REG - Bango PLC - Half-year Report
30/09/2024 07:00
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RNS Number : 1247G Bango PLC 30 September 2024
Bango PLC
("Bango")
Interim Results for the six months ended 30 June 2024
Cambridge, UK, 30 September 2024 - Bango (AIM: BGO), today announces its
interim results for the six months ended 30 June 2024.
Financial Overview (unaudited):
Results for the 6 months ended 30 June 2024 1H24 1H23 Change
Total Revenue $24.1M $20.3M +18.6%
Transactional Revenue(1) $16.4M $15.5M +5.3%
DVM, Audiences & One-Off(2) $ 7.7M $ 4.7M +62.5%
Annual recurring revenue (ARR)(3) $12.9M $5.6M +130.4%
Net Revenue Retention(4) 159%
Adjusted EBITDA(5) $4.0M ($0.2M) +$4.2M
Profit/(Loss) before taxation ($3.4M) ($4.9M) +$1.5M
Net (Debt(6))/Cash ($5.1M) $5.5M -$10.6M
Notes:
· Transactional revenue grew 9.4% on a constant currency basis.
· Other Income of $1.4M, which is not included in the revenue figure above,
related to recovery of tax costs from the acquisition of DOCOMO Digital. $1.1M
will be accounted for as a tax cost, resulting in $0.3M profit.
· Gross profit margin of 80.8% (1H23: 90.0%) reduced from 82.8% in 2H 2023 due
to geographic mix. Improvements expected in 2H 2024 as high margin DVM revenue
grows.
· Net debt(6) of $5.1M at 30 June 2024 (net debt of $3.9M at 31 Dec 2023)
after R&D investment of $7.6M in the period.
Operational Highlights
· Bango signed 4 new Digital Vending Machine® (DVM) customers in 1H24,
including a Bank in Brazil. Post-period there have been a further 3 new
customer wins.
· A leading European telco that adopted the DVM in 2020 extended their contract
for a further 3 years, with a minimum contract value of $1.5M over the term.
· 13 new subscription content providers were added to the DVM in 1H24, taking
the total to 106.
· The eDisti(7) program now has 20 content providers, including Microsoft and
Disney, allowing Bango to provide a 'pre-stocked' Digital Vending Machine,
reducing time to revenue for both DVM customers and Bango.
· Bango signed a global agreement with Uber to accelerate the take-up of Uber
One subscriptions through telco channels, proving the appeal of the Bango DVM
beyond digital video, music and gaming services.
· The 'global technology leader' (announced in June 2022) launched its first two
telcos with Bango in 1H24. Additional launches are underway.
· Chartered Accountant Tony Perkins joined the Bango Board as a Non-Executive
Director and Chair of the Audit Committee. In Q3, Tony was appointed as Senior
Independent Director replacing Eric Peacock who retired from the Board to
focus on his recovery from an accident.
Presentation and Webcast
A presentation of the interim results will be made to investors and analysts
at 10:00 BST today via the Investor Meet Company Platform. Those wishing to
join the call can sign up to Investor Meet Company for free via:
https://www.investormeetcompany.com/bango-plc/register-investor
(https://www.investormeetcompany.com/bango-plc/register-investor)
Paul Larbey, Chief Executive Officer of Bango, commented:
"The first six months of 2024 have gone to plan and are in-line with the
Trading Update issued in July. The payments business continues to deliver
growth, providing cash to fund expansion of the Digital Vending Machine®
(DVM), which continues to be adopted as the defacto standard platform for
subscription bundling by the world's largest companies. The addition of
Disney+ to the Bango eDisti program is further evidence of this and will help
accelerate time-to-revenue from DVM deals. With 4 new DVM wins in the 1H and a
further 3 in Q3, the pipeline built over the past years continued to deliver
results and provides confidence in meeting market expectations for the full
year.
The subscriptions market is vast and growing, and the percentage of
subscriptions bundled through channels is increasing. Bango's leadership
position in this market is strengthening with the DVM now playing a key role
in the customer acquisition and engagement strategies of major content brands.
