Bango PLC Trading Update (3211H)
27 Julio 2023 - 1:00AM
UK Regulatory
TIDMBGO
RNS Number : 3211H
Bango PLC
27 July 2023
Bango PLC
("Bango")
Trading Update
Strong first half with 88% revenue growth and new tier-1 DVM
contracts
Cambridge, UK, 27 July 2023 - Bango (AIM: BGO), the global
platform for data-driven commerce, today announces a trading update
for the 6 months ended 30 June 2023, ahead of announcing Interim
Results in September.
Bango generated strong growth during the first half of FY23 with
revenue up 88% to $20.3M (1H22 $10.8M), in line with management
expectations.
The Bango Digital Vending Machine ("DVM") continued to drive
growth, with ARR up 64% to $5.6M (1H22: $3.4M) and remains on track
to reach $10M by the end of 2023. Bango signed new DVM contracts in
the first half, with BenefitOne and 2 US telcos, including another
top 5 operator. These new US contracts will begin generating ARR in
2H23. The Bango DVM now enables digital subscription services for 3
out of the top 5 US operators, serving 61% of US consumers.
Adjusted EBITDA* in 1H23 is expected to be -$0.4M (1H22: $2.9M),
in line with management expectations, reflecting the costs
associated with the DOCOMO Digital integration. The integration is
progressing well with actions already taken to deliver $19M of the
$21M of guided cost synergies. The benefit from synergy actions and
the typical second half revenue weighting underpins management's
confidence in delivering EBITDA in line with market expectations
for the full year.**
Gross profit margin remained high at 90% in 1H23 (FY22: 91%). As
at 30 June 2023, Bango had net cash of $13.4m (31 December 2022:
$9.5M***) , including the previously announced $8M NHN loan. This
is as a result of the phasing of working capital movements, which
has positively impacted the first half.
Paul Larbey, Chief Executive Officer of Bango, commented:
" Bango made great progress in the first half of the year with
88% revenue growth, demonstrating the momentum in the business.
Traction of the Digital Vending Machine is clear, particularly in
the US market, with a further 2 key US wins. Fast DVM growth means
recurring, multi-year SaaS revenue is becoming an increasing
proportion of the Bango revenue mix. The high-profile launch of
Verizon +Play in March sets a clear standard for super bundling
globally and I am excited by the deals we have in the
pipeline".
* Adjusted EBITDA is earnings before interest, tax,
depreciation, amortization, share based payment charge and
exceptional items.
** Market consensus can be found here:
https://bangoinvestor.com/analyst-consensus
*** Excludes cash $3M previously marked as restricted for
discontinued operations
This announcement contains inside information for the purposes
of the retained UK version of the EU Market Abuse Regulation (EU)
596/2014 ("UK MAR").
Contact Details:
Bango PLC Singer Capital Markets Stifel Nicolaus Europe
(Nominated Adviser Limited (Joint Broker)
and Joint Broker)
+44 1223 617 387 +44 20 7496 3000 +44 20 7710 7600
investors@bango.com
Paul Larbey, CEO Harry Gooden Nick Adams
Matt Garner, CFO Jen Boorer Richard Short
Anil Malhotra, CMO Asha Chotai Ben Burnett
Rebecca Jamieson,
IR
About Bango
The world's largest online merchants, including Amazon (NASDAQ:
AMZN), Google (NASDAQ: GOOG) and Microsoft (NASDAQ: MSFT), 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.bangoinvestor.com
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END
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