Trading Update & Notice of Interim Results

RNS Number : 6521K

Bango PLC

11 July 2017

 

This announcement contains inside information.

11 July 2017

BANGO PLC

("Bango")

Trading Update & Notice of Interim Results

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

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.

Processing capacity

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.

Outlook

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.

ENDS

Contact Details:

Bango PLC	FTI Consulting	Cenkos Securities PLC
Tel. [phone]	Tel. [phone]	Tel. [phone]
Ray Anderson, CEO	Matt Dixon	Nick Tulloch
Rachel Elias-Jones, CFO Anil Malhotra, CMO	Chris Lane Rob Mindell	Beth Mckiernan Neil McDonald

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. 

 

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