We are excited by the opportunity ahead and remain on track to continue our
strong growth trajectory and return to a positive net cash position in FY25."
(1) Transactional Revenue is revenue derived by charging a percentage of the
retail price paid by the consumer and is made up of direct carrier billing,
resale and revenue share amounts.
(2) DVM, Bango Audiences & one-off Revenue includes all DVM license and
support fees, revenue from Bango Audiences (discontinued in Q1) and one-off
fees including DVM set-up and change requests.
(3)Annual Recurring Revenue is the expected annual revenues to be generated in
the next 12 months
based on contracted revenues recognized as at 30 June 2024.
(4) Net Revenue Retention is a measure of the retention and expansion of
revenue from existing customers over the previous 12 months and is calculated
by dividing the ARR from customers at the end of 1H24 to the ARR from those
same customers at the end of 1H23.
(5)Adjusted EBITDA is earnings before interest, tax, depreciation,
amortization, negative goodwill, exceptional items, share of net loss of
associate and share based payment charge.
(6)Net debt is cash and cash equivalents plus short-term investments less the
loan from NHN and borrowings. Barclays continues to provide an overdraft
facility which was not used at the end of the period.
(7) eDisti is a program that allows Bango to resell subscriptions from content
providers removing the need for a commercial agreement between the DVM
customer and the content provider.
ENDS
Contact Details:
Bango PLC Singer Capital Markets (Nominated Adviser and Broker)
+44 1223 617 387 +44 20 7496 3000
investors@bango.com (mailto:investors@bango.com)
Paul Larbey, CEO Jen Boorer
Matt Garner, CFO Asha Chotai
About Bango
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 (NASDAQ: AMZN), Google
(NASDAQ: GOOG) and Microsoft (NASDAQ: MSFT) trust Bango technology to reach
subscribers everywhere.
Bango, where people subscribe. For more information, visit
www.bangoinvestor.com (http://www.bangoinvestor.com/)
CEO Statement
Introduction
During the first half of 2024 we have been laser focused on our strategy for
growth. This strategy has four key pillars:
· Expand: Lead the bundling of subscription services through telco
channels
· Extract: Manage the transactional business for cash and profit
· Explore: Identify new bundling opportunities outside telcos
· Enhance: Use data to differentiate Bango and monetize content
providers
Expand: Lead the bundling of subscription services through telco channels
As content providers look for new ways to attract, engage and monetize
subscribers, bundling with telco services is increasingly the answer. For
telcos, offering these subscription bundles increases the value of their
network services. As Verizon's CEO said, "…. the more perks you have, the
lower the churn is." In fact, Verizon saw churn reduce by up to 70% after
bundling 3(rd) party services with the Bango DVM.
There is clear consumer demand for bundling. Our research highlights rising
consumer frustration with the complexity of managing an increasing number of
subscriptions. In these surveys, telcos always come out on top when people are
asked who they would choose to purchase all their subscriptions from. With
telcos already bundling 20-25% of all SVOD (Subscription Video on Demand)
services (source: Omdia, 2023), they are the place content providers are
looking at to expand their distribution.
So far, in 2024 we have seen good progress on this pillar:
· 4 new customer wins in 1H 2024, with 3 more in Q3
· The launch of previously announced deals, including a Tier 1 US
telco that contributes materially to ARR
· An existing major DVM customer renewing their contract for a further
three years, extending the customer propositions powered by the Bango DVM
· Growth in existing customers as evident in growing ARR.
Extract: Manage the transactional business for cash and profit
The transactional business continued to grow despite the headwind created by a
weak Japanese Yen.
The global technology leader (announced in June 2022) launched its first two
telcos with Bango in 1H24. Additional launches are planned in 2H24.
We added new content providers, including a gaming provider who has their own
gaming app store.
The success of Amazon Prime Day meant that the second half of the year is off
to a good start and with the usual Black Friday, Cyber Monday and Christmas
shopping events to come, we expect a strong 2H.
