Bango swings to H1 underlying profit amid ARR growth

15th Jul 2024 08:50

(Sharecast News) - Payment technology business Bango said on Monday that it had swung to an underlying profit in the six months ended 30 June, partly due to a significant jump in annual recurring revenues.

Bango said interim adjusted underlying earnings were expected to be more than $4.0m, a marked improvement when compared to the prior year's adjusted underlying loss of $200,000.

Total revenues were up 19% at $24.1m, while annual recurring revenues surged 130% to $12.9m due to heightened Digital Vending Machine usage and new customer wins. Other income came to $1.4.m and related to the recovery of tax costs associated with the AIM-listed group's acquisition of DOCOMO Digital.

Chief executive Paul Larbey said: " The first six months of 2024 have gone to plan. We have driven continued growth from our customer base and won new DVM customers. This growth, along with a strong sales pipeline, positions us for a successful year that meets market expectations. We remain on track to return to a positive net cash position in FY25."

As of 0850 BST, Bango shares were down 2.03% at 145.0p.

Reporting by Iain Gilbert at Sharecast.com