• First-half revenue increased 5 per cent to $25.2mn
• Annual recurring revenue up 20 per cent to $15.6mn
• Adjusted cash profit up two-thirds to $6.7mn
• Net debt rose from $5.1mn to $7.3mn
Strong revenue growth, higher gross margins and efficiency gains underpinned a strong first-half trading performance from Aim-listed mobile payment platform provider Bango (BGO:102.5p).
Bango’s strategic investment in its digital vending machine (DVM) subscriptions business and market growth in ‘super-bundling’ lifted annual recurring revenue (ARR) 20 per cent to a record $15.6mn. DVM enables customers of telecom companies to manage and pay for all their subscriptions in a single place and on one bill. The Bango platform is now managing more than 19mn subscriptions and is seeing strong adoption from new customers and expansion from existing customers, as highlighted by net revenue retention of 108 per cent and 15 per cent higher segmental revenue of $8.9mn in the six-month trading period.