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Bango sees revenues and profits surge as lockdowns boost online commerce

Underlying profits jumped to more than £4mln from £450,000

Bango PLC -

Bango PLC (LON:BGO) has reported record revenues and a big profit uptick as new contracts with blue-chip organisations combined with surging online demand during the coronavirus lockdown.

Revenues in the twelve months to end December 2020 rose by 70% to £12.2mln, the e-commerce platform owner said in a trading update.

Underlying profits - adjusted EBITDA - jumped to more than £4mln from £450,000, while end-user spend, another key metric, rose to £1.9bn from £1.1bn.

During 2020, Bango launched a billing service for  SoftBank customers shopping at Amazon Japan, launched BritBox subscriptions with BT Group and signed a deal with Microsoft for gaming services for telecom groups.

In the statement, Paul Larbey, Bango chief executive, said: "This trading update clearly demonstrates strong growth for Bango and for our customers during a tumultuous year. Global lockdowns have driven more users online and accelerated the adoption of digital payments by merchants and consumers, which will continue to drive-up end-user spend.

"During 2020 Bango successfully grew the existing business and won new deals, which puts Bango in a stronger position than ever at the start of 2021 ".

Separately, AIM-listed Bango said it had also appointed Liberum as its nomad and broker.

In a note following the update, Librum said that net cash was also strong at £5.8mlm while pointing to the company comment that the new customers won during 2020 underpin the continued, strong growth expected in 2021.

Shares rose 9% to 181.5p.

-- adds broker, share price --

 

Quick facts: Bango PLC

Price: 175 GBX

LSE:BGO
Market: LSE
Market Cap: £130.74 m
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