Bango PLC
("Bango")
Trading
Update
Cambridge, UK, 20 January 2025 - Bango (AIM: BGO), today announces a trading update for the 12
months ended 31 December 2024.
In addition to this update, the
Company today announced the appointment of a new CFO
(see "New CFO Appointment and Board Change" at
www.bangoinvestor.com).
Financial Highlights (unaudited)
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Total revenue up 16% to $53.4M (FY23
$46.1M)
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Transactional Revenue1
grew by 11% to $36.2M (FY23 $32.7M). (14% in constant
currency).
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DVM & One-Off
Revenue2 grew by 28% to $17.2M (FY23 $13.4M) driven by
growth of the Bango Digital Vending Machine®
(DVMTM).
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Annual Recurring Revenue
(ARR)3 up 59% to $14.0M (End FY23: $8.8M) with more
subscriptions managed by the DVM and new customer
launches.
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Net Revenue Retention4
was 125% as existing customers manage more
subscriptions through the DVM.
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Other Income, which is not included
in the revenue figure above, was $2.2M relating to recovery of tax
costs from NTT DOCOMO and tax refunds arising from the acquisition
of DOCOMO Digital.
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Adjusted EBITDA5 grew by
over 137% and is expected to be greater than $15.2M (FY23:
$6.4M).
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Net debt6
at 31 December 2024 was
$1.7M after the payment of the first two capital repayments of the
NHN loan. (Net debt at 31 December 2023 was $3.9M). The
Barclays overdraft facility was undrawn at the
year end and the outstanding NHN loan amount reduced to $5.1M (as
at 31 December 2024).
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Operational Highlights
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27 Digital Vending Machine (DVM)
contracted customers at the end of 2024 (up from 18 at the end of
2023). Highlights include:
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Launching Disney+ for Continente,
Portugal's largest high street retailer
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Two new telco customers in APAC as
subscription bundling gains traction in this region
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Two new Tier 2 US Telcos
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First DVM customer in Eastern
Europe
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110 content providers now integrated
to the Digital Vending Machine (up from 93 at the end of
2023)
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Bango now has 27 eDisti partners,
allowing Bango to provide a 'pre-stocked' Digital Vending Machine,
reducing time to revenue for DVM customers. eDisti partners include
Disney+, Les Mills and CrunchyRoll
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Matt Wilson appointed to the Board
as CFO to support the next phase of the Bango journey towards
becoming the place where people subscribe.
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Paul Larbey, Chief Executive Officer of Bango,
commented:
"2024 has been another year of double-digit
revenue growth with adjusted EBITDA more than double that reported
in 2023. A solid second half was the result of ongoing success of
the Digital Vending Machine® (DVMTM) and continuing
profit from the payments business, which means we enter 2025 with a
stronger balance sheet.
By
the end of 2024, the DVM product had established market leadership
through relationships with the world's leading subscription content
providers and telcos.
Underpinned by solid foundations in the payments business, and
with growing DVM recurring revenue, Bango is in an excellent
position to extend our market leadership during 2025, confirming
the DVM as the technology of choice for subscriptions
bundling."
1 Transactional Revenue is
revenue derived by charging a percentage of the retail price paid
by the consumer and is made up of carrier billing, resale and
e-Disti revenue share amounts.
2 DVM & One Off Revenue
includes all DVM license and support fees, revenue from Bango
Audiences (discontinued in Q1 2024) and one-off fees including DVM
set-up and change requests.
3Annual Recurring Revenue
is the expected annual revenues to be generated in the next 12
months
based on contracted revenues
recognized as at 31 December 2024.
4 Net Revenue Retention is
a measure of the retention and expansion of revenue from existing
customers over the previous 12 months and is calculated by dividing
the ARR from existing customers at the end of a period by the ARR
generated from those same customers at the beginning of the
period.
5Adjusted EBITDA is
earnings before interest, tax, depreciation, amortization, negative
goodwill, exceptional items, share of net loss of associate and
share based payment charge
6Net debt is cash and
cash equivalents plus short-term investments less the loan from NHN
and borrowings.
ENDS
Contact Details:
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Bango PLC
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Singer Capital Markets (Nominated Adviser and
Broker)
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+44 1223 617 387
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+44 20 7496 3000
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investors@bango.com
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Paul Larbey, CEO
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Jen Boorer
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Matt Wilson, CFO
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Asha Chotai
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About Bango
Bango enables content providers to
reach more paying customers through global partnerships. Bango
revolutionized the monetization of digital content and
services, by opening-up online payments to
mobile phone users worldwide. Today, the Digital Vending
Machine® is driving the rapid growth of the
subscriptions economy, powering choice and control for
subscribers.
The world's largest content
providers, including Amazon (NASDAQ: AMZN), Google (NASDAQ: GOOG)
and Microsoft (NASDAQ: MSFT) trust Bango technology to reach
subscribers everywhere.
Bango, where people subscribe. For
more information, visit www.bangoinvestor.com
