS) this year has continued its trend of at least doubling every 12 months.
The total EUS for the first half of 2018 was £220mln compared with £92mln in the first half of 2017 and £271mln for all of 2017. As in previous years, EUS in the second half of the year is expected to be significantly higher than in the first, Bango said.
WATCH: Bango Plc's Ray Anderson discusses 2018's commercial deals
The company said it is fully funded to reach profitability. Cash at the end of June stood at £5.8mln, compared with £4.8mln at the end of 2017.
Funds raised in January 2018 were used to acquire Audiens, repay its loans as part of a transition service agreement and integrate and invest in Audiens technology.
READ: Bango to speed up data monetisation drive with acquisition of Audiens
The existing Audiens business has continued to grow this year, with several new customers coming on board, including LeoVegas, Morelatto and Unieuro.
Revenue is generated by collecting, organising and analysing data to build customised audience segments made available to advertisers, Bango said.
The @bangodotcom Market Index delivers a unique view across the market. Set your #CarrierBilling performance expectations:https://t.co/23gDNU5Vnp pic.twitter.com/BHDXn0jQQh
— Bango (@bangodotcom) July 18, 2018
"The Bango Platform enables partners and customers to thrive. A strong first half of the year has been driven by our partners increasing use of the Bango Platform for more products, new geographies, and new ways for customers to pay for their products,” said Ray Anderson, the chief executive officer of Bango.
“Our competitive customer offering has been greatly enhanced by Audiens, allowing global merchants to boost customer acquisition and revenue through powerful data insights. This combined proposition is driving EUS and revenue growth, positioning Bango well for a strong second half of the year," he added.