The route migrations from the DOCOMO Digital platform are well advanced. We
expect to complete these and start the decommissioning of the German data
center at the end of the year.
Explore: Identify new bundling opportunities outside telcos
The Bango platform is agnostic to the channel through which subscriptions are
distributed, and while telcos remain the most popular channel demanded by
content owners, other channels are emerging. Our research indicates that
financial services (banks, credit unions and digital wallets) are always
ranked second by consumers (after telcos) when asked where they would like to
purchase and manage their subscriptions.
We won our first customer in this vertical (a bank in Brazil) in 1H24 and the
pipeline of similar opportunities is building. Retail (especially reward
clubs) is also an interesting opportunity that we continue to explore.
Enhance: Use data to differentiate Bango and monetize content providers
Ultimately, the DVM exists to allow the content owners to grow and expand.
They are the constant no matter if it is a telco or bank doing the bundling.
The DVM is increasingly the platform subscription content providers are
choosing to help them grow, as demonstrated by companies like Uber joining the
Bango DVM to help drive adoption of the Uber One subscription service -
covering food delivery, taxi rides etc.
These content providers use the Bango platform to quickly and easily open new
channels - reducing a typical integration project from 6-12 months (if they
did it themselves), to as little as 2-4 weeks with Bango. However, the
platform is much more powerful than just providing channel connectivity.
The Bango eDisti program is an innovation that allows content providers to
quickly establish a standard commercial relationship with telcos alongside the
technical and operational gains from using the DVM. This program has taken-off
rapidly and there are now 20 content providers in the eDisti program including
Disney, who joined in 1H24, allowing Bango to distribute Disney+ through the
DVM.
The addition of Disney+ to the eDisti catalogue is a marquee brand that will
accelerate DVM licensing deals in the funnel and help get others launched more
quickly.
We are also seeing a number of content providers looking to create their own
bundles, incorporating third-party subscriptions that complement their own,
e.g. music with eBooks. The Bango DVM is equally well positioned to help
content owners create these bundles, increasing the value Bango delivers in
the subscriptions ecosystem.
The Digital Vending Machine® is the market leading platform for subscription
bundling and our technology continues to evolve. The next phase is to increase
the availability of subscriptions data and consumer insights that our platform
enables, leveraging our unique position serving multiple content providers and
resellers. The integration of Bango Audiences into the DVM was the first phase
of this. With bundling accounting for 1 in 4 subscriptions worldwide (and up
to 40% of subscriptions in some markets) the ability to use data to compete in
this segment of the market becomes enormously valuable. To help accelerate the
DVM data offering, we recently recruited a new Chief Product Officer who has a
track record of achievement using data and AI to drive commercial success.
Summary
Our strategy is clear and our execution on track. The market opportunity from
DVM is quickly developing which, coupled with the strong cash generation from
the transactional business, positions us well to deliver good returns for
shareholders.
Paul Larbey
CEO
CFO statement
I am pleased to present the interim financial results for the six months ended
30 June 2024. During this period, we have delivered strong revenue growth
while continuing to invest strategically in key areas of the business,
ensuring sustainable long-term growth and future profitability.
Financial Performance
Revenue for the first half of 2024 increased by 18.6% to $24.1M (1H23:
$20.3M), driven by an impressive 62.5% increase in the DVM, Audiences &
One-off revenue (1H24 $7.7M: 1H23 $4.7M). In addition, Bango delivered a solid
5.3% growth in transactional revenue (1H24 $16.4M: 1H23 $15.5M). The growth in
Direct Carrier Billing (DCB) revenues was slowed by the weakening of the
Japanese Yen during the first six months of 2024. 1H24 margin has decreased
from 2H23 (82.8%) to 80.8% due to the geographic mix of transactional revenue
in the period. The DVM business continued to achieve margins at over 95%. With
further growth in 2H and beyond expected to come predominately from DVM
revenues, Bango expects the overall margin to improve.
