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CAMBRIDGE, United Kingdom, March 16, 2021 (GLOBE NEWSWIRE) -- Bango (AIM: BGO), the data-driven commerce company, today announces its Final Results for the year ended 31 December 2020.
Revenue and profit ahead of expectations and demonstrating strong growth.
New payment deals won in 2020 provide confidence for 2021 outlook.
Bango Marketplace adoption accelerating, enabling app developers to find paying users that drive more payment volume – the Bango virtuous circle.
Bango was certified as carbon neutral in 2020 with an ongoing commitment for continuous improvement.
FY2020 Financial Highlights
Revenue grew by 70% to £12.2M (2019: £7.2M).
End User Spend (EUS) increased to £1.9B, the sixth consecutive year of strong growth (2019: £1.1B).
Adjusted EBITDA grew by 16x to £4.6M (2019: £0.3M).
Cash at 31 December 2020 was £5.8M (31 December 2019: £2.7M).
Net Profit was £4.7M (2019: loss £2.3M), including £3.9M profit from the creation of the JV with NHN.
Net Profit from continuing operations was £0.7M (2019: loss £2.2M) comprising:
£1.27M profit from the Bango Platform
£0.53M loss from the 40% share of the NewDeep JV
2020 Operational Highlights
Amazon.co.jp payment methods extended to SoftBank customers in June 2020.
Three-year platform deal signed with a major telecoms provider for third party service bundling.
Agreement with Microsoft to bring cloud gaming services to Telcos worldwide, starting with Xbox Game Pass Ultimate and Xbox All Access which extends subscriptions to hardware bundling.
BT Group launched BritBox and Amazon subscriptions using the Bango Platform.
Video streaming subscription services OnDemand Media (Chinese, Korean and Vietnamese content), EpicOn and DocuBay joined the Bango circle.
Subscription bundling extended beyond telecoms to two of the largest US brick-and-mortar retailers.
10x growth in app developers engaged with Bango Marketplace and 20x more Bango Audiences used to target their marketing campaigns.
Channel partner program launched with 12 partners for Bango Marketplace providing increased availability of Bango Audiences to app developers.
Paul Larbey, Chief Executive Officer of Bango, commented: "70% revenue growth and 16x EBITDA growth are the financial indicators of the strong year Bango delivered in 2020, resulting in a net profit of £4.7M.
Our payment revenue continues to diversify as we enter new verticals and expand our addressable market. The new merchants and payment providers that joined the Bango circle in 2020 underpin our growth trajectory.
Bango Marketplace is increasingly used by the leading app developers to reach paying users. With new subscription plans, channel partners and audience segments the data monetization business is set to contribute meaningfully to Bango’s growth.
With the combination of the achievements in 2020 and a strengthened leadership team, we look to the future with increasing confidence."
The full Bango FY2020 results announcement can be downloaded here and a video presenting these results can be viewed at https://bango.com/fy2020-results-video/.
App developers, stores and payment providers cross the threshold into the Bango ecosystem to converge, grow and thrive. By bringing businesses together and powering e-commerce with unique data-driven insights, Bango delivers new business opportunities and new dimensions of growth for customers around the world. Being inside the Bango circle means global merchants including Amazon, Google and Microsoft can work together with payment partners from Africa to the Americas, accelerating the performance of everyone on the inside.
Bango. Think inside the circle. For more information, visit www.bango.com.
Anil Malhotra, CMO
Tel: +44 7710 480 377