Business
Preliminary Results
Preliminary Results.
About this update from Bango Plc
[{"type":"text","content":"\n \nRNS Number : 3659I Bango PLC 14 June 2011 \n \n\n \n14th June 2011\nEmbargoed until 07:00\n \n \nBANGO PLC \n(\"Bango\", \"the Company\" or \"the Group\")\n \nPreliminary Results for year ended 31 March 2011\n \nBango (AIM: BGO) the mobile web payments and analytics company, today announces Preliminary Results for the year ended 31 March 2011.\n \nFinancial Highlights (comparative data for FYE 31 March 10 except where indicated)\n· Revenue for the year of £19.3m (£26.1m) with low margin end user activity down 29% to £17.46m (£24.69m) and high margin revenues up 29% to £1.86m (£1.44m).\n· Gross Profit grew 7% to £1.29m in second half (H2) from £1.21m in H1, giving a total for the year of £2.49m (£2.67m)\n· EBITDA for the year showed a deficit of £0.5m (£0.1m) with the deficit reduced from £0.3m in H1 to £0.2m in H2. \n· H2 underlying positive EBITDA of (before share-based payments) after adjusting for £0.12m costs to accelerate sales model transition and £0.11m change in profit recognition for operator integrations.\n· Loss after tax £0.70m (£0.01m profit) with H2 loss of £0.27m improved from H1 loss of £0.43m \n· Cash balance of £2.71m as at 31 March 2011. (£2.74m at 31 March 2010)\n \nOperational Highlights \n· Business re-focused on high growth, higher margin smartphone market\n· Agreement with RIM to provide billing and settlement for BlackBerry App World \n· More than 60 new carrier integrations now underway\n· On track to announce second major App Store agreement in June 2011\n \nRay Anderson, Chief Executive Officer of Bango, commented:\n\n\"The key development during the year was the decision to focus on the fast growing smartphone market segment, developing relationships with App Stores as a way of deploying Bango technology more widely. Bango'sagreement with RIM to provide carrier billing for BlackBerry App World announced in the first half is potentially transformational and resources have been re-allocated to ensure the success of the project. Ban...