Business Weekly - Cambridge, UK

The Cambridge-based firm said that pre-tax losses had grown from £1.52m to £3.32m for the year to March despite a healthy £2.9m increase in sales over last year, up to £10.43m.

Bango said that expansion into new territories, product development and increased marketing spend had caused operating costs to rise by 48 per cent to £5.53m.

“Our business is growing and the market, although at an early stage, continues to develop in the way we anticipated although fast growth has taken longer to start than we expected, but we look forward to continuing success in the coming years,” said CEO Ray Anderson.

Bango's share price remains unchanged at 47.5p.