TIDMBGO
RNS Number : 6840M
Bango PLC
18 September 2023
Bango PLC
("Bango ")
Interim Results for the six months ended 30 June 2023
Cambridge, UK, 18 September 2023 - Bango (AIM: BGO), the global
platform for data-driven commerce, today announces its interim
results for the six months ended 30 June 2023.
Key highlights:
-- Revenue up 88% to $20.3M (1H22: $10.8M), in line with management expectations
-- Strong Digital Vending Machine(TM) (DVM) traction in the US.
New deal in 1H means Bango has secured 3 out of 5 key US telcos,
opening up subscription bundling to >200M US customers
-- The DOCOMO Digital (DDL) integration cost synergies are 90%
complete. On track to deliver profitability in line with consensus
expectations.
Financial Overview:
Results for the 6 months ended 30 June 2023 1H23 1H22 Change
Revenue $20.3M $10.8M +88%
Annual recurring revenue (ARR) (1) $5.6M $3.4M +63%
Adjusted EBITDA(2) ($0.2M) $2.9M
Profit/(Loss) before taxation ($4.9M) ($1.2M)
Cash $13.4M $5.7M
--------------------------------------------- -------- -------- -------
Financial highlights:
-- Revenue increased to $20.3M (1H22: $10.8M). Growth driven
by payment & subscription volumes, new DVM contracts and
a contribution from the acquisition of DDL. Bango payments
revenue, including the DDL contribution is typically 40:60
weighted 1H:2H
-- ARR grew to $5.6M. This growth will accelerate as DVM
contracts won in 1H23 launch
-- Gross profit margin remains high at 90% in 1H23 (2H22:
90%)
-- Actions to deliver $19M of the $21M of guided cost synergies
are already complete and the benefit to profit margins
of synergy actions taken in 1H23 will materialize through
2H23
-- Adjusted EBITDA(2) of -$0.2M (1H22: $2.9M), is ahead of
the July trading update and reflects the impact of costs
associated with the DDL integration. Adjusted EBITDA is
in line with management expectations for 1H23
Operational highlights:
-- 2 new US DVM wins in 1H23 , including 1 additional top
5 US operator, strengthens Bango leadership position in
the US market
-- DVM contract with Japanese employee benefits provider,
Benefit One, illustrates the additional opportunity for
the DVM in verticals outside telco
-- Bango Payments continues to grow, evidenced by the new
Amazon and Google routes announced
-- 22 new merchants connected to the Bango Platform in 1H23
with an increasing number using Bango Audiences, to find
new paying consumers and drive growth.
Outlook
-- Bango is on track to meet consensus market expectations
for the full year
-- There is a healthy pipeline of DVM deals. The expected
launch of services from the wins in the first half gives
Management confidence that Bango will exit the year with
a run rate of $10M ARR
-- As full synergies from the acquisition are realised, Bango
will see Adjusted EBITDA margins increase and is on track
to deliver a substantial increase in Adjusted EBITDA for
FY24.
-- Strong free cash flow generation expected in FY24.
Paul Larbey, Chief Executive Officer of Bango, commented:
"I am excited about the opportunities for our Super Bundling
strategy. Our leadership in the telecommunications market was
extended by the acquisition of DOCOMO Digital one year ago.
Profitability and cash generation will grow, as we deliver on the
synergies from the acquisition. Our focus on the Digital Vending
Machine is already delivering revenue growth. The recurring revenue
generated from the DVM deals already won will drive exponential
growth in the years to come."
Presentation and Webcast
A presentation of the interim results will be made to investors
and analysts at 8.30am this morning via the Investor Meet Company
Platform. Those wishing to join the call can sign up to Investor
Meet Company for free and add to meet BANGO PLC via:
https://www.investormeetcompany.com/bango-plc/register-investor
Notes
(1) ARR is calculated by annualizing the June 2023 revenue
derived from ongoing, contracted, repeating revenues
(2) Adjusted EBITDA is earnings before interest, tax, depreciation,
amortization, share based payment charge, negative goodwill
and exceptional items.
