MOBILE payments firm Bango yesterday reported widening losses in the year to 31 March and said its recent deals with tech giants Amazon and Facebook have yet to deliver the goods.
The Aim-listed company posted a total loss of £930,000 for the year, compared to £700,000 the year before, as revenues dropped by almost a fifth to £15.6m.
Gross profits fell from £2.49m to £2.29m.
But the British company, which enables users to pay for digital content and services on their smartphone, said it was still waiting for the money to roll in from the high profile deals it has signed recently.
Bango announced a partnership with internet behemoth Amazon in December, but claimed at the time that it was too early to forecast accurately the level of business that the deal could generate.
The firm followed this in February by unveiling a similarly vague relationship with Facebook.
The respective announcements sent Bango’s shares up by 11 per cent to 70p and then by 40 per cent to 137.5p.
The company said that while its full year results included costs of establishing the partnerships, the financial benefits had yet to be registered.
Chief executive Ray Anderson said: “It has been a pivotal year in Bango’s development and we were delighted to have formed relationships with several industry leaders such as Facebook and Amazon.”
Bango’s other clients include BlackBerry, EA Mobile and O2.
The firm’s shares jumped 2.6 per cent to 157.5p.