Bango cuts losses as data monetisation revenue soars

Bango on Tuesday reported a leap in interim sales as data monetisation revenues and end-user spend more than doubled, leading to a drop in losses.

The mobile commerce company's total revenue came in at £4.3m for the six months period ending 30 June, up 64% from the same period last year, as data monetisation revenues increased by 173% to £1.1m following initial app developer wins.

Meanwhile, revenue earned from processing end-user spend, which is defined as total sales through the company's platform excluding taxes, rose by 43% to £3.2m.

Total end user spend more than doubled from £220m to £465m between the two periods due to new activations and growth from major partners such as Google Play, Amazon, Microsoft and other streaming video and audio merchants.

Consequently, Bango's loss before tax was reduced from £2.2m to £1.7m.

Cash balances stood at £2.3m at 30 June, down from £3.8m at the start of the period, though the AIM traded company said it held sufficient cash resources to support both planned investments and product development after decreasing cash burn.

Ray Anderson, chief executive at Bango, said: "2019 has seen strong performance across the business, with payment and resale growing in multiple markets, and Bango Marketplace attracting more developers and delivering more audiences. The outlook is promising as the synergies across the Bango business deliver increasing value to our customers".

Bango shares were down 6.11% at 124.40p at 1022 BST.