Bango reaping rich harvest from seeds of global growth strategy
Bango plc in Cambridge, a global platform for data-driven commerce, increased revenue in the first half of 2022 and says its growth strategy is already paying off.
Revenue to June 30 increased to $10.8 million ($9.9M) despite strong currency headwinds. The first half revenue growth of nine per cent was achieved during a period when major currencies declined against the US Dollar (e.g. Japanese Yen down 15 per cent and Euro down eight per cent).
End User Spend (EUS) increased 16 per cent to over $2 billion ($1.8bn) demonstrating the continued growth of merchants using the Bango Platform to collect payments.
In April, Bango announced that telco giant T-Mobile US had signed a deal to license the Bango platform to boost its third party subscriptions business. This will deliver additional recurring revenue in 2H 2022 and beyond, alongside existing platform deals with Verizon, BT, Entel and others.
Bango added 24 new merchants in the first half, including a major technology leader announced on June 23.
The number and diversity of customers using Bango Audiences to boost the performance of their digital advertising campaigns increased. New customers included Hard Rock, Adidas and Marvel games publisher Kabam.
Bango continued to invest in product development, technology R & D, sales and marketing. The company says that recruitment has been successful in a highly competitive environment, including further key hires in the USAand Japan.
CEO Paul Larbey said: “Our strategy of investing for growth is paying off. The increasing competitive advantage of the Bango Platform is securing long term, growing, recurring revenue streams from the world's largest businesses.
“With the progress made in the first half, the board is confident Bango will comfortably meet the full year analyst consensus revenue and adjusted EBITDA forecasts for FY22.”