Business
2022 Preliminary Results
2022 Preliminary Results.
About this update from Bango Plc
[{"type":"text","content":"\n \n \n \n Bango PLC\n \n \n \n \n (\"Bango\")\n \n \n \n \n 2022 Preliminary Results\n \n \n \n \n Strong growth, accelerated by the acquisition of DOCOMO Digital\n \n \n \n \n Cambridge, UK, 28 March 2023 -\n \n Bango (AIM: BGO), the global platform for data-driven commerce, today announces its unaudited preliminary results for the 12 months ended 31 December 2022.\n \n \n \n Financial highlights:\n \n \n \n \n \n \n \n ·\n \n \n \n \n Revenue up 38% to $28.5M (FY21 $20.7M).\n \n \n \n \n \n \n ·\n \n \n \n \n Accelerated organic growth in annual recurring revenue1 (ARR) to $5.0M\n (2021: $1.1M),\n driven by multi-year SaaS contract wins with T-Mobile, Televisa Univision and Liberty Global, alongside the launch of Verizon +Play in December 2022.\n \n \n \n \n \n \n ·\n \n \n \n \n Trading momentum in 2023 has continued, in particular for Bango Digital Vending Machine (\"DVM\") technology. 2023 exit ARR is now expected to reach $10M, comfortably ahead of previous $7M guidance.\n \n \n \n \n \n \n ·\n \n \n \n \n End User Spend (EUS) $5.6B (2021 $4.1B). Run rate EUS exiting 2022 was $8.6B/yr.\n \n \n \n \n \n \n ·\n \n \n \n \n Adjusted EBITDA2 of $5.0M (2021 $6.1M), ahead of market expectations3, including the initial negative contribution from the DOCOMO Digital acquisition as planned.\n \n \n \n \n \n \n ·\n \n \n \n \n $11M of the planned $21M/year cost synergies from the acquisition of DOCOMO Digital in August 2022 had been executed as of 31 Dec 2022. The acquisition remains on track to deliver $10M of incremental Adjusted EBITDA in 2024.\n \n \n \n \n \n \n ·\n \n \n \n \n Cash at period end of $12.7M (30 June 2022: $5.7M).\n This includes $2.9M of restricted cash related to a discontinued business segment from the DOCOMO Digital acquisition.\n \n \n \n \n \n \n \n \n \n \n \n \n Adjustments from 24 January 2023 Trading Update\n \n \n \n \n \n \n \n \n Adjusted EBITDA\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ·\n \n \n \n \n \n $0.9M higher largely due to further restructuring costs related to the acquisition of DOCOMO Digital moving to exceptional costs.\n \n \n \n \n \n \n \n Revenue\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ·\n \n \n \n \n \n $1.1M from the DOCOMO Digital acquisition has been reclassified as other income.\n \n \n \n \n \n \n \n \n \n \n \n \n...