15th Mar 2016 09:42
LONDON (Alliance News) - Bango PLC on Tuesday reported a narrowed pretax loss in 2015 as administrative expenses were lower and end user spend increased, and said Rachel Elias-Jones will replace Gerry Tucker as chief financial officer, who is moving to another role within the company.
The mobile payments provider said its pretax loss in 2015 narrowed to GBP5.0 million from GBP5.4 million in 2014, as end user spend increased to GBP44.7 million from GBP25.2 million, a trend which Bango said it expects to continue in 2016.
Administrative expenses also reduced in the year, contributing to the narrowed loss.
"With a stable cost base and accelerating EUS growth, Bango is confident that it remains on track to become profitable and cash flow positive within the installed processing capacity of the Bango Payment Platform," Chief Executive Ray Anderson said in a statement.
Separately, Bango said it has appointed Rachel Elias-Jones as CFO, replacing Gerry Tucker who is now taking the role of strategic partnerships director.
Elias-Jones has worked as Bango's financial controller for four years, while Tucker has served as CFO from 2012.
"Rachel has played a critical part in Bango's financial management and reporting over the past four years. We are fortunate to have Rachel's talent and experience, which made her the ideal CFO candidate as Bango further expands into new markets and embarks on new innovative payment services with our partners," Anderson said.
Shares in Bango were trading down 1.9% at 43.15 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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