The mobile payments Group is up 6% with the release of their interims.
Companies: Bango plc
Bango (LON: BGO) has announced its results for the first half of 2017 which outline the Group's continued recovery from the decline in share prices to March 2016.
The mobile payments company reported revenue of £1.65m for H1 17, an increase of 114% versus the same period last year, while as Adjusted LBITDA decreased to £1m, down from the loss of £1.6m in H1 16.
Operating costs were relatively flat, reporting £2.7m against £2.5 in H1 16.
The group launched its Direct Carrier Billing service in Japan during the period, while expanding its operations in several countries including the US, the UK, and Hong Kong.
Shares in BGO are trading at 242p, an increase of 6%.
Ray Anderson, Chief Executive Officer at Bango, commented on the future operations for the Group:
"Bango has executed very well in the first half, delivering against its strategy. Bango added new customers and partnerships to its powerful network. Product innovation expanded to include payments for physical goods and new capabilities that can support IoT payments, Bango is delighted that trials of its technology are already underway and announcements in the IoT space are expected in the coming months.."
Consensus forecasts Bango will turn its first profit in FY18, with the Group predicted to make a Net Profit of £8.3m, a sharp increase from the net loss of £0.5m forecast for FY17.