Annual Recurring Revenue (ARR) rose 130% to $12.9M (1H23: $5.6M) driven by
growth in the volume of subscriptions bundled through the DVM and new customer
wins. Net Revenue Retention, a measure that compares ARR from telcos active at
the end of 1H23 against the end of 1H24, was 159%, highlighting the continued
growth from existing customers during the period. The DVM is a very sticky
solution so customer churn remained at zero.
Other Income of $1.4M, which is not included in the revenue figure above,
related to recovery of tax costs from the acquisition of DOCOMO Digital. $1.1M
is accounted for as a tax cost, resulting in $0.3M profit gain. This is not
expected to repeat in 2H24.
Core administrative costs which exclude depreciation & amortization,
foreign exchange costs, share-based payments, R&D Capitalization and
exceptionals, have reduced 10.8% ($3.0M) on the same period in 2023 to $23.8M
and 6.7% ($1.8M) in 2H23, reflecting continued operational efficiency and
disciplined cost management, including the on-going reductions as part of the
DOCOMO Digital restructuring. At the same time as Bango continues to develop
the DVM product, R&D capitalization dropped 14.1% (1H24 $7.6M: 1H23 $8.9M)
and 22.0% on a sequential basis (2H23: $9.8M) as R&D related to DCB and
migrations from DOCOMO Digital decreased. We expect administrative costs to
reduce further in 2H24.
Adjusted EBITDA rose $4.2M to $4.0M (1H23: Negative $0.2M) benefitting from
the increased revenues and reduced costs. Bango's net loss for the period was
$4.2M (1H23: Loss $4.3M). Adjusted EBITDA gain was offset by higher
amortization and depreciation (1H24 $5.6M: 1H23 $3.5M) as capitalized costs,
including those of the DVM development, are amortized against the revenues
generated. Tax costs in the period (1H24 $0.8M: 1H23 Gain $0.7M) include the
costs associated with the other income from the DOCOMO Digital acquisition
discussed earlier and the benefit of an R&D tax claim.
Balance Sheet and Cash Flow
Our balance sheet remains solid with investments into the Bango platform
raising Long Term Assets to $43M (FY23: $42.0M). Net debt increased to $5.1M
(FY23: $4.0M), with cash of $2.2M (FY23: $3.7M) and loans of $7.3M (FY23:
$7.7M), reflecting the investment in new product development in DVM. The
£3.0M bank overdraft facility with Barclays was undrawn at the end of the
period.
Operating cash flow generated $7.3M in the period with a focus on working
capital optimization, resulting in improved receivables. We expect to increase
cash generation through the second half of the year which will continue to be
used for investment, as well as the repayment of the loan from NHN.
Outlook
We have entered the second half of the year with a strong pipeline of new
business, especially within DVM which saw strong growth in 1H24. Growth in
this area of the business, with its >95% gross profit margins, will
strengthen our cash position, complemented by reducing costs as the migrations
of the acquired DOCOMO routes to the Bango platform complete.
We continue to see good growth from our existing wins with DVM as customers
climb through their pricing tiers, and in 2H 24, we will realize a full six
months of revenue from wins in 1H24.
With the normal second half weighting of revenues driven by the likes of
Amazon Prime days, Cyber Monday, Black Friday, Thanksgiving and Christmas/New
Year spending, we remain confident in producing results for the full year
in-line with market expectations.