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
CEO Statement
Introduction
While subscriptions aren't new, in recent years they have become
the dominant way that we pay for goods and services from music,
video and gaming to food, health, transportation and educational
services. Analysts are excited about the growth of the subscription
economy, expecting over $600B of consumer spend on digital
subscriptions within the next 3 years and over $1 Trillion spent on
subscriptions across all categories. Bango has unique technology
that enables merchants to benefit from Super Bundling - where
telcos and other channel partners offer their customers an
integrated hub of subscription services. This technology is the
Bango Digital Vending Machine which is the defacto solution in the
Super Bundling market. Powering this opportunity is our number one
priority for 2023. To do this while completing the integration of
DOCOMO Digital requires focus, strong execution and a great team;
all things that I am proud to say Bango has in abundance.
The growth in the subscription economy coupled with our
dominance in the Super Bundling market, particularly in the US
where Bango powers 3 out of the top 5 service providers, is
reflected in our 88% revenue growth in 1H23.
Integration
In the first half, we continued the rapid integration of the
teams and customers brought into Bango through the DOCOMO Digital
acquisition at the end of August 2022. As we start the second half
of the year, our plan to realize $21M of annualized cost synergies
is practically complete, with actions already taken to deliver $19M
of these. The migration of routes to the Bango Platform will
complete in 2024 as planned and a number of low value routes have
been exited. The organizations are fully integrated and the
simplification of the former DOCOMO Digital business is well
advanced. There is a natural delay from the synergies being
executed to them benefiting our profitability. The simplest example
is headcount reductions where, due to notice periods, cost savings
begin around one quarter after the redundancy is triggered.
As the benefits from the cost synergies executed in 1H 2023 flow
through, the result is a step up in EBITDA in 2H23 and beyond.
The acquisition also accelerated the growth of the Bango team
working on the Platform. The ability to rapidly assimilate
technical staff with domain expertise has allowed Bango to grow the
team faster than we could have hoped for.
Payments
The Payments business continues to grow. Due to the
concentration of big spending events in the second half of the year
(Christmas, Black Friday, Amazon Prime Day, New Year celebrations),
revenue is typically 40:60 weighted.
Our strategy is to continue to support the global merchants as
they expand, to use the platform benefit to add new merchants to
existing wallet and DCB connections and to enable telco billing for
DVM customers. The connection to the Global Tech leader (announced
in June last year) is complete and the first launches are expected
in 1H 2024.
Audiences
In my statement reported in the FY22 results, I listed the three
focus areas for Bango Audiences.
1. Focus on a smaller number of larger app developers
2. Expand into brand marketing direct and with agencies
3. Support Digital Vending Machine merchants in finding new
customers
I am pleased to say that great progress has been made across all
three areas. We launched campaigns with sports brands Sweaty Betty
and Vuori and reached agreement with the first large marketing
agency who has launched a campaign for a global financial services
brand and is expanding their use of Audiences to major retailer
campaigns.
The ability to target offers using Bango Audiences is one of the
reasons so many DVM merchants have selected the Bango Platform to
help them expand their customer base. I expect the two businesses
to become more tightly coupled as the DVM business grows.
Digital Vending Machine (DVM)
Bundling has long been a successful strategy for telcos. In the
past 10 years bundling voice, mobile data, fixed broadband, TV etc
became commonplace, termed Triple or Quad play services. Telcos
bundled these services to increase revenue and also to reduce churn
- the logic being the more services you had the harder it was to
leave. With the emergence of direct-to-consumer streaming services
with original content, such as Netflix, Prime Video & Disney+,
it became expensive and often impossible for telcos to purchase the
wholesale content rights and bundle through a set-top-box. This led
to telcos starting to bundle third party streaming services with
certain broadband tiers. This type of bundle is a consumer offer
that Bango has enabled between merchant and telcos for many years
(see our latest announcement on the 70 Amazon Prime bundling
connections).
