Bango shares rocket on revenue growth and record profitability
Bango’s global platform for data-driven commerce is delivering superb results for the Cambridge business and its shareholders.
The UK share price was more than nine per cent (15.25p) higher at 181.75p this morning as the company unveiled 70 per cent revenue growth and record profitability for the year to December 31.
Revenue is said to be ahead of expectations at £12.2 million compared to £7.16m last time.
End User Spend (EUS) grew to £1.9 billion from £1.1bn while adjusted EBITDA is expected to exceed £4m (2019: £0.45m). Net cash at December 31 was £5.83m – more than double the previous year’s £2.69m.
Bango won new global business by broadening its customer base last year and CEO Paul Larbey expects more of the same in 2021.
He said: “This trading update clearly demonstrates strong growth for Bango and for our customers during a tumultuous year.
“Global lockdowns have driven more users online and accelerated the adoption of digital payments by merchants and consumers, which will continue to drive-up end user spend.
“Merchants and resellers are partnering more successfully through Bango to offer valuable, third-party product bundles to more customers. The pressure on advertisers to deliver revenue makes Bango Audiences even more compelling as a new way to target paying customers.
“During 2020 Bango successfully grew existing business and won new deals, which puts Bango in a stronger position than ever at the start of 2021 to enable our global partners to achieve their growth ambitions.”