In a trading update for the six months ended 30 June, the mobile commerce firm said EUS for the period had been over £465mln compared to £220mln a year ago.
Revenues, meanwhile, jumped 64% year-on-year (YOY) to £4.3mln, with Bango adding that it had also delivered positive earnings (EBITDA) in its second quarter.
As a result of the first half performance, the company said it expected total EUS for 2019 to be more than double the number from the previous year, continuing a five-year trend of more than 100% YOY EUS growth.
The growth is expected to continue going forward, with Bango saying it expects “significant” revenue and EUS increases in 2020 and beyond, driven by recent wins of new routes into the Google Play, Amazon and Microsoft app stores as well as strong performances from its existing routes and further agreements with “major media players”.
The company also said it has seen strong interest for its new data monetisation business with early sales success, while its Audiens Customer Data Platform has secured several new customers in the period including Experian, Iper, Tamoco, and Nextplora.
Ray Anderson, Bango’s chief executive, said the group’s payment business was continuing to “operate profitably” and generate cash to support investment in the Bango Marketplace business, which was initially launched in December last year to help increase user numbers and revenues for app developers.
The marketplace, Anderson added, had grown to 55 audiences in June from eight at launch, with the momentum underpinning expectations for progress in the second half as Bango aimed to “convert the strong pipeline of opportunities into new business”.
The update came ahead of Bango’s interim results, which are scheduled for 17 September.
Update shows “growing strength”, says broker
In a note, analysts at Bango’s ‘house’ broker finnCap said the update indicated the “growing strength” of the company’s market position.
The broker, which is currently reviewing its target price for the firm, added that the cash being generated would fund the growth of the data monetisation business, which in turn would feed platform volumes creating a “virtuous circle” that would grow the whole business.
In mid-morning trading, the shares were up 7.9% at 86.4p.
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