Super Bundling is simply the ability to manage and pay for all
your subscriptions in a single place, and on a single bill. This
provides significant benefits for everyone:
For the Consumer:
-- Easier to see the total cost of subscriptions and manage
renewals
-- Access to discounts and special offers
-- Simpler to discover and try new services - no need to
provide credit card details
For the bundler (telco):
-- Increased revenue per customer - the telco takes a margin
for each subscription sold
-- Reduced churn - switching broadband is straight forward.
Switching broadband and 5-10 additional subscription services
is much more difficult
-- Exciting new services and offers to attract new customers
For the subscription provider (e.g. Netflix):
-- Access to a new customer group
-- Increased subscribers with lower churn than credit card
-- Additional marketing - the bundler is now marketing the
subscription services
The DVM is the Bango product powering this Super Bundling
opportunity. It is built on, and shares the advantage of, the
broader Bango Payments Platform, i.e. connect once, access many.
The Super Bunding market is new but growing quickly. In the telco
space, Bango is the Super Bundling technology partner for many of
the largest telcos, including three out of the top five in the US
(Verizon and T-Mobile having been previously announced and the
other, won in 1H23, we are unable to name). The remaining two have
not yet launched a Super Bundling proposition and remain active
targets. The business is therefore in a "footprint capture" phase,
where revenue growth is driven by winning and launching new telcos.
The Bango DVM provides a solution for telcos of all sizes with many
smaller operators having launched or looking to launch Super
Bundling to help them differentiate their offers. These telcos
start on the bottom tier of license revenue which for a large telco
could be circa $1M. Once launched, and at volume, the business
enters the "capacity growth" phase where license fees will
significantly increase.
Some simple maths shows the telco opportunity is huge and Bango
is well positioned to become the market leader in subscriptions
bundling.
Paul Larbey
CEO
CFO statement
Following the acquisition of DOCOMO Digital at the end of August
2022 and the growth of the DVM business, Bango revenue has
continued to grow. Bango has executed on its acquisition strategy
to reduce the costs associated with the DDL business, while also
investing in the Bango Platform and the development of the new DVM
offer.
Bango business model
As in previous years, Bango continues to report on one line of
business, being payment transactions processed by the Bango
Platform for both physical and digital goods, subscriptions managed
by the DVM and the monetization of payment data. The growth in the
DVM business can be seen from the reported Annual Recurring Revenue
(ARR). ARR is calculated by annualizing the end-month revenue in
the period derived from ongoing, contracted, repeating
revenues.
Revenue
Revenue increased 88% to $20.3M (1H22: $10.8M).
During the period, the Japanese Yen continued to weaken against
the US Dollar which had some negative impact on revenue from Japan
which forms a significant portion of the acquired DOCOMO Digital
revenue.
Bango Annual Recurring Revenue continues to show good growth
moving from $3.4M at 1H22 to $5.6M at 1H23, a 63% increase.
Bango earns further payment revenue from transactions processed
through the Bango Platform, license fees from DVM Agreements, data
monetization revenue from the insights provided through this
activity and through other methods, such as integration fees, which
are recognized on completion of contracted milestones and in line
with International Financial Reporting Standard 15; Revenue from
Contracts with Customers.
Gross margin is high at 90.0% of revenue in 1H23 (1H22:
92.8%).
Operating expenditure of continuing operations
Bango adjusted operating costs for 1H23, which exclude
depreciation, amortization, share based payments, negative goodwill
and exceptional items, were $18.5M, up from pre-acquisition costs
of $7.2M for 1H22. The increase was largely driven by the acquired
costs of the DDL business, especially related to headcount. These
costs are reducing as part of the synergy savings being
executed.
Adjusted EBITDA was negative $0.2M, (1H22: $2.9M) as a result of
the increased costs but was in line with expectations for the first
half.
Exceptional costs for the period of $3.3M include the disposal
of a non-trading subsidiary acquired in the DDL transaction
($2.6M), further write downs of the intangible assets related to
the DOCOMO Digital platform ($0.6M) and office cost expenses
related to the unsuccessful acquisition of a new Bango office
($0.1M).
