17th Mar 2020 11:43
(Alliance News) - Mobile payments company Bango PLC on Tuesday posted a narrowed annual loss and said that Covid-19 outbreak will be positive for the company's trading performance.
"If the outbreak of Covid-19 leads to more time at home, this is expected to generate more end user spending and more targeted marketing. Early data from Bango and others shows that consumer spending on online services and entertainment is already increasing, particularly in countries where there are extensive 'stay at home' policies," the company said.
The company also said that majority of its employees are working from home and that its products continue to be available without interruption.
Turning to results, Bango said pretax loss for 2019 narrowed to GBP3.1 million from GBP3.6 million loss a year ago. Revenue surged 41% to GBP9.3 million from GBP6.6 million. End user spend, a key performance metric for the company, increased to GBP1.1 billion from GBP558.2 million a year ago.
Paul Larbey, chief executive of Bango, said: "In line with our strategy, once again we doubled end user spend, but more importantly expanded our market opportunity with the development of our data monetization business. Bango Marketplace is now established and enters 2020 with a strong pipeline.
"Bango's ambitious growth plans have delivered profit and, as I look at the opportunities ahead in 2020, my confidence in our ambitions is reinforced by Bango's unique combination of payments with data-driven intelligence for our customers and partners around the world."
For 2020, the company expects continued exponential growth in end user spend driven by success from existing customers, new opportunities from 5G and the new market opportunities.
Bango shares in London were up 5.7% at 65.45 pence each on Tuesday morning.
By Tapan Panchal; [email protected]
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