Despite reporting encouraging commercial progress with some global heavyweights, Cambridge UK mobile technology company Bango has seen turnover fall and losses widen in the year ended March 31.CEO Ray Anderson says the company anticipates major future growth based on winning business from more of the ‘big boys’ of the technology world.
But turnover is down substantially to £15.6 million from £19.3m, gross profit has dipped from £2.49m to £2.29m and total loss after tax has widened to £0.93m from £0.7m.
Cash balances are also down to £1.79m from £2.71m at March 31, 2011 – despite a successful placing in June 2012 of £3m net with existing shareholders.
Results for the year do not include any material income from the agreements signed with Amazon and Facebook – quite the reverse – they include costs relating to establishing the relationships.
Anderson described it as “a pivotal year in Bango's development.”
“We were delighted to have formed relationships with several industry leaders such as Facebook and Amazon. During the year Bango has further cemented its strategically central position within the smartphone marketplace, enhanced its already superior user experience and has simultaneously ensured that its powerful and unique platform is capable of supporting significant volumes of transactions.
“Looking forward, we expect to see continued growth in end user activity driven by our increased mobile network connections worldwide, alongside our increased pervasiveness with major industry names and services. Additionally, we will continue to grow our analytics product which is highly synergistic to the payments platform.”
Bango’s technology is now connected to more than 900 million consumers through over 90 worldwide mobile operators and the company has broadened its international reach to include operators in South America and Asia.
Bango Analytics volumes have more than doubled in 12 months and with an eye to the future the company says that a new area of mobile wallets is being developed.
Bango is in the process of strengthening its senior management by headhunting a new COO and CFO.