The Negative goodwill ($3.8M) relates to the fair value
adjustment of deferred tax which formed part of the opening balance
sheet and amends the negative goodwill of $10.2M recognized at the
year-end as at 31 December 2022 to $14M.
The share-based payment charge was $1.1M (1H22: $0.8M)
calculated using the Black-Scholes-Merton model. Bango continues to
view this benefit as a key driver for employee engagement allowing
them to benefit from growth in the share value of the company and
this benefit was extended, where possible, to those who joined as
part of the DDL acquisition.
Continued investment in the Platform, combined with the
development of the DVM offering and advancements in the automation
of the Audiences offering, has seen depreciation and amortisation
rise in cost from $2.5M in 1H22 to $3.5M in 1H23 as capitalised
R&D is released into production and amortized.
Loss and loss per share
The loss after tax was $4.3M (1H22: $0.5M) after accounting for
a share of the net loss of associates (NewDeep JV) using the equity
method: $0.5M (1H22: $0.8M).
Bango takes advantage of the R&D tax credit scheme available
to businesses carrying out qualifying R&D and this gave a
benefit of $0.7M (1H22: $0.7M). The process of submission has
changed this year with further revisions and restrictions on values
that can be claimed coming into force from April 2024. Bango will
continue to make use of this benefit in future years although the
return will be reduced from these new rule changes.
Basic loss per share was a loss of 5.55c (1H22: 0.65c).
Cash
Cash and short-term cash investments as at 30 June 2023 were
$13.4M (31 December 2022: $12.7M) including the loan received from
key investor NHN Corporation ($7.9M). Bango continued to generate
cash from operating activities during the period.
Matthew Garner
Chief Financial Officer
Consolidated statement of comprehensive
income for the six months ended 30 June
2023
Six months Six months
ended ended
30 June 30 June
2023 2022
Unaudited Unaudited
Note $ 000 $ 000
Revenue 20,274 10,789
Cost of sales (2,026) (781)
------------------------- -----------
Gross profit 18,248 10,008
Administrative expenses (22,596) (10,431)
-------------------------------------------- ----- ------------------------- -----------
Adjusted EBITDA (231) 2,851
Exceptional items 3 (3,336) -
Negative goodwill 3 3,798 -
Share based payments (1,067) (819)
Depreciation (512) (103)
Amortization (3,000) (2,352)
-------------------------------------------- ----- ------------------------- -----------
Operating loss (4,348) (423)
Finance costs (103) (1)
Finance income 2 12
Share of net loss of associates accounted
for using the equity method 6 (489) (799)
-----------
Loss before taxation (4,938) (1,211)
Income tax income 683 714
-----------
Income for the period (attributable
to equity holders of the company) (4,255) (497)
-----------
Other comprehensive income
Items that may be reclassified subsequently
to profit or loss
Foreign exchange on consolidation 1,969 (3,773)
-----------
(Loss) and total comprehensive income
for the financial period (2,286) (4,270)
-----------
Loss per share
Note
Basic loss per share 4 (5.55) c (0.65) c
Diluted loss per share 4 (5.55) c (0.65) c
Notes 1 to 8 are an integral part of the consolidated interim
financial statements.
Consolidated statement of financial position as at 30 June
2023
30 June 2023 31 December
Unaudited 2022
Note $ 000 Audited
$ 000
ASSETS
Non-current assets
Property, plant and equipment 1,128 1,145
Right of use assets 2,615 2,640
Intangible assets 33,187 27,244
Investments accounted for using the
equity method 6 4,061 3,766
-----------
40,991 34,795
-----------
Current assets
Trade and other receivables 13,439 22,016
Research and development tax credits 1,926 2,030
Short-term investments 41 41
Cash and cash equivalents 13,361 12,657
---------------------------- -----------
28,767 36,744
-----------
Total assets 69,758 71,539
---------------------------- -----------
EQUITY
Capital and reserves attributable
to equity holders of the parent company
Share capital 5 24,575 24,471
Share premium account 63,113 62,411
Merger reserve 2,886 2,886
Share-based payments reserve 5,194 4,029
Foreign exchange reserve (1,108) (2,812)
Accumulated losses (63,629) (59,541)
-----------
Total equity 31,031 31,444
-----------
LIABILITIES
Current liabilities
Trade and other payables 27,144 32,533
Lease liabilities 792 841
-----------
27,936 33,374
---------------------------- -----------
Non-current liabilities
Loans and borrowings 7 7,873 -
Trade and other payables 448 512
Lease liabilities 1,819 1,801
Deferred tax 651 4,408
--------------------------- ------
10,791 6,721
------
Total liabilities 38,727 40,095
------
Total equity and liabilities 69,758 71,539
--------------------------- ------
Notes 1 to 8 are an integral part of the consolidated interim
financial statements.
