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Bango reports wider loss despite 50% jump in revenue

Tuesday, 18th September 2018
Bango said Tuesday first-half losses slightly widened from a year earlier as the company invested in acquiring and integrating the Audiens business.

For the six months to 30 June, pre-tax losses came in at £2.24m, compared with a loss of £2.03m a year earlier, while revenue jumped 54% to £22.63m.

End user spend for the first half was £220m, up 138% from the same period a year ago, while payment revenue increased 29% to £2.22m for the half year, from £1.72m last year.

'The Bango Payments business reached positive EBITDA at the end of 2017, and new customers and routes launched in the first half of 2018 are driving profitability further,' said Ray Anderson, CEO.

'I was delighted with the support Bango received in acquiring Audiens in January 2018. The technical and commercial integration is proceeding rapidly, with clear synergies opening up a new data-derived revenue stream at a faster pace than originally planned.'

At 10:01am: (LON:BGO) Bango PLC share price was -6p at 150.5p

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