Bango booms

Cambridge-based mobile commerce specialist Bango PLC saw its business surge ahead in FY2020 as global lockdowns drove more users online and accelerated the adoption of digital payments. In its latest trading update the company reports that revenues for the twelve months to 31st December were up 70% yoy on a like for like basis to £12.2m. More impressively, adjusted profit for the period leapt to £4m up from £450k in the prior year. The bottom line performance was, however, undoubtedly assisted significantly by the divestment last April of Bango’s cash hungry Audiens Customer Data Platform business into a JV with NHN Group (see here).

The primary driver of Bango’s expansion last year was the 80% rise in End User Spend to £1.9B (2019 £1.1B) across its payment platform. This increase in traffic was supported by a series substantial new business wins. These included a deal to provide Direct Carrier Billing for SoftBank customers shopping at Amazon.co.jp, a three-year platform contract with a major Telco for third party service bundling and the launch of BritBox subscriptions with BT Group.

With the pandemic far from over and the many of the associated shifts to a more online existence likely to form an enduring part of the new normal, Bango would seem well positioned going forward. The company expects its strong growth to continue in 2021 and we should learn more regarding its prospects and plans come the publication of its Full Year Results in March.

Posted by: Duncan Aitchison

Tags: payments   data   ecommerce   mobile   tradingupdate  

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