Bango shares hit after revenues warning

Updated

Mobile payments platform Bango has seen shares tumble after warning over annual sales following delays to a supply deal.

The firm – which is used by technology giants such as Google, Amazon and Facebook – said total 2019 revenues will miss expectations after it failed to close deals including a customer data platform licence and marketplace supply deal in December.

Shares in Bango fell 8%.

But the Cambridge-headquartered group said the delayed deals will come through in early 2020 and will boost next year’s growth.

And despite the year-end contract hit, it said full-year group revenues rose by more than 40% to “at least” £9.3 million, while it is also set to post underlying earnings of over £400,000.

This compares with a loss of £870,000 in 2018.

It also notched up another year of doubling growth in so-called end user spend, which is set to reach around £1.1 billion for 2019.

Ray Anderson, chief executive of Aim-listed Bango, said: “While some deals expected late in 2019 did not close before the year-end, these will feature in our 2020 growth – alongside the momentum generated through market-leading developers adopting the platform for app marketing, which further supports the continued, exponential growth of end user spend.”

He added Bango enters 2020 on a “strong foundation”.

Bango plans to focus upcoming research and development spend on its expanding data monetisation business as well as supporting the growth of the platform as it benefits from a tenfold hike in transaction volumes.

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