Bango Trading Update
Bango (AIM: BGO), the mobile payments company, provides an update on trading for the six months ended 30 June 2017, ahead of announcing its Interim Results on 19 September 2017.
End User Spend
The EUS rate exiting June 2017 exceeded £300m/yr, compared with £195m/yr exiting December 2016. Growth was from existing app store routes, the addition of new routes for Google Play and early progress in Japan for Amazon.
Cash on 30 June 2017 was £5.6m compared with £5.7m on 31 December 2016, due to reduced cash consumption as revenue increased, and improved receivables during the first half.
Cost and revenue
Costs and revenue are in line with management expectations for the first half of 2017.
Enhancements to the Bango Platform technology have increased processing capacity, which has now been tested to levels in excess of £5billion/yr.
New routes and migrations
New store billing routes were launched in USA, Japan, Hong Kong, Indonesia, Austria, Italy, UK. Two Google Play routes were migrated from other suppliers over to the Bango Platform.
Direct Carrier Billing (DCB) for physical goods
Bango has launched DCB for the Amazon Japan store. The full range of retail goods sold by Amazon Japan can be charged to the customer’s phone bill through the Bango Platform. The service is now live for KDDI (au) and NTT DOCOMO subscribers, covering around 75% of the Japanese market.
Bango continues to invest in technology and business development. The competitive position, sales pipeline and market opportunities remain very positive as Bango moves into the second half.
Bango will announce its Interim Results for the six months to 30 June 2017 on Tuesday 19 September 2017.