Bango FY revenues surge as end user numbers surge amid pandemic

Mobile commerce company Bango said on Wednesday that full-year revenues had come in ahead of expectations amid an increased level of end user spend throughout 2020.

Bango expects revenues for the twelve months ended 31 December to have grown roughly 70% year-on-year to £12.2m, while end user spend shot up to £1.9bn from £1.1bn.

Adjusted underlying earnings were projected to exceed £4.0m, a marked improvement on the £450,000 recorded in 2019.

The AIM-listed group pointed to new customers won during 2020 for the strong performance, something it expects to continue in 2021, and also highlighted "significant progress" in its Bango Marketplace platform, with over 2,000 app developers engaged.

Chief executive Paul Larbey said: "Global lockdowns have driven more users online and accelerated the adoption of digital payments by merchants and consumers, which will continue to drive-up end user spend.

"Merchants and resellers are partnering more successfully through Bango to offer valuable, third-party product bundles to more customers. The pressure on advertisers to deliver revenue makes Bango Audiences even more compelling as a new way to target paying customers."

As of 0830 GMT, Bango shares were up 5.74% at 176.06p.