Bango Narrows FY10 Pretax Loss; Sees Growth From Applications

16th Jun 2010 07:35

LONDON (Dow Jones)--Software company Bango PLC (BGO.LN) Wednesday posted a narrowed full-year pretax loss as it won more business with larger clients, and it expects continued revenue growth in the current fiscal year. Bango, whose technology enables firms to collect payment for services sold to internet-connected mobile phone users, said it secured a significant increase in revenue from larger customers after it lowered transaction fees for larger content providers. In fiscal 2010, ended March 31, the company's revenue climbed 48% to GBP26.1 million from GBP17.6 million. Bango said it sees an opportunity to help the likes of Apple Inc (AAPL), Blackberry and Nokia to increase sales conversions by adding Bango payment services. Although Apple limits downloads to its iPhone unless they have come from an Apple-approved channel, Bango said several content providers are now using Bango to charge iPhone users for chat, information and streaming services. Bango's fiscal year pretax loss narrowed to GBP250,000 from a GBP646,000 loss a year earlier. The firm said it was profitable in its second half. It made a maiden fiscal 2010 net profit of GBP10,000. Bango said rising customer numbers and more transactions should drive revenue growth in fiscal 2011. It said its carefully managed cost base and the investment in new technology means it is well-placed for profitable growth in the current year. -By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; [email protected] (END) Dow Jones Newswires June 16, 2010 02:35 ET (06:35 GMT)