Business
Interim Results
Interim Results.
About this update from Bango Plc
[{"type":"text","content":"\n\n \nBango PLC\n \n(\"Bango \")\n \nInterim Results for the six months ended 30 June 2023\n \nCambridge, UK, 18 September 2023 - Bango (AIM: BGO), the global platform for data-driven commerce, today announces its interim results for the six months ended 30 June 2023.\n \nKey highlights:\n· Revenue up 88% to $20.3M (1H22: $10.8M), in line with management expectations\n· Strong Digital Vending MachineTM (DVM) traction in the US. New deal in 1H means Bango has secured 3 out of 5 key US telcos, opening up subscription bundling to >200M US customers\n· The DOCOMO Digital (DDL) integration cost synergies are 90% complete. On track to deliver profitability in line with consensus expectations.\n \n \nFinancial Overview:\n \n\n\n\n\nResults for the 6 months ended 30 June 2023 \n\n\n1H23\n\n\n1H22\n\n\nChange\n\n\n\n\nRevenue\n\n\n$20.3M\n\n\n$10.8M\n\n\n+88%\n\n\n\n\nAnnual recurring revenue (ARR) 1\n\n\n$5.6M\n\n\n$3.4M\n\n\n+63%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted EBITDA2\n\n\n($0.2M)\n\n\n$2.9M\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nProfit/(Loss) before taxation\n\n\n($4.9M)\n\n\n($1.2M)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCash\n\n\n$13.4M\n\n\n$5.7M\n\n\n\n\n\n\n\n \nFinancial highlights:\n\n\n\n\n· \n\n\nRevenue increased to $20.3M (1H22: $10.8M). Growth driven by payment & subscription volumes, new DVM contracts and a contribution from the acquisition of DDL. Bango payments revenue, including the DDL contribution is typically 40:60 weighted 1H:2H\n\n\n\n\n· \n\n\nARR grew to $5.6M. This growth will accelerate as DVM contracts won in 1H23 launch\n\n\n\n\n· \n\n\nGross profit margin remains high at 90% in 1H23 (2H22: 90%)\n\n\n\n\n· \n\n\nActions to deliver $19M of the $21M of guided cost synergies are already complete and the benefit to profit margins of synergy actions taken in 1H23 will materialize through 2H23\n\n\n\n\n· \n\n\nAdjusted EBITDA2 of -$0.2M (1H22: $2.9M), is ahead of the July trading update and reflects the impact of costs associated with the DDL integration. Adjusted EBITDA is in line with manage...