In a trading update for the six months ended June 30, 2020, the mobile commerce firm said it expects to report revenue growth of over 50% to £4.8mln year-on-year, while adjusted earnings (EBITDA) for the period are predicted to exceed the £450,000 figure for the whole of 2019.
End user spend (EUS) during the year grew to over £740mln over the period, Bango said, adding that it expects to see a “strong” second half to meet full-year forecasts.
The company added that it is continuing to invest in growing its data insights and monetisation capabilities through its Bango Marketplace, as well as signing a three-year deal with a global telecoms provider during the period worth at least £1.5mln.
"Bango enters the second half of 2020 in a stronger position than ever before. The achievements in the first six months, during a period of unprecedented global uncertainty, are a testament to the strength of the Bango team and the success of Bango customers”, chief executive Paul Larbey said in the update.
“The payments and resale business continues to grow rapidly, increasing profitability and cash generation, thanks to the stable operating costs of the platform. The opportunities for this business are greater than ever, having expanded beyond telco providers to retailers now joining the Bango circle, where data insights help them thrive…With all this exciting progress, Bango is firmly on track to become the technology behind every payment choice", he added.
In a note on Tuesday, analysts at Bango’s house broker finnCap said the update displayed “a very reassuring performance” and that the company was on track to meet their own forecasts for the full year of “strong revenue growth and material profitability”.
“This has been an impressive half for Bango” finnCap said, reiterating their 225p target price on the firm.
The sentiment was echoed by Progressive Equity Research, which said in its own note that the company “continues to demonstrate strong momentum and that the group remains well placed to deliver its  targets”.
Bango shares were up 1.3% at 165.1p in mid-morning trading.
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