Bango stronger as annual revenue rises 16 per cent
Total revenue for the 12 months ended December 31 was up 16 per cent to $53.4 million (FY23 $46.1m), Bango said in a trading update.
Transactional revenue grew 11 per cent to $36.2m while DVM & one-off revenue rose 28 per cent to $17.2m and Annual Recurring Revenue was 59 per cent higher to $14m with more subscriptions managed by the DVM and new customer launches. Net Revenue Retention was 125 per cent as existing customers managed more subscriptions through the DVM.
Other Income not included in the revenue figure amounted to $2.2m, relating to recovery of tax costs from NTT DOCOMO and tax refunds arising from the acquisition of DOCOMO Digital. Adjusted EBITDA grew by over 137 per cent and is expected to top $15.2m (FY23: $6.4m).
Net debt at year-end was $1.7m after the payment of the first two capital repayments of the company’s NHN loan. A Barclays overdraft facility was undrawn at the year end and the outstanding NHN loan amount reduced to $5.1m.
Matt Wilson has joined the Board as CFO to support the next phase of the Bango journey “towards becoming the place where people subscribe.” He replaces Matt Garner who has retired.
Wilson brings 17 years’ international corporate finance experience across various industries. Previously, he was Group CFO of TFG London, as well as CFO of AllSaints in the retail and consumer sector. Prior to that, he spent his career in private equity and investment banking.
Bango CEO Paul Larbey ,says: “2024 has been another year of double-digit revenue growth with adjusted EBITDA more than double that reported in 2023. A solid second half was the result of ongoing success of the Digital Vending Machine® and continuing profit from the payments business, which means we enter 2025 with a stronger balance sheet.
“By the end of 2024, the DVM product had established market leadership through relationships with the world's leading subscription content providers and telcos.
“Underpinned by solid foundations in the payments business and with growing DVM recurring revenue, Bango is in an excellent position to extend our market leadership during 2025, confirming the DVM as the technology of choice for subscriptions bundling.”
