18th Sep 2018 11:09
LONDON (Alliance News) - Mobile payments firm Bango PLC reported on Tuesday a significant rise in end-user spend, a key performance indicator for the firm.
End-user spend came in at GBP220.0 million for the six months to June, more than double the GBP92.3 million a year prior, due to growth in both existing and new activations. End-user spend is the amount of money sent through the Bango platform.
Bango makes commission from payments on its platform, and revenue increased to GBP2.6 million from GBP1.7 million. Its pretax loss was GBP2.2 million, from GBP2.0 million a year prior.
Bango said it has become earnings before interest, tax, depreciation, and amortisation positive in its Payments business, while Payment revenue rose 29% to GBP2.2 million.
Looking ahead, Bango said it is seeing increased adoption of its platform, and it has highlighted data monetisation as an area of future growth.
Chief Executive Ray Anderson said: "The Bango Payments business reached positive Ebitda at the end of 2017, and new customers and routes launched in the first half of 2018 are driving profitability further.
"I was delighted with the support Bango received in acquiring Audiens in January 2018. The technical and commercial integration is proceeding rapidly, with clear synergies opening up a new data-derived revenue stream at a faster pace than originally planned."
He added: "Mobile operators around the world are seeing the substantial additional profit they can make by working with Bango. An increasing number are expected to upgrade to Bango in the coming months."
Bango shares were down 3.9% at 150.41 pence on Tuesday.
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