Matthew Garner
Chief Financial Officer
Consolidated statement of comprehensive income for the year ended 30 June 2024
Six months Six months
ended 30 June 2024 Unaudited ended 30 June 2023 Unaudited
$ 000 $ 000
Note
Revenue 3 24,055 20,274
Cost of sales (4,617) (2,026)
Gross profit 19,438 18,248
Other operating income 1,396 -
Administrative expenses (23,793) (22,596)
Adjusted EBITDA 4,038 (231)
Exceptional items 4 (306) (3,336)
Negative goodwill - 3,798
Share based payments (1,139) (1,067)
Depreciation (526) (512)
Amortization (5,026) (3,000)
Operating loss (2,959) (4,348)
Finance costs (449) (103)
Finance income 7 2
Share of net loss of associates accounted for using the equity
method - (489)
Loss before taxation (3,401) (4,938)
Income tax income (796) 683
Income for the period (attributable to equity holders of the company)
(4,197) (4,255)
Other comprehensive income
Items that may be reclassified subsequently to profit or
loss
Foreign exchange on consolidation 909 1,969
(Loss) and total comprehensive income for the financial year (3,288) (2,286)
Loss per share
Note
Basic loss per share 5 5.46) c (5.55) c
Diluted loss per share 5 (5.46) c (5.55) c
Notes 1 to 7 are an integral part of the consolidated interim financial
statements
Consolidated statement of financial position as at 30 June 2024
31 December
30 June 2024 Unaudited 2023
Note $ 000 Audited
$ 000
ASSETS
Non-current assets
Property, plant and equipment 1,226 1,271
Right of use assets 2,254 2,734
Intangible assets 39,506 37,670
Other investments 50 50
Trade and other receivables - 250
43,036 41,975
Current assets
Trade and other receivables 20,668 22,526
Research and development tax credits 1,681 1,412
Short-term investments 40 40
Cash and cash equivalents 2,236 3,720
24,625 27,698
Total assets 67,661 69,673
EQUITY
Capital and reserves attributable to equity holders of
the parent company
Share capital 6 24,587 24,584
Share premium account 63,173 63,161
Merger reserve 2,886 2,886
Share-based payments reserve 7,165 7,218
Foreign exchange reserve (1,167) (2,033)
Accumulated losses (71,285) (68,323)
Total equity 25,359 27,493
LIABILITIES
Current liabilities
Trade and other payables 32,153 30,841
Lease liabilities 926 1,013
Loans and borrowings 1,833 1,925
34,912 33,779
Non-current liabilities
Loans and borrowings 5,500 5,776
Trade and other payables - 196
Lease liabilities 1,285 1,770
Deferred tax 605 659
7,390 8,401
Total liabilities 42,302 42,180
Total equity and liabilities 67,661 69,673
Notes 1 to 7 are an integral part of the consolidated interim financial
statements.
Consolidated cash flow statement for the six months ended 30 June 2024
Six months Six months
ended ended
30 June 30 June
2024 2023
Unaudited Unaudited
$ 000 $ 000
Cash flows from operating activities
Loss for the period (4,197) (4,255)
Adjusted for:
Depreciation of property, plant & equipment 526 512
Amortization of intangibles 5,026 3,000
Negative goodwill recognized - (3,798)
Finance income (7) -
Loss from disposals of fixed assets 570 -
Foreign exchange losses 419 -
Net finance costs 449 101
Share based payments 1,139 1,067
Share of profit or loss of associate - 489
Taxation credit 796 (683)
Decrease in trade and other receivables 961 9,142
Increase/(decrease) in trade and other payables 1,616 (5,282)
Cash generated from operating activities 7,298 293
Corporation tax received - 796
Net cash generated from operating activities 7,298 1,089
Cash flows from investing activities
Purchases of property plant and equipment (60) (76)
Addition to intangible fixed assets (7,641) (8,318)
Interest received 7 2
Additional investment in associate - (631)
Net cash outflow from investing activities (7,694) (9,023)
Cash flows from financing activities
Proceeds from issue of ordinary shares 15 806
Proceeds from borrowings - 7,873
Interest payable (392) (39)
Interest payments on finance lease obligations (57) (64)
Capital repayments on finance lease obligations (629) (484)
Net cash flows from financing activities (1,063) 8,092
Net (decrease)/increase in cash and cash equivalents (1,459) 158
Cash and cash equivalents at 1 January 3,720 12,657
Effect of exchange rate fluctuations on cash held (25) 546
Cash and cash equivalents at 30 June 2,236 13,361
Notes 1 to 7 are an integral part of the consolidated interim financial
statements.
