Bango PLC Trading Statement (0767A)
18 Enero 2024 - 1:00AM
UK Regulatory
TIDMBGO
RNS Number : 0767A
Bango PLC
17 January 2024
Bango PLC
("Bango")
FY 2023 Trading Update
Bango (AIM: BGO), provides an update on trading for the twelve
months ended 31 December 2023.
Highlights (unaudited data)
-- FY23 Revenue of $46.1m representing a 62% increase on
FY22
- Payments continued to trade well during 2H23, in-line
with management expectations
- 9 new long-term recurring Digital Vending Machine(R)
(DVM) contracts signed in the period, driving growth
in telco ARR to $8.8M in December 2023, an increase
of 76% on December 2022 ($5.0M). Launch of the third
Tier 1 US Telco (announced in 1H22) is expected to
contribute an additional $2M ARR following its 1H24
launch
-- Overall Adjusted EBITDA(2) grew from -$0.2M in 1H23 to
between $5.2M and $6.2M in 2H23
-- Profitability expected to further improve in FY24, following
the full decommissioning of the legacy DOCOMO Digital
platform
-- Full year total Adjusted EBITDA(2) is expected to be in
the range of $5M to $6M (FY22: $5.0M) which is below analyst
expectations due to:
- Revenue recognition lower than expected in the period
due to customer launch timing
- Approximately $2M of unplanned cost of sales on a
legacy, non-core Direct Carrier Billing business migrated
across from the Docomo Digital ("DDL") acquisition
impacted Gross Margin. Approximately $1M is expected
to continue into 2024
- Approximately $1M FX impact (non-cash impacting) from
intercompany loans inherited through the DDL acquisition.
This FX impact will cease when the loans are closed
-- Cash of $3.75M at 31 December 2023 ahead of analyst expectations
due to working capital timing.
- The Group has drawn US$8M on its loan facility from
NHN
- With its strong cash generation, the Group is well
placed to return to a positive net cash position in
FY25
-- 33 new content providers added to the DVM in 2023, bringing
the catalog to 93 subscriptions providers
-- New Bango consumer UI (user interface) delivered, which
will speed-up future telco launches
Paul Larbey, Chief Executive Officer of Bango, commented:
"In FY23, Bango delivered double digit revenue growth and
increased profitability. We successfully completed the
transformational DOCOMO Digital Acquisition, investing the synergy
savings into the Digital Vending Machine(R) (DVM) business, leading
to strong ARR growth. Looking ahead, we expect to continue
delivering strong revenue growth in 2024. Operating margins are
expected to trend upwards in FY24 driven by the full
decommissioning of the DOCOMO Digital platform.
There is a significant opportunity for the Bango DVM to become
adopted as the universal standard by merchants to distribute their
subscription products through indirect channels, such as telcos.
Paying for products and services as subscriptions now crosses-over
into every aspect of our lives, representing a growing share of
personal budgets. With 77% of US consumers saying they want to pay
for all their subscriptions on one, consolidated bill, there is a
clear call for much greater control over this spending and for
easier management of multiple subscriptions. These needs are met by
the Bango Digital Vending Machine.
The market opportunity is vast and we enter 2024 with a strong
ARR base and 7 times more DVM prospects in the pipeline compared to
a year ago. I am confident Bango is well positioned to take
advantage of the market opportunity in 2024 and beyond."
N otes
(1) ARR is calculated by annualizing the December 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.
The information contained within this announcement is deemed by
Bango to constitute inside information as stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as amended by The Market
Abuse (Amendment) (EU Exit) Regulations 2019. 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.
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
Sukey Miller, IR
About Bango
Bango enables content providers to reach more paying customers
through global partnerships. Bango revolutionized the monetization
of digital content and services , by opening-up online payments to
mobile phone users worldwide. Today, the Digital Vending Machine(R)
is driving the rapid growth of the subscriptions economy, powering
choice and control for subscribers.
The world's largest content providers, including Amazon (NASDAQ:
AMZN), Google (NASDAQ: GOOG) and Microsoft (NASDAQ: MSFT) trust
Bango technology to reach subscribers everywhere.
Bango, where people subscribe. For more information, visit
www.bangoinvestor.com
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END
TSTDBGDBCXBDGSR
(END) Dow Jones Newswires
January 18, 2024 02:00 ET (07:00 GMT)
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