E-commerce firm Bango sees profit soar in online lockdown boom
Data-driven commerce company Bango saw revenue and profit soar last year as the group celebrated a boom in online payments during the pandemic.
Revenue at the company rocketed 70 per cent to £12.2m last year as it inked new deals with Google and Amazon — up from £7.2m the year before.
Bango also recovered from a loss of £2.3m in 2019 to deliver net profit of £4.7m last year.
The group signed an agreement with Microsoft to bring cloud gaming services to telecoms firms around the world including Xbox, which saw a boom in activity during months of lockdown.
BT Group also launched BritBox and Amazon subscriptions using the Bango Platform, while a host of video streaming subscription services recruited the ecommerce firm to roll out online payments.
Basic earnings per share from continuing and discontinued operations was 6.37p — up from a loss of 3.32p in 2019.
The group last week announced the appointment of Matt Garner as its new chief financial officer. Garner joined from Global Invacom, a communications equipment firm, where he oversaw the acquisition and integration of five companies.
Ray Anderson, Bango chairman, said the results exceeded “ambitious expectations and built solid foundations for continued growth in the future”.
“As the effects of the Covid-19 pandemic tested business models, Bango proved itself to be a resilient and highly relevant company: one that Bango customers both trust and depend on and that investors can expect to deliver a strong, sustainable financial performance,” he added.
Chief executive Paul Labey added: “Bango Marketplace is increasingly used by the leading app developers to reach paying users. With new subscription plans, channel partners and audience segments the data monetization business is set to contribute meaningfully to Bango’s growth.
“With the combination of the achievements in 2020 and a strengthened leadership team, we look to the future with increasing confidence.”