Bango on top of the world after terrific 2020
Bango plc’s share price shot northwards as soon as the UK markets opened on Tuesday after a thumping set of full year results to December 31.
Revenue grew 70 per cent to £12.2 million and net profit showed a remarkable turnround: A 2019 loss of £2.3m was transformed into a £4.7m net profit.
End User Spend (EUS) increased to £1.9 billion – the sixth consecutive year of strong growth; that figure was up from £1.1bn for 2019.
The data-driven commerce company headquartered in Cambridge, significantly expanded its global footprint and technology proposition last year and that has continued into 2021.
Bango also more than doubled its cash to £5.8m from £2.7m the previous year.
Amazon.co.jp payment methods were extended to SoftBank customers in June and a deal with Microsoft to bring cloud gaming services to Telcos worldwide, was another major milestone.
BT Group launched BritBox and Amazon subscriptions using the Bango platform. The company saw major growth in Asia and the US.
CEO Paul Larbey said: “Seventy per cent revenue growth and 16x EBITDA growth are the financial indicators of the strong year Bango delivered in 2020.
“Our payment revenue continues to diversify as we enter new verticals and expand our addressable market. The new merchants and payment providers that joined the Bango circle in 2020 underpin our growth trajectory.
“Bango Marketplace is increasingly used by the leading app developers to reach paying users. With new subscription plans, channel partners and audience segments the data monetization business is set to contribute meaningfully to Bango’s growth.
“With the combination of the achievements in 2020 and a strengthened leadership team, we look to the future with increasing confidence.”