Bango PLC Trading Update & Notice of Strategy Day (9592T)

TIDMBGO

RNS Number : 9592T

Bango PLC

12 January 2017

12 January 2017

BANGO PLC

("Bango")

Trading Update & Notice of Strategy Day

Bango (AIM: BGO), the mobile payments company, provides an update on trading for the twelve months ended 31 December 2016 and notice of its forthcoming Strategy Day.

End User Spend

Bango is focussed on increasing End User Spend (EUS) through the Bango Payment Platform, to capitalize on the rapidly expanding global market for digital content and services. The exit EUS at the end of 2016 was GBP195m/yr compared with GBP67m/yr at the end of 2015, a growth of 191% year-on-year. Total EUS for 2016 was GBP132m compared to GBP45m for 2015.

Revenue

Revenue for FY2016 was GBP2.6m compared to GBP1.3m for FY2015. FY2016 EUS revenue was GBP2.4m, (FY2015 GBP0.84m), which is 1.8% of EUS. Revenue from platform fees was GBP0.2m (FY2015 GBP0.5m).

Operating expenses

Costs for FY2016 were in line with expectations at around GBP5m plus the costs from non-recurring activities relating to the purchase and transition of BilltoMobile Inc of GBP0.3m as expected.

Balance sheet

Bango purchased BilltoMobile Inc for GBP2.15m in cash and GBP0.35m in shares in May 2016. The Bango cash balance at 31 December 2016 was GBP5.6m (31 December 2015: GBP12.1m).

Processing capacity

In FY2015 the Bango Payment Platform capacity was tested to a $1Bn/yr transaction rate. Development work in FY2016 has raised the capacity to a level in excess of $2Bn/yr

Strategy Day

Bango will host a Strategy Day in London for investors on 30 January 2017. It will provide the opportunity to meet Bango's management team and to learn how Bango is capitalizing on its investment in payment technology to grow market share for its customers through the power of the Bango Payment Platform. To register your attendance for this event please email [e-mail].

Bango will announce its Final Results for the twelve months to 31 December 2016 on Tuesday 14 March 2017. This announcement contains inside information.

ENDS

Contact Details:

 
Bango PLC            FTI Consulting    Cenkos Securities 
                                        PLC 
Tel. [phone]     Tel. [phone]  Tel. [phone] 
 0247                 1000              6939 
Ray Anderson, CEO    Matt Dixon        Nick Tulloch 
Rachel Elias-Jones,  Chris Lane        Beth Mckiernan 
 CFO                  Rob Mindell       Neil McDonald 
 Anil Malhotra, 
 CMO 
 

About Bango

Bango is the standard platform chosen by leading global stores to deliver mobile payments to everyone. As the next billion consumers adopt their first smartphone and look for universal payment methods, Bango will be there to unlock the world of apps, video, music, games and other content that brings those smartphones to life. Global stores plugging into the Bango Payment Platform include Amazon (NASDAQ: AMZN), Google (NASDAQ: GOOG), Samsung (005930: Korea SE) and Microsoft (NASDAQ: MSFT). Bango also partners with leading payment providers around the world to drive new users and revenues through its industry-leading mobile payment solutions. For more information, visit www.bango.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCGGUCCGUPMPUG

(END) Dow Jones Newswires

January 12, 2017 02:00 ET (07:00 GMT)