Bango revenues and EBITDA grow throughout H1

15th Jul 2021 08:38

(Sharecast News) - Mobile commerce company Bango said on Thursday that interim revenues and underlying earnings were both expected to have grown considerably throughout the six months ended 30 June.
First-half revenues grew 49% to £7.1m, driven by an increase in end-user spend from £700.0m in 2020 to £1.3bn in 2021.

Adjusted underlying earnings were expected to exceed £2.0m for the first half, almost double the £1.1m recorded a year earlier, enabling continued investment into the AIM-listed group's research and development efforts, as well as sales and marketing as it looks to capture future growth opportunities.

Bango added that it had a cash balance of £7.1m on 30 June, up from £5.8m at the end of the 2020 calendar year.

Chief executive Paul Larbey said: "Building on the strong foundations laid in 2020, Bango has sustained high growth in the first half of 2021.

"Bango enters the second half of 2021 with tremendous momentum across the business, enabling continued investment for future growth."

As of 0835 BST, Bango shares were up 2.66% 227.39p.