Consolidated statement of changes in equity for the six months ended 30 June
2024
Share capital Share Merger Share based payment Foreign currency Retained Total
premium reserve reserve translation earnings
account
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000
At 1 January 2024 24,584 63,161 2,886 7,218 (2,033) (68,323) 27,493
Loss for the period - - - - - (4,197) (4,197)
Foreign exchange translation - - - 43 (43) - -
Foreign exchange on consolidation - - - - 909 - 909
Total comprehensive income - - - 43 866 (4,197) (3,288)
Share-based payment transactions - - - 1,139 - - 1,139
Transfer for exercised options - - - (1,235) - 1,235 -
Exercise of share options and warrants
3 12 - - - - 15
Transactions with owners 3 12 - (96) - 1,235 1,154
At 30 June 2024 24,587 63,173 2,886 7,165 (1,167) (71,285) 25,359
Share capital Share Merger Share based payment Foreign currency Retained Total
premium reserve reserve translation earnings
account
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000
At 1 January 2023 24,471 62,411 2,886 4,029 (2,812) (59,541) 31,444
Loss for the period - - - - - (4,255) (4,255)
Foreign exchange translation - - - 265 (265) - -
Foreign exchange on consolidation - - - - 1,969 - 1,969
Total comprehensive income - - - 265 1,704 (4,255) (2,286)
Share-based payment transactions - - - 1,067 - - 1,067
Transfer for exercised options - - - (167) - 167 -
Exercise of share options and warrants
104 702 - - - 806
Transactions with owners 104 702 - 900 - 167 1,873
At 30 June 2023 24,575 63,113 2,886 5,194 (1,108) (63,629) 31,031
Notes 1 to 7 are an integral part of the consolidated interim financial
statements.
1 General information
Bango PLC ("the Company") was incorporated on 8 March 2005 in the United
Kingdom. Bango PLC is domiciled in the United Kingdom. Bango PLC's shares are
listed on the Alternative Investment Market of the London Stock Exchange
("AIM"). The Bango registered office is at Botanic House, 100 Hills Road,
Cambridge, CB2 1YG, United Kingdom. The Bango principal place of business is
326 Science Park, Milton Road, Cambridge, CB4 0PZ, United Kingdom.
2 Basis of preparation
These interim financial statements are for the six months ended 30 June 2024.
They do not include all the information required for full annual financial
statements and should be read in conjunction with the consolidated financial
statements of the Group for the year ended 31 December 2023, which have been
filed at Companies House with an unmodified audit report.
These interim financial statements have been prepared in accordance with
UK-adopted International Accounting Standards ("IFRS"). These financial
statements have been prepared under the historical cost convention.
These interim financial statements have been prepared in accordance with the
accounting policies adopted in the last annual financial statements for the
year to 31 December 2023. The accounting policies have been applied
consistently throughout the Group for the purposes of preparation of these
interim financial statements and are expected to be followed throughout the
year ending 31 December 2024.
These financial statements are presented in US Dollars (USD), the presentation
currency of Bango PLC Group. The Group's functional currency is GBP Sterling.
3 Revenue
Revenue by product:
2024 2023
$ 000 $ 000
Transactional revenue 16,358 15,543
DVM, Audiences & One off revenue 7,697 4,731
24,055 20,274
2024 2023
$ 000 $ 000
Annual recurring revenue 12,972 5,570
12,972 5,570
4 Exceptional items and negative goodwill
2024 2023
$ 000 $ 000
Restructuring costs - 2,643
Asset write-down 306 553
Bango office costs - 140
306 3,336
The restructuring costs in the prior year relates to the closure of the Net-M
subsidiary during the period. The costs consist of the net assets of Net-M
which included cash of $2.4M. The write-down relates to intangible costs
incurred on the Bango 22 UK Limited group platform (former Docomo Digital)
that will ordinarily be capitalized under IAS 38, but due to the planned
migration to the Bango Platform, the costs have now been expensed. Bango
office costs relate to expenses incurred in the prior year in the unsuccessful
acquisition of a new Bango office.
5 (Loss) / earnings per share
(a) Basic
Basic loss per share are calculated by dividing the profit attributable to
equity holders of Bango Plc by the weighted average number of ordinary shares
in issue during the year.
