15th Sep 2015 09:05
LONDON (Alliance News) - Mobile payments company Bango PLC Tuesday reported a slightly widened pretax loss for its first half, and said that despite the strengthening of sterling and declining market share of Blackberry mobile devices, it is on course to meet its 2015 exit run rate expectations.
Bango reported a pretax loss of GBP2.8 million for the half year to end-June, widened slightly from a pretax loss of GBP2.6 million a year before, as revenue fell to GBP1.7 million from GBP3.0 million.
A major performance indicator for Bango is end user spend - meaning how much business is transacted through its payment platform. End-user spend for the first half of the year was GBP18.5 million, up from GBP10.7 million a year before.
Margin on end-user spend for the half year was 2.1%, down from 2.6% in the previous year. It attributed this fall to the strengthening of sterling against the domestic currencies of the countries were it generates its end-user spend.
The company said it is on track to achieve a minimum of doubling end-user spend through the platform by the end of 2015.
"Despite the unprecedented strengthening of sterling against almost all of the domestic currencies in countries where we are most active, and a declining market share of Blackberry devices, we have demonstrated an accelerating growth rate and remain on course to meet our 2015 exit run rate expectations," said Chief Executive Officer Ray Anderson in a statement.
Shares in Bango were down 5.9% at 95.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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