Bango FY underlying earnings more than double

(Sharecast News) - Sales and marketing technology group Bango said on Monday that FY underlying earnings had more than doubled on the back of a solid H2 performance.

Bango said total revenues were up 16% to $53.4m in 2024, with annual recurring revenues growing 59% to $14.0m, while adjusted underlying earnings were expected to have grown 137% to more than $15.2m.

The AIM-listed firm stated its outperformance was partly driven by its signing of 27 Digital Vending Machine customers in 2024, up from 18 in 2023.

Chief executive Paul Larbey said: "2024 has been another year of double-digit revenue growth with adjusted EBITDA more than double that reported in 2023. A solid second half was the result of ongoing success of the Digital Vending Machine and continuing profit from the payments business, which means we enter 2025 with a stronger balance sheet.

"Underpinned by solid foundations in the payments business, and with growing DVM recurring revenue, Bango is in an excellent position to extend our market leadership during 2025, confirming the DVM as the technology of choice for subscriptions bundling."

Separately, Bango tapped Matt Wilson to take over as chief financial officer, replacing Matt Garner with immediate effect. Wilson previously served as CFO at fashion retailers TFG London and AllSaints. Garner will work to support a smooth transition to Wilson over the coming months.

As of 1020 GMT, Bango shares were up 9.72% at 117.94p.

Reporting by Iain Gilbert at Sharecast.com

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