Bango disappoints again

28th Feb 2011 09:07

Mobile payments and analytics provider Bango says that its figures for the year to March 2011 will be below expectations. House broker Cenkos had expected AIM-quoted Bango to make £300,000 profit in 2010-11. Bango says that it will make a small profit in the second half. It reported a near-doubled loss of £458,000 for the six months to September 2010.Bango is building up revenues from its payment services for Apps providers but its traditional content aggregation business is not recovering as Bango thought that it would. The latter generates significant revenues but it is low margin. Bango intends to review its traditional operations. There are also delays in activating other App Store providers. This is the second profit warning in less than six months. Last October, Bango warned that its 2010-11 results would be below market consensus. In between times, Bango raised £2.4m at 135p a share - a premium to its then market price but above the current share price. Net cash was £1.16m at the end of September 2010.