Six months Six months
ended ended
30 June 2024 30 June 2023
Unaudited Unaudited
$ 000 $ 000
Loss from operations (4,197) (4,255)
Loss attributable to equity holders of Bango PLC (4,197) (4,255)
Weighted average number of ordinary shares in issue 76,807,122 76,641,638
Basic (loss) / earnings per share
Basic loss per share attributable to equity holders
(5.46) c (5.55) c
Basic adjusted (loss) / earnings per share
Adjusted basic (loss) / earnings per share is a key financial information
which discloses the financial performance of the core business for which the
directors have direct control. Adjusted basic (loss) / earnings per share is
determined as the profit attributable to equity holders of Bango Plc excluding
the Bango Plc share of the net loss of associate for the period, negative
goodwill and exceptional items divided by the weighted average number of
ordinary shares in issue during the year.
Six months Six months
ended ended
30 June 2024 30 June 2023
Unaudited Unaudited
$ 000 $ 000
Loss from operations (4,197) (4,255)
Exceptional items 306 3,336
Negative goodwill - (3,798)
Share of net loss of associates accounted for using the equity method - 489
(Loss) attributable to equity holders of Bango PLC (3,891) (4,228)
Weighted average number of ordinary shares in issue 76,807,122 76,641,638
Basic adjusted (loss) / earnings per share
Adjusted basic (loss) / earnings per share attributable to equity holders (5.07) c (5.52) c
(b) Diluted
At 30 June 2024 11,113,289 options over ordinary shares of (30 June 2023:
8,422,410) were outstanding.
Six months Six months
ended ended
30 June 2024 Unaudited 30 June 2023 Unaudited
$ 000 $ 000
Weighted average number of ordinary shares in issue 76,807,122 76,641,638
Options - -
Weighted average number of ordinary shares in issue (including options)
76,807,122 76,641,638
As required by IAS33 (Earnings per Share), the impact of potentially dilutive
options was disregarded for the purposes of calculating diluted loss per share
in the current and previous periods as the Group was loss making.
Diluted (loss) / earnings per share
Diluted (loss) / earnings per share attributable to equity
holders (5.46) c (5.55) c
Diluted adjusted earnings per share
Six months Six months
ended ended
30 June 2024 Unaudited 30 June 2023 Unaudited
$ 000 $ 000
Weighted average number of ordinary shares in issue 76,807,122 76,641,638
Weighted average number of ordinary shares in issue (including options)
76,807,122 76,641,638
As required by IAS33 (Earnings per Share), the impact of potentially dilutive
options was disregarded for the purposes of calculating diluted loss per share
in the period as the Group was loss making.
Diluted adjusted (loss) / earnings per share
Diluted adjusted (loss) / earnings per share attributable to equity
holders (5.07) c (5.52) c
6 Share capital
Allotted, called up and fully paid shares
30 June 31 December
2024 2023
No. $ 000 No. $ 000
As at 1 January of 0.20 each 76,797,155 24,584 76,331,846 24,471
Exercise of share options and warrants of 0.20 each
11,038 3 465,309 113
76,808,193 24,587 76,797,155 24,584
7 Publication of non-statutory accounts
The condensed consolidated interim financial information was approved by The
Board of Directors on 27 September 2024.
The financial information set out in this interim report does not constitute
statutory accounts as defined in section 435 of the Companies Act 2006. The
figures for the period ended 31 December 2023 have been extracted from the
Statutory Financial Statements of Bango PLC, which have been filed with the
Registrar of Companies. The auditor's report on those financial statements is
unqualified and did not contain any reference to any matters to which the
auditors drew attention to by way of emphasis without qualifying their report
a statement under section 498(2) or 498(3) of the Companies Act 2006. The
interim financial information for the six months to 30 June 2024 is unaudited.
The interim report together with an analyst briefing presentation will be
distributed to all shareholders and will be available on the Bango investor
site at www.bangoinvestor.com. (http://www.bangoinvestor.com/)
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