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Bango boosted as higher end user spend drives H1 revenue growth

Expansion of platforms by Microsoft's Xbox and Amazon were a factor as revenues increased close to 50%

Bango PLC - Bango boosted as higher end user spend drives H1 revenue growth
image credit: Miguel Lagoa / Shutterstock

Bango PLC (LON:BGO) said revenue jumped 49% in the first half of 2021 as end user spending increased across its payments platform, thanks in part to its partnerships with Microsoft and Amazon.

In a trading update, Bango said revenue amounted to £7.1mln in the six months ended June 30, up from £4.8mln in the same period of last year. End user spend rose to £1.3bn, up from £700mln a year ago.

Bango expects earnings (adjusted EBITDA) to exceed £2mln for the half year which will support the continued investment in R&D and marketing.

"Building on the strong foundations laid in 2020, Bango has sustained high growth in the first half of 2021,” chief executive Paul Larbey said.

“The Bango platform is the preferred way for merchants to grow their customer base, as demonstrated by the additional business with Xbox cloud gaming and Amazon Prime bundles.

“Bango enters the second half of 2021 with tremendous momentum across the business, enabling continued investment for future growth."

The company’s technology was deployed in four new European territories as part of Microsoft's Xbox Game Pass during the period. Meanwhile, Amazon launched additional services which brought four new payment providers into Bango. It added that the mobile-edition of Amazon Prime Video is launching in India.

Also, separate partnerships with NTT Data and TPay expanded its exposure in Asia, Africa, and Asia.

Bango ended the first half with a £7.1mln cash balance, up from £5.8mln at the start of the period.

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Price: 216.5 GBX

Market Cap: £164.29 m

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Bango delivers strong rise in first-half revenue as online spending surges

Bango PLC (AIM:BGO, FRA:B10) chief executive Paul Larbey joined Proactive's Stephen Gunnion with details of the company's interim results for the six months to end June, 2021. Larbey telling Proactive that Bango delivered another period of strong growth as activity through its payment...

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