Consolidated cash flow statement for the six months ended 30
June 2023
Six months Six months
ended ended
30 June 30 June
2023 2022
Unaudited Unaudited
$ 000 $ 000
Cash flows from operating activities
Loss for the period (4,255) (497)
------------------------ ----------
Adjusted for:
Depreciation of property, plant & equipment 512 103
Amortization of intangibles 3,000 2,352
Negative goodwill recognized (3,798) -
Net finance costs 101 (11)
Share based payments 1,067 819
Share of profit or loss of associate 489 799
Taxation credit (683) (714)
Decrease/(increase) in trade and other receivables 9,142 (2,570)
(Decrease)/increase in trade and other payables (5,282) 1,162
------------------------ ----------
Cash generated from operating activities 293 1,443
Corporation tax received 796 62
----------
Net cash generated from operating activities 1,089 1,505
----------
Cash flows from investing activities
Purchases of property plant and equipment (76) (368)
Addition to intangible fixed assets (8,318) (4,601)
Short-term investments - 945
Interest received 2 11
Additional investment in associate (631) -
----------
Net cash outflow from investing activities (9,023) (4,013)
----------
Cash flows from financing activities
Proceeds from issue of ordinary shares 806 172
Proceeds from borrowings 7,873 -
Interest payable (39) -
Interest payments on finance lease obligations (64) -
Capital repayments on finance lease obligations (484) (37)
------------------------ ----------
Net cash flows from financing activities 8,092 135
----------
Net increase/(decrease) in cash and cash equivalents 158 (2,373)
Cash and cash equivalents at 1 January 12,657 8,706
Effect of exchange rate fluctuations on cash
held 546 (628)
---------------------- -----------------------
Cash and cash equivalents at 30 June 13,361 5,705
Notes 1 to 8 are an integral part of the consolidated interim
financial statements.
Consolidated statement of changes in equity for the six months
ended 30 June 2023
Share Share Foreign
premium Merger based currency Retained
Share capital account reserve payment translation earnings Total
reserve
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000
At 1 January
2023 24,471 62,411 2,886 4,029 (2,812) (59,541) 31,444
Loss for the
period - - - - - (4,255) (4,255)
Foreign
exchange
translation - - - 265 (265) - -
Foreign
exchange on
consolidation - - - - 1,969 - 1,969
---------------------- ------------------- ---------------------- ------------------- -----------------
Total
comprehensive
income - - - 265 1,704 (4,255) (2,286)
---------------------- ------------------- ---------------------- ------------------- -----------------
Share-based
payment
transactions - - - 1,067 - - 1,067
Transfer for
exercised
options - - - (167) - 167 -
Exercise of
share options
and warrants 104 702 - - - - 806
---------------------- ------------------- ---------------------- ------------------- -----------------
Transactions
with owners 104 702 - 900 - 167 1,873
At 30 June
2023 24,575 63,113 2,886 5,194 (1,108) (63,629) 31,031
Share Share Foreign
premium Merger based currency Retained
Share capital account reserve payment translation earnings Total
reserve
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000
At 1 January
2022 24,392 62,057 2,886 3,635 2,109 (58,265) 36,814
Loss for the
period - - - - - (497) (497)
Foreign
exchange
translation - - - (395) 395 - -
Foreign
exchange on
consolidation - - - - (3,773) - (3,773)
---------------------- ------------------- ---------------------- ------------------- -------------------
Total
comprehensive
income - - - (395) (3,378) (497) (4,270)
---------------------- ------------------- ---------------------- ------------------- -------------------
Share-based
payment
transactions - - - 819 - - 819
Transfer for
exercised
options - - - (168) - 168 -
Exercise of
share options
and warrants 34 138 - - - - 172
---------------------- ------------------- ---------------------- ------------------- -------------------
Transactions
with owners 34 138 - 651 - 168 991
At 30 June
2022 24,426 62,195 2,886 3,891 (1,269) (58,594) 33,535
Notes 1 to 8 are an integral part of the consolidated interim
financial statements.
