19th Mar 2019 09:55
LONDON (Alliance News) - Bango PLC said Tuesday 2018 was an "important and successful" year for the company, with its loss narrowing as end user spend more than doubled.
Shares in the online commerce platform were down 14% in mid-morning trading at 84.96 pence each.
In 2018, Bango's pretax loss narrowed to GBP3.6 million from GBP3.9 million the year before, though the company's revenue jumped 57% to GBP6.6 million from GBP4.2 million in 2017.
Bango's total administrative costs increased 16% to GBP9.3 million from GBP8.0 million.
In 2018, the company's end user spend increased to GBP558.2 million from GBP271.4 million. End user spend is the total sales processed through the Bango platform, and Bango earns revenue from every transaction processed through the platform.
"2018 was an important and successful year for Bango. Strong growth in revenues, growth in the core payments business, and expansion of the business to providing data insights for app developer marketing, all provide a powerful platform for a profitable 2019 and prosperous long-term future," said Chief Executive Ray Anderson.
The company said it moved into profitability in the fourth quarter with transaction volumes continuing to grow.
Looking ahead, Bango expects its end user spend to double again in 2019 and is looking into new potential revenue streams.
Separately, Bango said Non-Executive Director Martin Rigby will step down from his role at the company's annual general meeting on May 17.
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