Bango swings to H1 underlying profit amid ARR growth

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