1 General information
Bango PLC ( " the Company " ) was incorporated on 8 March 2005
in the United Kingdom. Bango PLC is domiciled in the United
Kingdom. Bango PLC's shares are listed on the Alternative
Investment Market of the London Stock Exchange ("AIM"). The Bango
registered office is at Botanic House, 100 Hills Road, Cambridge,
CB2 1YG, United Kingdom. The Bango principal place of business is
326 Science Park, Milton Road, Cambridge, CB4 0PZ, United
Kingdom.
2 Basis of preparation
These interim financial statements are for the six months ended
30 June 2023. They do not include all the information required for
full annual financial statements and should be read in conjunction
with the consolidated financial statements of the Group for the
year ended 31 December 2022, which have been filed at Companies
House with an unmodified audit report.
These interim financial statements have been prepared in
accordance with UK-adopted International Accounting Standards
("IFRS"). These financial statements have been prepared under the
historical cost convention.
These interim financial statements have been prepared in
accordance with the accounting policies adopted in the last annual
financial statements for the year to 31 December 2022. The
accounting policies have been applied consistently throughout the
Group for the purposes of preparation of these interim financial
statements and are expected to be followed throughout the year
ending 31 December 2023.
These financial statements are presented in US Dollars (USD),
the presentation currency of Bango PLC Group. The Group's
functional currency is GBP Sterling.
3 Exceptional items and negative goodwill
2023
$ 000
Restructuring costs 2,643
Asset write- down 553
Bango office costs 140
3,336
The restructuring costs relate to the closure of the Net-M
subsidiary during the period.
The asset write-down relates to development costs incurred on
the former Docomo Digital platform that would ordinarily be
capitalized under IAS 38, but due to the planned migration to the
Bango Platform, the costs have been expensed.
Bango office costs relate to expenses incurred in the
unsuccessful acquisition of a new Bango office.
2023
$ 000
Negative goodwill 3,798
Negative goodwill relates to the fair value adjustment of the
deferred tax which formed part of the opening balance sheet and
amend the negative goodwill of $10.2M recognized as at 31 December
2022. Following further reviews, the deferred tax liability is no
longer required.
4 (Loss) / earnings per share
(a) Basic
Basic loss per share are calculated by dividing the profit
attributable to equity holders of Bango Plc by the weighted average
number of ordinary shares in issue during the period.
Six months Six months
ended ended
30 June 2023 30 June
2022
Unaudited Unaudited
$ 000 $ 000
Loss from operations (4,255) (497)
-------------------------
Loss attributable to equity holders
of Bango PLC (4,255) (497)
Weighted average number of ordinary
shares in issue 76,641,638 76,074,109
Basic (loss) / earnings per share
Basic loss per share attributable to (0.65)
equity holders (5.55) c c
Basic adjusted (loss) / earnings per share
Adjusted basic (loss) / earnings per share is a key financial
information which discloses the financial performance of the core
business for which the directors have direct control. Adjusted
basic (loss) / earnings per share is determined as the profit
attributable to equity holders of Bango Plc excluding the Bango Plc
share of the net loss of associate for the period, negative
goodwill and exceptional items divided by the weighted average
number of ordinary shares in issue during the period.
