Bango increasingly confident after sparkling performance in 2020

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Bango PLC (LON:BGO), the data-driven commerce company, said revenues and profits were ahead of expectations in 2020.

Revenue grew by 70% to £12.2mln from £7.2mln in 2019. End-user spend (EUS) rose to £1.9bn from £1.1bn, representing the sixth consecutive year of strong growth in the amount of money passing through Bango’s system.

The company said new customers won and the new routes launched in 2020, such as SoftBank and Amazon in Japan, should drive strong growth in 2021.

Adjusted underlying earnings (EBITDA) soared to £4.6mln from £0.3mln the year before, while 2020 saw Bango register profit before tax of £607,000, compared to a loss of £2.6mln in 2019.

Cash at the end of 2020 stood at £5.8mln, up from £2.7mln a year earlier.

“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,” said Paul Larbey, the chief executive officer of Bango.

“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,” he declared.

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