(Adds detail on revenues, cash balance)
LONDON (Thomson Financial) - Bango Plc. said its full-year pretax loss
narrowed on higher revenues and that it entered the new year close to break-even
on a monthly basis.
The technology company said that after focusing on sales in the year under
review, its goal is to deliver sustained profitability and positive cash-flow.
For the year ended March 31, the company's pretax loss narrowed to 1.8
million pounds from 3.3 million pounds, while revenues grew 32 percent to 13.76
million pounds.
The company added, revenue from outside the UK grew by over 57 percent to
3.08 million pounds, and accounted for 22.4 percent of total revenue.
Content provider revenues, mostly recurring monthly fees, grew by 28 percent
to 1.97 million pounds. Margin on these revenues grew by 36.5 percent to 1.72
million pounds, the company said.
"After a year in which we focused on improving our sales and marketing
productivity, we enter the new year close to break-even on a monthly basis, with
significantly lowered costs of sale, and strong signs that mobile web usage is
accelerating," chief executive Ray Anderson said.
Bango also said it has no borrowings and it has enough cash for current
needs but it is evaluating ways to raise capital.
The significantly reduced cost of customer acquisition achieved this year
should enable to capitalize on market growth from a position of strength, the
company added.
The company added its cash balance was 1.13 million pounds on March 31.
tfn.newsdesk@thomson.com
sim/bsu/slm/sim/bsu/jrr
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|