In This Article:
CAMBRIDGE, United Kingdom, July 15, 2024 (GLOBE NEWSWIRE) -- Bango (AIM: BGO), today announces a trading update for the six months ended 30 June 2024, ahead of announcing Interim Results in September.
Financial Highlights (unaudited)
| • | Total revenue up 19% to $24.1M (1H23 $20.3M) | |
|
| • | Transactional Revenue1 from the payments business grew by 6% (9% in constant currency) to $16.4M (1H23 $15.5M). |
|
| • | DVM, Audiences & One-Off Revenue2 grew by 64% to $7.7M (1H23 $4.7M) driven by growth of the Bango Digital Vending Machine® (DVMTM). |
| • | Annual Recurring Revenue (ARR)3 up 130% to $12.9M (1H23: $5.6M) due to DVM usage growth and new customer wins. | |
| • | Net Revenue Retention4, a measure of the growth in ARR from telcos active in 1H23 was 159% | |
| • | Other Income of $1.4M, which is not included in the revenue figure above, related to recovery of tax costs from the acquisition of DOCOMO Digital. $1.1M will be accounted for as a tax cost, resulting in $0.3M profit. | |
| • | Adjusted EBITDA5 is expected to be greater than $4.0M (1H23: -$0.2M). | |
| • | Net debt6 of $5.0M at 30 June 2024. | |
Operational Highlights
| • | Bango signed 4 new DVM contracts in the first half including a Latin American bank – the first DVM win in the financial services vertical. |
| • | A leading European telco that adopted the Bango DVM in 2020 extended their DVM contract for a further 3 years. The minimum contract value over the 3 year term is $1.5M. |
| • | 2 existing partners, 1 in North America and 1 in Europe, activated additional DVM capabilities to enable new propositions for their customers. |
| • | 13 new subscription content providers were added to the DVM, taking the total to 106. |
| • | A total of 16 eDisti7 content providers allows Bango to provide a ‘pre-stocked’ Digital Vending Machine, reducing time to revenue for DVM customers. eDisti partners include Microsoft and a new Tier 1 video streaming company. |
| • | Bango signed a global agreement with Uber to accelerate the take-up of Uber One subscriptions through telco channels, proving the appeal of the Bango DVM beyond video, music and gaming services. |
| • | The global technology leader announced in June 2022 launched its first two telcos with Bango in 1H24. Additional launches are planned in 2H24. |
| • | Bango joined the Amazon AWS Partner Network. This creates new business opportunities for the DVM in partnership with AWS, which has a strong customer base and expansive reach into new regions and technology domains. |
| • | Chartered Accountant Tony Perkins joined the Bango Board as a Non-Executive Director and Chair of the Audit Committee. |
| • | BDO LLP appointed as new auditor. |
Paul Larbey, Chief Executive Officer of Bango, commented:
“The first six months of 2024 have gone to plan. We have driven continued growth from our customer base and won new DVM customers. This growth, along with a strong sales pipeline, positions us for a successful year that meets market expectations. We remain on track to return to a positive net cash position in FY25.