(Alliance News) - Bango PLC shares rose on Monday, as the company reported a significant increase in revenue for 2023 and progress on the integration of DOCOMO Digital.
Shares in Bango were up 17% to 124.98 pence each in London on Monday morning.
The Cambridge, England-based digital payment solutions provider said its pretax loss was USD10.2 million in 2023, widened significantly from a loss of USD4.8 million in 2022.
This was despite Bango delivering USD46.1 million revenue in 2023, up 62% from USD28.5 million in 2022.
Adjusted earnings before interest, tax, depreciation and amortisation rose 28% to USD6.4 million from USD5.0 million.
However, Bango said this was below market expectations for the full year, due to around USD3 million in delayed revenues and integration costs from the 2022 acquisition of DOCOMO Digital, the global payments business formerly owned by Tokyo-based phone operator NTT DOCOMO Inc.
The integration of DOCOMO Digital has progressed well, Bango said, with USD21 million in cost synergies realised during the year.
Losses per share widened to 11.51 cents from 2.81 cents.
Administrative expenses were up 48% to USD44.8 million from USD30.3 million.
Bango has also agreed to wind down its NewDeep Ltd joint venture with NHN Corporation, and to "transfer the technology developed in the joint venture to Bango and NHN so both can use it without restriction in their respective core businesses."
In the first quarter of 2024, Bango said that it delivered revenue over 20% ahead of last year's first quarter, while also "sustaining good momentum and growing in-line with the plan".
Chief Executive Officer Paul Larbey said: "We entered 2024 with increased momentum, a significantly expanded pipeline and a larger customer base providing clear growth opportunities."
By Hugh Cameron, Alliance News reporter
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Bango (BGO)