Bango PLC Trading Update & Notice of Results (2303V)
July 20 2018 - 2:00AM
UK Regulatory
TIDMBGO
RNS Number : 2303V
Bango PLC
20 July 2018
20 July 2018
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
BE PRICE SENSITIVE FOR THE PURPOSES OF THE MARKET ABUSE
REGULATIONS
BANGO PLC
("Bango")
Trading Update & Notice of Interim Results
Bango (AIM: BGO), the mobile commerce company, provides an
update on trading for the six months ended 30 June 2018, ahead of
announcing its Interim Results on 18 September 2018.
End User Spend
End User Spend (EUS) continues its four-year growth trend of at
least doubling every twelve months. The total EUS for 1h2018 was
GBP220m compared with GBP92m in 1h2017, and GBP271m for all of
2017. As in previous years, EUS in the second half of the year is
expected to be significantly higher than in the first.
Revenue
Revenue growth continues as expected, based on established
routes and customers, the launch of new customers, the activation
of subscription-based services, and additional billing routes.
For some recent contracts, pricing models have been established
to incentivize migration of significant volumes of EUS from other
channels to the Bango Platform during 2019-2020. Bango technology
enables data generated from EUS to improve marketing effectiveness
for customers, generating additional revenue for Bango.
Revenue growth from the Audiens customer data platform is in
line with expectations at the time of the acquisition of Audiens in
January 2018.
Revenue and EUS from annual subscriptions is now spread over the
life of each subscription in accordance with IFRS15.
Costs
The operational costs of running the Bango Platform continue at
the same level as in previous years. The highly scalable and
efficient design of the Bango Platform enables it to process EUS of
more than $5 billion / year on the current cost base. Total
administrative expenses increased slightly to strengthen sales and
marketing in Asia, to accelerate launches by mobile operators in
Latin America following success in Chile, and to integrate the
newly acquired Audiens business.
Cash
Bango is fully funded to reach Group profitability. Cash on 30
June 2018 was GBP5.8m compared with GBP4.8m on 31 December 2017.
Funds raised in January 2018 were used to acquire Audiens, repay
Audiens loans as part of a transition service agreement and
integrate and invest in Audiens technology.
New launches in multiple regions
The Bango Platform was used by Amazon, Google, Microsoft and
Pandora during the first half of the year to launch consumer
products in various territories. An increasing proportion of
services enabled by the Bango Platform are now long-term
subscription services such as Amazon Prime Video and Pandora
Radio.
Integration of Audiens
Audiens technology has been integrated into the Bango Platform
to expand monetization opportunities for Bango customers. This has
delivered increased marketing success for selected merchants in the
first half, highlighting to mobile operators the benefits of
migrating their app store carrier billing to the Bango
Platform.
The existing Audiens business has continued to grow in 1h2018
adding several new customers, including LeoVegas, Morelatto and
Unieuro, which use the Audiens technology to better organize their
own data for consumer marketing campaigns. Revenue is generated by
collecting, organizing and analyzing data to build customized
audience segments made available to advertisers.
Ray Anderson, CEO
"The Bango Platform enables partners and customers to thrive. A
strong first half of the year has been driven by our partners
increasing use of the Bango Platform for more products, new
geographies, and new ways for customers to pay for their products.
Our competitive customer offering has been greatly enhanced by
Audiens, allowing global merchants to boost customer acquisition
and revenue through powerful data insights. This combined
proposition is driving EUS and revenue growth, positioning Bango
well for a strong second half of the year."
ENDS
For further information please contact:
Bango plc
Ray Anderson, CEO +44 3330 770 247
Rachel Elias-Jones, CFO
Anil Malhotra, CMO
Cenkos Securities plc
Beth McKiernan / Neil McDonald +44 131 220 6939
FTI Consulting
Matt Dixon / Rob Mindell +44 203 727 1000
About Bango
Bango is the payment platform chosen by the world's most
influential companies to grow their sales faster in the new age of
connected commerce. Working with global stores including Google
(NASDAQ: GOOG), Amazon (NASDAQ: AMZN) and Microsoft (NASDAQ: MSFT),
Bango has become the industry standard, helping people make
payments quickly and conveniently. Through its partnerships and
reach, Bango offers unique insights derived from pooled data and
shared knowledge. Bango gives businesses unrivalled visibility into
their markets and customers, increasing sales and customer
acquisition. Built to scale, the Bango Platform supports the
exponential growth ambitions of its global partners. For more
information, visit www.bango.com.
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END
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