Revenue down, losses widen at mobile payments start up Bango

Source: Bango

Bango (AIM: BGO), the mobile web payments and analytics company, today announces its Final Results for the year ended 31 March 2012.

FY12 Financial Highlights

· Turnover for the year of £15.6m (FY2012: £19.3m)

· Gross Profit £2.29m (FY2011: £2.49m)

· LBITDA & SBP at £0.46m (FY2011: loss of £0.40m)

· Total loss after tax £0.93m (FY2011: loss of £0.70m) reflecting an increased amortization charge for previously capitalized R&D.

· Cash balance of £1.79m (£2.71m at 31 March 2011)

· Successful Placing in June 2012 of £3m net with existing shareholders

Results for the year do not include any material income from the agreements signed with Amazon and Facebook, but do include costs relating to the establishment of these relationships.

FY12 Operational Highlights

· Connected to in excess of 900 million consumers through more than 90 worldwide mobile operators

· Increased breadth of global reach; now including operators in South America and Asia

· Continuing momentum with industry leading names

o Blackberry App World and Opera

o New relationships with Facebook (Feb 2012) and Amazon (Dec 2011)

o Post period relationships with Microsoft, Google Play and MasterCard

· Superior user experience enhanced through product development

o Powerful payments platform enhanced through increased scalability

o New services launched to support new large scale customers

· Bango Analytics volumes have more than doubled in 12 months

· Strengthening the management team underway, in process of recruiting COO and CFO

· New area of mobile wallets being developed

Ray Anderson, Chief Executive Officer of Bango, commented:

"It has been a pivotal year in Bango's development and we were delighted to have formed relationships with several industry leaders such as Facebook and Amazon. During the year Bango has further cemented its strategically central position within the smartphone marketplace, enhanced its already superior user experience and has simultaneously ensured that its powerful and unique platform is capable of supporting significant volumes of tporting signifporting significant volumes of transactions.

"Looking forward, we expect to see continued growth in end user activity driven by our increased mobile network connections worldwide, alongside our increased pervasiveness with major industry names and services. Additionally, we will continue to grow our analytics product which is highly synergistic to the payments platform.

"Bango and the Board look forward to increasing success in the year ahead."

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