17th Sep 2019 11:17
(Alliance News) - Bango PLC on Tuesday reported continued growth in end-user spend, leading to a sharp rise in revenue and narrowed loss in the first half of 2019.
The AIM-listed mobile commerce company reported pretax loss of GBP1.7 million for the six months to the end of June compared to GBP2.2 million loss reported a year earlier, as revenue jumped by 64% to GBP4.3 million from GBP2.6 million.
End-user spend - a total sales value processed through the Bango platform excluding taxes - in the first half grew to GBP467 million, more than double the value a year earlier of GBP220 million.
During the period, Bango said it has launched new payment and resale routes in India, Philippines, New Zealand, United Arab Emirates, Chile, Singapore and Spain. Partners include cable and fixed line providers, in addition to mobile network operators.
"The Bango strategy continues to deliver success for our customers and this is being demonstrated by the continued, rapid growth in the Bango business," said Chief Executive Ray Anderson.
"The outlook is promising as the synergies across the Bango business deliver increasing value to our customers," added Anderson.
Bango shares were trading 8.3% lower on Tuesday in London at 121.52 pence each.
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