Source: Bango
Bango (AIM: BGO), the mobile payments company, provides an update on trading for the twelve months ended 31 December 2016 and notice of its forthcoming Strategy Day.
End User Spend
Bango is focussed on increasing End User Spend (EUS) through the Bango Payment Platform, to capitalize on the rapidly expanding global market for digital content and services. The exit EUS at the end of 2016 was £195m/yr compared with £67m/yr at the end of 2015, a growth of 191% year-on-year. Total EUS for 2016 was £132m compared to £45m for 2015.
Revenue
Revenue for FY2016 was £2.6m compared to £1.3m for FY2015. FY2016 EUS revenue was £2.4m, (FY2015 £0.84m), which is 1.8% of EUS. Revenue from platform fees was £0.2m (FY2015 £0.5m).
Operating expenses
Costs for FY2016 were in line with expectations at around £5m plus the costs from non-recurring activities relating to the purchase and transition of BilltoMobile Inc of £0.3m as expected.
Balance sheet
Bango purchased BilltoMobile Inc for £2.15m in cash and £0.35m in shares in May 2016. The Bango cash balance at 31 December 2016 was £5.6m (31 December 2015: £12.1m).
Processing capacity
In FY2015 the Bango Payment Platform capacity was tested to a $1Bn/yr transaction rate. Development work in FY2016 has raised the capacity to a level in excess of $2Bn/yr