Bango PLC Trading Update and Notice of Results (4694L)
13 January 2021 - 6:01PM
UK Regulatory
TIDMBGO
RNS Number : 4694L
Bango PLC
13 January 2021
13 January 2021
BANGO PLC
("Bango")
Trading Update and Notice of Results
70% revenue growth and record profitability
Bango (AIM: BGO), the global platform for data-driven commerce,
today provides an update on trading for the twelve months ended 31
December 2020 (FY 2020), ahead of announcing its Full Year Results
on 16 March 2021.
Financial Highlights:
-- Revenue* ahead of expectations at GBP12.2M, delivering
year-on-year growth of 70% (2019 GBP7.16M).
-- End User Spend (EUS) grew to GBP1.9B (2019 GBP1.1B).
-- Adjusted EBITDA** is expected to exceed GBP4M (2019: GBP0.45M)
-- Net cash on 31 December 2020 was GBP5.83M (31 December 2019: GBP2.69M)
Operational and Strategic Highlights:
-- New customers won during FY2020 underpin the continued, strong growth expected in 2021 .
-- Direct Carrier Billing for SoftBank customers shopping at Amazon.co.jp launched mid 2020.
-- Won three-year platform deal with a major Telco for third party service bundling.
-- Launched BritBox subscriptions with BT Group.
-- Deal won with Microsoft to bring cloud gaming services to telcos worldwide, starting with Xbox Game Pass Ultimate
and Xbox All Access subscriptions.
-- Significant progress in Bango Marketplace with over 2,000 app developers engaged (up from 200 at December 2019).
-- Audiens Customer Data Platform business was divested into a JV with NHN Group. Bango Marketplace technology and
business remains 100% owned by Bango.
Paul Larbey, CEO 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. Merchants and resellers
are partnering more successfully through Bango to offer valuable,
third-party product bundles to more customers. The pressure on
advertisers to deliver revenue makes Bango Audiences even more
compelling as a new way to target paying customers.
"During 2020 Bango successfully grew existing business and won
new deals, which puts Bango in a stronger position than ever at the
start of 2021 to enable our global partners to achieve their growth
ambitions ".
The Bango annual Strategy Day this year is expected to run
alongside the Bango AGM in May 2021.
*Revenue in the period excludes discontinued operations such as
Audiens - now treated as a minority interest following the joint
venture with NHN Corp.
** Adjusted to remove extraordinary items
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No.596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain. The person responsible for making this
announcement on behalf of the Company is Paul Larbey, Chief
Executive Officer.
ENDS
Contact Details:
Bango PLC FTI Consulting Liberum Capital
Tel. +44 333 077 0247 Tel. +44 203 727 1000 Tel. +44 20 3100 2000
Paul Larbey, CEO Rob Mindell Cameron Duncan
Ray Anderson, Exec Darius Alexander James Greenwood
Chair Ed Phillips
Carolyn Rand, CFO Will King
Anil Malhotra, CMO
About Bango
App developers, stores and payment providers cross the threshold
into the Bango ecosystem to converge, grow and thrive. By bringing
businesses together and powering e-commerce with unique data-driven
insights, Bango delivers new business opportunities and new
dimensions of growth for customers around the world. Being inside
the Bango circle means global merchants including Amazon (NASDAQ:
AMZN), Google (NASDAQ: GOOG) and Microsoft (NASDAQ: MSFT) can work
together with payment partners from Africa to the Americas,
accelerating the performance of everyone on the inside.
Bango. Think inside the circle. For more information, visit
www.bango.com
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END
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