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CAMBRIDGE, United Kingdom, Sept. 07, 2021 (GLOBE NEWSWIRE) -- Bango (AIM: BGO), the global platform for data-driven commerce, today announces its unaudited interim results for the six months ended 30 June 2021 (“1H21”).
1H21 Financial highlights
Revenue grew by 49% to £7.13M (1H20: £4.77M)
Adjusted EBITDA* grew by 83% to £2.01M (1H20: £1.09M)
End User Spend (EUS) grew by 74% to £1.30B (1H20: £743M)
Adjusted operating costs** increased in line with planned investment to £4.85M (1H20: £3.60M)
Cash at 30 June 2021 was £7.14M (£1.3M increase from 31 December 2020). Bango has no borrowings.
Operating profit £0.24M (1H20: loss of £0.41M)
* Adjusted EBITDA is operating profit before depreciation, amortization and share based payments.
** Operating costs before depreciation, amortization and share based payments from continuing operations.
1H21 Operational highlights
Bango Payments: More Users, More Routes, More Merchants, More Insights
New partnerships with TPAY and NTT Data bring 1B more users for Bango Merchants wanting to expand across Asia, Middle East and Africa.
Bango enabled the first four launches of Microsoft’s Xbox Game Pass Ultimate subscription bundle in Europe, giving gamers access to leading titles such as FIFA, Forza, Minecraft and Halo with their mobile or broadband plans.
Bango selected by Amazon to launch the new Prime Video Mobile Edition subscription service.
Bango Marketplace: More Payment Data, More App Developers, More Campaigns
The use of Bango Audiences grew 10x in 1H21, driven by growth in app developer customers and increasing repeat orders.
Bango worked with ByteDance to bring Purchase Behavior Targeting to the TikTok platform.
New bango.ai product enables developers to select highly targeted, custom Audiences.
Signed a new, multi-year platform deal with a “Tier 1” North American telecommunications company. Under this agreement, the telecoms company will deliver all its third-party subscription offers through the Bango Platform.
Paul Larbey, Chief Executive Officer at Bango, commented:
“Bango delivered another period of strong growth during the first half of 2021 finishing the period ahead of our plan. Compared with 1H20, revenue grew 49% and adjusted EBITDA almost doubled - giving us confidence that we are comfortably on track to meet market expectations for the full year.
Volumes have grown across all payment methods, including carrier billing and mobile wallets. One of our strongest growth drivers, is the rapid uptake of subscription bundles for media and other digital products, bringing higher average transaction values and strong recurring revenues. Bango’s leadership in subscription bundling means partners are standardizing on the Bango platform as the sole integration method for third party merchants, the most recent example being our agreement with a Tier 1 North American carrier. Platform partnerships enable hundreds of millions of online customers to benefit from offers for products including Amazon Prime, Prime Video, Netflix, BritBox, Spotify, Pandora Radio, Xbox Game Pass, YouTube TV, all through the Bango Platform.
The acceleration of purchase behavior targeting, the idea of targeting online advertising based on how people spend their money, has resulted in a 10x growth in the use of Bango Audiences by app developers in 1H21. As app developers attract more paying users with Bango, repeat purchases have grown alongside new app developers turning to Bango.
Our virtuous circle strategy, where purchase behavior targeting drives more payments, will accelerate our growth. The pipeline for the payments and data monetization businesses has never been stronger underpinning our long-term ambition to be the technology behind every payment choice.”
Bango looks forward to providing further updates to investors via the Investor Meet Company platform on 10 September at 11am BST and at the in-person strategy day on 20 October 2021.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for making this announcement on behalf of Bango is Paul Larbey, Chief Executive Officer.
Rebecca Jamieson, IR
The world's largest online merchants, including Amazon, Google and Microsoft, use Bango technology to acquire more paying users.
Bango has developed unique purchase behavior technology that enables millions more users to buy the products and services they want, using innovative methods of payment including carrier billing, digital wallets and subscription bundling. Bango harnesses this purchase activity into valuable marketing segments, called Bango Audiences. Merchants use these audiences to target their marketing at paying customers based on their purchase behavior. Better targeting increases spend through the Bango payments business, in turn generating more data insights, creating a powerful virtuous circle that drives continuous growth. Everyone connected to the Bango Platform thrives as the virtuous circle grows.
Bango, the technology behind every payment choice. For more information, visit www.bango.com