Bango PLC Trading Update & Notice of Strategy Day (9592T)
January 12 2017 - 1:00AM
UK Regulatory
TIDMBGO
RNS Number : 9592T
Bango PLC
12 January 2017
12 January 2017
BANGO PLC
("Bango")
Trading Update & Notice of Strategy Day
Bango (AIM: BGO), the mobile payments company, provides an
update on trading for the twelve months ended 31 December 2016 and
notice of its forthcoming Strategy Day.
End User Spend
Bango is focussed on increasing End User Spend (EUS) through the
Bango Payment Platform, to capitalize on the rapidly expanding
global market for digital content and services. The exit EUS at the
end of 2016 was GBP195m/yr compared with GBP67m/yr at the end of
2015, a growth of 191% year-on-year. Total EUS for 2016 was GBP132m
compared to GBP45m for 2015.
Revenue
Revenue for FY2016 was GBP2.6m compared to GBP1.3m for FY2015.
FY2016 EUS revenue was GBP2.4m, (FY2015 GBP0.84m), which is 1.8% of
EUS. Revenue from platform fees was GBP0.2m (FY2015 GBP0.5m).
Operating expenses
Costs for FY2016 were in line with expectations at around GBP5m
plus the costs from non-recurring activities relating to the
purchase and transition of BilltoMobile Inc of GBP0.3m as
expected.
Balance sheet
Bango purchased BilltoMobile Inc for GBP2.15m in cash and
GBP0.35m in shares in May 2016. The Bango cash balance at 31
December 2016 was GBP5.6m (31 December 2015: GBP12.1m).
Processing capacity
In FY2015 the Bango Payment Platform capacity was tested to a
$1Bn/yr transaction rate. Development work in FY2016 has raised the
capacity to a level in excess of $2Bn/yr
Strategy Day
Bango will host a Strategy Day in London for investors on 30
January 2017. It will provide the opportunity to meet Bango's
management team and to learn how Bango is capitalizing on its
investment in payment technology to grow market share for its
customers through the power of the Bango Payment Platform. To
register your attendance for this event please email
bango@fticonsulting.com.
Bango will announce its Final Results for the twelve months to
31 December 2016 on Tuesday 14 March 2017. This announcement
contains inside information.
ENDS
Contact Details:
Bango PLC FTI Consulting Cenkos Securities
PLC
Tel. +44 333 077 Tel. +44 203 727 Tel. +44 131 220
0247 1000 6939
Ray Anderson, CEO Matt Dixon Nick Tulloch
Rachel Elias-Jones, Chris Lane Beth Mckiernan
CFO Rob Mindell Neil McDonald
Anil Malhotra,
CMO
About Bango
Bango is the standard platform chosen by leading global stores
to deliver mobile payments to everyone. As the next billion
consumers adopt their first smartphone and look for universal
payment methods, Bango will be there to unlock the world of apps,
video, music, games and other content that brings those smartphones
to life. Global stores plugging into the Bango Payment Platform
include Amazon (NASDAQ: AMZN), Google (NASDAQ: GOOG), Samsung
(005930: Korea SE) and Microsoft (NASDAQ: MSFT). Bango also
partners with leading payment providers around the world to drive
new users and revenues through its industry-leading mobile payment
solutions. For more information, visit www.bango.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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