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Bango PLC ("Bango" or the "Company") 2023 Full Year Results and 2024 OutlookCAMBRIDGE, United Kingdom, April 08, 2024 (GLOBE NEWSWIRE) -- Bango (AIM: BGO) today announces its full year results for the 12 months ended 31 December 2023 and provides an update on the outlook for 2024. FY23 Financial Overview:
FY23 Operational highlights:
Outlook (unaudited) Bango has delivered a strong first quarter, sustaining good momentum and growing in-line with the plan. We reiterate our guidance for the full year:
NewDeep Limited Joint Venture Bango and NHN Corporation, the two shareholders of the NewDeep Limited joint venture have agreed that it is in the best interests of both shareholders to wind down the joint venture. And, to transfer the technology developed in the joint venture to Bango and NHN so both can use it without restriction in their respective core businesses. Investor Presentation: Bango is hosting a presentation, open to all existing and potential shareholders, at 10.00am BST today. Investors can sign up to Investor Meet Company for free and register to join the call here: https://www.investormeetcompany.com/bango-plc/register-investor Bango CEO, Paul Larbey, said: “This has been a year of significant development for Bango. Our strategic focus on capturing the subscription bundling opportunity with the Bango Digital Vending Machine® (DVM) is seeing growing momentum, with a doubling of the customer base and a strong growth of 77% in Annualized Recurring Revenue (ARR). Our technology is trusted by some of the largest companies in the world who rely on Bango to help them acquire and retain customers. One major area of focus in 2023 was the ongoing integration of the acquired DOCOMO Digital business, which has materially accelerated our growth. The complexity of the integration was reflected in the low initial purchase price. The integration went well with all $21M of cost synergies realized. With the end of year integration challenges having now been identified and addressed, we have a clear pathway to deliver further operational and cost synergies in 2024. We entered 2024 with increased momentum, a significantly expanded pipeline and a larger customer base providing clear growth opportunities. In Q1 24, we won 4 new DVM customers and exited the quarter with ARR of $11M. The subscriptions market remains buoyant, with an increasing variety of services available beyond music and movies. As consumers add subscriptions in all aspects of their lives, it drives the need for a solution to manage these subscriptions and the opportunity for the Digital Vending Machine to become the standard industry platform for subscription bundling. With our product, partners and customers, the building blocks are firmly in place. In the year ahead, our focus is on driving DVM growth with careful control of costs, which, together with increasing long-term revenue visibility, gives us confidence in capturing this opportunity.” Notes: The Annual Report, including full accounts, is available at, https://bangoinvestor.com/reports-presentations/, and will be sent to shareholders shortly. 1 Transactional Revenue is revenue derived by charging a percentage of the retail price paid by the consumer and is made up of carrier billing, resale and e-Disti revenue share amounts. The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for making this announcement on behalf of Bango is Paul Larbey, Chief Executive Officer. The full announcement can be found here: https://polaris.brighterir.com/public/bango_plc/news/rns/story/w1k0eex The Annual Report 2023 can be found here: https://bangoinvestor.com/wp-content/uploads/2024/04/Annual-report-FY23-Interactive.pdf Contact Details:
Bango enables content providers to reach more paying customers through global partnerships. Bango revolutionized the monetization of digital content and services, by opening-up online payments to mobile phone users worldwide. Today, the Digital Vending Machine® is driving the rapid growth of the subscriptions economy, powering choice and control for subscribers. The world's largest content providers, including Amazon, Google and Microsoft trust Bango technology to reach subscribers everywhere. Bango, where people subscribe. For more information, visit?www.bangoinvestor.com |