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Bango posts record revenue growth in first half

The mobile commerce group also said end user spend in the first half was £743mln and “remains on track” to reach £2bn by the end of 2020

Bango PLC - Bango posts record revenue growth in first half

Bango PLC (LON:BGO) has reported record revenue growth in the first half of its current year and reiterated its expectation that end-user spending (EUS) will hit £2bn by the end of the year.

For the six months ended June 30, 2020, the mobile commerce specialist reported revenues of £4.77mln, up 50% year-on-year, while adjusted underlying earnings (EBITDA) came in at £1.09mln, more than double the entire 2019 EBITDA of £0.45mln.

READ: Bango continues push into Asia with five new partnerships

The company also said EUS in the first half was £743mln and “remains on track” to reach £2bn in the year.

Bango said the EUS growth will be driven by several factors including the benefits of new contracts signed in the first half of the year coming through in the second, while the group said its deal pipeline for the rest of the year was “strong as new streaming, games and lifestyle brands join the Bango circle to help them attract, retain and monetize new customers”.

The company also said new services including games, virtual and augmented reality will also benefit from its payment connections and other services.

“This has been a strong period of continuing growth and expansion into new sectors for Bango and the board is very pleased with the growth and the move into profitability. The board has confidence in the virtuous circle strategy where more payment data produces more data insights, which drives more payments and the circle thrives and grows”, Bango added.

In the results statement, Bango’s chief executive Paul Larbey said the higher earnings and record revenue growth demonstrated “the relevance and resilience of the Bango Platform”.

“Most revenue growth results from contracts and routes won in previous years, so it is encouraging for future growth that the payments business launched new merchants and new routes during a period when online spending surged. With retailers now joining the Bango circle and new wins such as the major telco platform deal announced in May, Bango is ideally positioned to continue delivering exponential growth”, he added.

Quick facts: Bango PLC

Price: 165.05 GBX

LSE:BGO
Market: LSE
Market Cap: £122.81 m
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Bango reports record revenue growth in the first half of 2020

Bango PLC's (LON:BGO) Paul Larbey talks to Proactive's Katie Pilbeam `about their latest record revenue growth in the first half of this year. Larbey is confident Bango is positioned to continue delivering growth after reporting revenues of £4.77mln, up 50% year-on-year. He goes on to...

3 days ago

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