Last checked at 12 Jan 2017 07:00
12 January 2017
BANGO PLC
("Bango")
Trading Update & Notice of Strategy Day
Bango (AIM: BGO), the mobile payments company, provides an update on trading for the twelve months ended 31 December 2016 and notice of its forthcoming Strategy Day.
End User Spend
Bango is focussed on increasing End User Spend (EUS) through the Bango Payment Platform, to capitalize on the rapidly expanding global market for digital content and services. The exit EUS at the end of 2016 was £195m/yr compared with £67m/yr at the end of 2015, a growth of 191% year-on-year. Total EUS for 2016 was £132m compared to £45m for 2015.
Revenue
Revenue for FY2016 was £2.6m compared to £1.3m for FY2015. FY2016 EUS revenue was £2.4m, (FY2015 £0.84m), which is 1.8% of EUS. Revenue from platform fees was £0.2m (FY2015 £0.5m).
Operating expenses
Costs for FY2016 were in line with expectations at around £5m plus the costs from non-recurring activities relating to the purchase and transition of BilltoMobile Inc of £0.3m as expected.
Balance sheet
Bango purchased BilltoMobile Inc for £2.15m in cash and £0.35m in shares in May 2016. The Bango cash balance at 31 December 2016 was £5.6m (31 December 2015: £12.1m).
Processing capacity
In FY2015 the Bango Payment Platform capacity was tested to a $1Bn/yr transaction rate. Development work in FY2016 has raised the capacity to a level in excess of $2Bn/yr
Strategy Day
Bango will host a Strategy Day in London for investors on 30 January 2017. It will provide the opportunity to meet Bango's management team and to learn how Bango is capitalizing on its investment in payment technology to grow market share for its customers through the power of the Bango Payment Platform. To register your attendance for this event please email bango@fticonsulting.com.
Bango will announce its Final Results for the twelve months to 31 December 2016 on Tuesday 14 March 2017. This announcement contains inside information.
ENDS
Contact Details:
Bango PLC | FTI Consulting | Cenkos Securities PLC |
Tel. +44 333 077 0247
| Tel. +44 203 727 1000 | Tel. +44 131 220 6939
|
Ray Anderson, CEO | Matt Dixon | Nick Tulloch |
Rachel Elias-Jones, CFO Anil Malhotra, CMO | Chris Lane Rob Mindell | Beth Mckiernan Neil McDonald |
About Bango
Bango is the standard platform chosen by leading global stores to deliver mobile payments to everyone. As the next billion consumers adopt their first smartphone and look for universal payment methods, Bango will be there to unlock the world of apps, video, music, games and other content that brings those smartphones to life. Global stores plugging into the Bango Payment Platform include Amazon (NASDAQ: AMZN), Google (NASDAQ: GOOG), Samsung (005930: Korea SE) and Microsoft (NASDAQ: MSFT). Bango also partners with leading payment providers around the world to drive new users and revenues through its industry-leading mobile payment solutions. For more information, visit www.bango.com.