Bango PLC (AIM:BGO, FRA:B10)‘s interim revenues jumped by 49% as activity through its payments platform continued to rise strongly.
End-user spend, the key measure for transactions on the platform, jumped to £1.3bn from £743mln in the six months to end June, 2021, with Bango’s own revenues rising to £7.1mln from £4.8mln.
Bango earns payment revenue from transactions processed through the platform, data monetisation revenue from the insights provided through this activity and through other fees, such as integration.
Interim adjusted earnings almost doubled to £2.01mln (£1.09mln) with an operating profit of £242,000 (loss:£411,000) though after increased spending on marketing to expand the customer base and on developing the platform there was a pre-tax loss of £0.45mln (£0.67mln).
Paul Larbey, chief executive, said: “Bango delivered another period of strong growth during the first half of 2021 finishing the period ahead of our plan.
“Volumes have grown across all payment methods, including carrier billing and mobile wallets.
“One of our strongest growth drivers is the rapid uptake of subscription bundles for media and other digital products, bringing higher average transaction values and strong recurring revenues.
“Platform partnerships enable hundreds of millions of online customers to benefit from offers for products including Amazon Prime, Prime Video, Netflix (NASDAQ:NFLX), BritBox, Spotify, Pandora Radio, Xbox Game Pass, YouTube TV, all through the Bango Platform, ” he added, while companies looking to targeting people’s spending behaviour has also led to a ten-fold upsurge in demand for Bango Audiences.