Bango makes 'excellent progress' in first half
Mobile commerce company Bango said it had seen some "excellent progress" across its platform so far in 2019, with end-user spend more than doubling year-on-year.
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Bango revealed on Wednesday that end-user spend for the six months ended 30 June had risen to in excess of £465m - a 111% increase on the £220m EUS recorded a year earlier.
"This rapid growth continues the five-year trend of more than 100% growth in EUS year-on-year," said Bango.
Given the "excellent performance" of the Bango Platform, the AIM-listed group expects total EUS for 2019 to be "more than double 2018 EUS".
Revenues grew 64% to £4.3m in the half, while Bango also recorded positive EBITDA in the second quarter as operational leverage gained through the Bango Platform delivered revenue growth on a stable cost base, and operating on a cash-flow positive basis.
Chief executive Ray Anderson said: "As Bango enters the second half of 2019, trading is going very well.
"This momentum underpins expectations for progress in the second half as Bango aims to convert the strong pipeline of opportunities into new business."
As of 0845 BST, Bango shares had climbed 8.73% to 86.98p.