Six months Six months
ended ended
30 June 2023 30 June
Unaudited 2022 Unaudited
$ 000 $ 000
Loss from operations (4,255) (497)
Exceptional items 3,336 -
Negative goodwill (3,798) -
Share of net loss of associates accounted for
using the equity method 489 799
----------------------
(Loss) / profit attributable to equity holders
of Bango PLC (4,228) 302
Weighted average number of ordinary shares
in issue 76,641,638 76,074,109
Basic adjusted (loss) / earnings per share
Adjusted basic (loss) / earnings per share
attributable to equity holders (5.52) c 0.40 c
(b) Diluted
At 30 June 2023 8,422,410 options over ordinary shares of (30
June 2022: 6,554,141) were outstanding.
Six months Six months
ended 30 ended 30
June 2023 June 2022
Unaudited Unaudited
$ 000 $ 000
Weighted average number of ordinary shares
in issue 76,641,638 76,074,109
Options - -
------------------------ ----------------------
Weighted average number of ordinary shares
in issue (including options) 76,641,638 76,074,109
As required by IAS33 (Earnings per Share), the impact of
potentially dilutive options was disregarded for the purposes of
calculating diluted loss per share in the current and previous
periods as the Group was loss making.
Diluted (loss) / earnings per share
Diluted (loss) / earnings per share attributable to equity
holders
(5.55) c (0.65) c
Diluted adjusted earnings per share
Six months Six months
ended 30 ended 30
June 2023 June 2022
Unaudited Unaudited
$ 000 $ 000
Weighted average number of ordinary shares
in issue 76,641,638 76,074,109
Options - 1,064,927
----------------------- ----------------------
Weighted average number of ordinary shares
in issue (including options) 76,641,638 77,139,036
As required by IAS33 (Earnings per Share), the impact of
potentially dilutive options was disregarded for the purposes of
calculating diluted loss per share in the period as the Group was
loss making.
Diluted adjusted (loss) / earnings per share
Diluted adjusted (loss) / earnings per share attributable to
equity holders (5.52)
c 0.39 c
5 Share capital
Allotted, called up and fully paid shares
30 June 31 December
2023 2022
No. $ 000 No. $ 000
As at 1 January of 0.20
each 76,331,846 24,471 76,013,659 24,392
Exercise of share options
and warrants of 0.20
each 427,362 104 318,187 79
76,759,208 24,575 76,331,846 24,471
6 Interest in associates and other investments Interest in associates
The interest in associate relates to the group's 40% interest in
the NewDeep Limited group.
2023 2022
$ 000 $ 000
Opening balance as at 1 January 3,766 5,630
Addition - NewDeep Limited group 631 -
Other investments - 76
Share of operating losses (489) (1,393)
Foreign exchange movements 153 (547)
----------------------- -----------------------
Closing balance as at 30 June 4,061 3,766
7 Loans and borrowings
30 June 31 December
2023 2022
$ 000 $ 000
Non-current loans and borrowings
Borrowing 7,873 -
During the period the Group entered into a three year loan
agreement with NHN Corporation for $7.9M. The loan was secured with
a fixed annual interest rate of 6%. The loan is payable over eight
quarterly instalments beginning in September 2024.
8 Publication of non-statutory accounts
The condensed consolidated interim financial information was
approved by The Board of Directors on 17 September 2023.
The financial information set out in this interim report does
not constitute statutory accounts as defined in section 435 of the
Companies Act 2006. The figures for the period ended 31 December
2022 have been extracted from the Statutory Financial Statements of
Bango PLC, which have been filed with the Registrar of Companies.
The auditor's report on those financial statements is unqualified
and did not contain any reference to any matters to which the
auditors drew attention to by way of emphasis without qualifying
their report a statement under section 498(2) or 498(3) of the
Companies Act 2006. The interim financial information for the six
months to 30 June 2023 is unaudited. The interim report together
with an analyst briefing presentation will be distributed to all
shareholders and will be available on the Bango investor site at
www.bangoinvestor.com.
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END
IR FLFLTADIDLIV
(END) Dow Jones Newswires
September 18, 2023 02:00 ET (06:00 GMT)
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