Trading Update

RNS Number : 4427Y

Bango PLC

01 March 2012

 



01 March 2012 

BANGO PLC
("Bango")

Trading Update

Bango (AIM: BGO) is pleased to provide an update on business activities.

Financial Update (for the twelve months to 31 March 2012)

Bango expects financial results for the year to show an EBITDA & SBP (earnings before interest, tax, depreciation, amortization and share-based payments) loss reduced to approximately £0.4m (FY2011: loss of £0.57m). The total loss after tax is expected to be approximately £0.8m (FY2011: loss of £0.70m) reflecting an increased amortization charge for previously capitalized R&D.

The cash balances at 31 March 2012 are expected to be about £1.8m (FY2011: £2.71m).   

The expected result for the year does not include any material income from the agreements signed with Amazon and Facebook, as announced on 08 December 2011 and 07 February 2012 respectively, but does include costs relating to the establishment of these relationships.

Bango intends to announce final results for the year ended 31 March 2012 in June 2012.

Financial reporting periods

Bango has decided to align its fiscal year end to the calendar year. As a result, following the release of its results for the twelve month period ending 31 March 2012, Bango will report on a nine-month trading period, from 1 April 2102 to 31 December 2012, by 31 March 2013. There will be no interim report produced for the period ending 30 September 2012.

Update on relationship with RIM

Bango is pleased to note a 27 February RIM announcement which noted that mobile operator billing is now deployed within more than 40 mobile operators around the world for BlackBerry App World™. RIM also provided data demonstrating that BlackBerry App World™ purchases increased by 120% when operator billing is offered. A link to this announcement is at www.bangoinvestor.com 

Update on relationship with Facebook

Bango is pleased to note the announcement by Facebook at Mobile World Congress on 27 February 2012 that Facebook is working to minimize the number of steps needed to complete a transaction in mobile web apps, which will make it easier for hundreds of millions of people worldwide to purchase apps through Facebook on their device via operator billing. A link to this announcement is at www.bangoinvestor.com 

The Board continues to believe that it is too early in the relationship to accurately forecast the level of business which this relationship may generate.

Update on relationship with Opera

Bango is pleased to note that on 28 February 2012 Opera Software launched the Opera Payment Exchange (OPX) to provide the world's best user experience in mobile payments, with its partnership with Bango. A link to this announcement is at www.bangoinvestor.com 

Update on relationship with Amazon

Following the announcement of Bango's agreement with Amazon on 08 December 2011, the relationship continues to develop.

The Board continues to believe that it is too early in the relationship to accurately forecast the level of business which this relationship may generate.

Contact Details:

Bango plc	Newgate Threadneedle	Cenkos Securities plc
Tel. [phone] www.bango.com	Tel. [phone]	Tel. [phone]
Ray Anderson, CEO	Caroline Evans-Jones	Ken Fleming
Peter Saxton, CFO	Fiona Conroy	Beth McKiernan

About Bango

Bango (AIM: BGO) provides technology that enables commerce on the mobile web.

Bango enables businesses of all sizes to collect payment for music, games, applications, videos and services sold to internet connected mobile phone users.  Bango is able to charge payments to mobile phone bills or use other billing methods such as credit card based on intelligence about the consumer. Bango also provides an analytics service that provides accurate information about visitors and the effectiveness of marketing activities for mobile web sites.

Visit www.bango.com.

 

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