REG - Bango PLC - Half-year Report
Today 07:00
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RNS Number : 2223Z Bango PLC 15 September 2025
Bango PLC
("Bango")
Interim Results for the six months ended 30 June 2025
Cambridge, UK, 15 September 2025 - Bango (AIM: BGO), today announces its
Interim Results for the six months ended 30 June 2025.
Financial Overview (unaudited):
Results for the 6 months ended 30 June 2025 1H25 1H24 Change
Total Revenue $25.2M $24.1M +5%
Transactional Revenue(1) $16.4M $16.4M +0%
DVM & One-Off(2) $8.9M $7.7M +15%
Annual Recurring Revenue (ARR)(3) $15.6M $13.0M +20%
Net Revenue Retention(4) 108% 159%
Adjusted EBITDA(5) $6.7M $4.0M +66%
Profit (Loss) for the period(6) ($3.2M) ($4.2M) +24%
Net Debt(7) $7.3M $5.1M +$2.2M
Notes:
· Total Revenue increased by 5% to $25.2M (1H24 $24.1M), with Total
Transactional Revenue(1) flat at $16.4M (1H24 $16.4M) as the 10% growth in
core routes was masked by volatility in a small number of high cost of sales
routes acquired with DOCOMO Digital
· Gross profit margin increased to 84.3% (1H24 80.8%) driven by high margin DVM
growth, procurement initiatives and strong performance in core transactional
routes
· ARR up 20%. Net Revenue Retention of 108% (H1 24: 159%) with churn of live DVM
customers remaining at zero
· Other Income was $0.4M (1H24 $1.4M) and is not included in the revenue figure
above; this is related to recovery of costs from the acquisition of DOCOMO
Digital
· Net debt rose to $7.3M at 30 June 2025 (30 June 2024 $5.1M) driven by planned
working capital movements and supported by the previously announced enhanced
loan facility with NHN and the $15M NatWest revolving credit facility. These
were secured to strengthen the balance sheet and enable acceleration of
planned efficiency improvements
Operational Highlights
Existing Customers
· Active subscriptions managed by the Digital Vending Machine® (DVM(TM)) at the
end of 1H25 doubled (vs the end of 1H24) to 19.2M
· A leading social media platform is using the DVM to grow their subscription
customers through Telco bundled offers in India
· Sirius XM (US based music streaming service) expanded their use of the DVM
(beyond enabling Telcos to bundle their services) to bundle third-party
subscription services (e.g. Fox Nation) with Sirius XM subscriptions directly
to their customers, a model that content providers are increasingly adopting
New Customers
· 7 DVM customers won in 1H25 (compared with an average of 9 wins in 12 months
for the past two years). Highlights include:
o Additional US Telco win, leading to the DVM now being adopted by 6 of the top
8 US Telcos
o First DVM customer in South Korea as Korea Telecom adopt the DVM for bundling,
initially focusing on AI based subscriptions
o First Telco DVM customer in Japan
o New Telco DVM customer in Western Europe as European Telcos begin the
transition from analysis to implementation
Product & Ecosystem
· 116 content providers are now integrated with the Digital Vending Machine
· Launched the world's first fully integrated Super Bundling platform,
incorporating new capabilities and technology into the DVM including the CX
(user interface) and powerful offer management and orchestration features
· Cable operator Altice (US) became the first customer to go live with the DVM
CX (user interface)
Post Period Highlights
· Migration of the DOCOMO Digital routes from the Frankfurt data center is
complete
· Partnership announced with DISH TV, (one of the top 8 Telcos in the US), and
its streaming TV brand, Sling TV to launch and scale new subscription
offerings and bundles for their customers
· Partnership with Telkomsel Indonesia to bundle Microsoft PC Game Pass
· Signed an agreement with MTN (the largest operator group in Africa spanning 16
markets) with deployment starting in South Africa. This is the first DVM
customer in the region
· Certified ISO22301 for Business Continuity by BSI
Paul Larbey, Chief Executive Officer of Bango, commented:
"Bango has delivered a strong first half in 2025, making significant progress
towards becoming the place where people subscribe. Adjusted EBITDA grew by 66%
and Annual Recurring Revenue increased 20% year-on-year. The Digital Vending
Machine® continues to gain momentum, managing over 19 million active
subscriptions at the end of June - twice the number at the same point last
year. This momentum was underpinned by 7 new customer wins so far this year,
including our first in South Korea, a first Telco in Japan and with further
wins in the US meaning 6 out of the top 8 Telcos in the US rely on the Digital
Vending Machine for bundling.
Adoption of the DVM is also broadening beyond Telcos, with leading content
providers and platforms increasingly selecting Bango to power their bundling
strategies. The launch of our fully integrated Super Bundling platform, and
the first deployment of the new DVM CX by Altice in the US, further
strengthens our position as the standard platform for subscription bundling.
In the payments business, the core, high-margin transactional routes delivered
solid growth, even as volatility in a small number of acquired DOCOMO Digital
routes masked the underlying performance. With the migration from the
Frankfurt data center complete, the integration of DOCOMO Digital is now
behind us. Following the efficiency savings delivered this year, Bango is well
positioned for significant cash generation in 2026.
I am excited by our growing base of blue-chip customers and encouraged by
their expanding application of the Bango DVM to power a varied and compelling
range of bundled offers. Bango is well positioned to deliver scalable,
profitable growth and to capture the expanding global opportunity in
subscription bundling."
(1) DVM & One-off Revenue includes all DVM license and support fees,
revenue from Bango Audiences (discontinued in Q1 2024) and one-off fees
including DVM set-up and change requests.
(2) 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 e-Disti revenue share amounts.
(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 2025.
(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 existing customers at the end of a period by the ARR
generated from those same customers at the beginning of the period.
(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)Attributable to equity holders of the company.
(7)Net debt is borrowings less cash and cash equivalents plus short-term
investments.
Presentation and Webcast
A presentation of the half year 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 and add to
meet BANGO PLC via:
https://www.investormeetcompany.com/bango-plc/register-investor
(https://www.investormeetcompany.com/bango-plc/register-investor)
Engage with the Bango management team directly by asking questions, watching
video summaries and seeing what other shareholders have to say. Navigate to
our interactive Investorhub
here: https://bangoinvestor.com/link/rD16pP
ENDS
For further information, please contact:
Investor questions on this announcement https://bangoinvestor.com/link/rD16pP
We encourage all investors to share questions
on this announcement via our investor hub
Bango PLC +44 1223 617 387
Paul Larbey, CEO
Matt Wilson, CFO
+44 20 7496 3000
Singer Capital Markets (Nominated Adviser and Broker)
Jen Boorer
Asha Chotai
Oliver Platts
+44 (0)20 7523 8000
Canaccord Genuity (Joint Broker)
Simon Bridges
Harry Gooden
George Grainger
Subscribe to our news alert service: https://bangoinvestor.com/auth/signup
(https://bangoinvestor.com/auth/signup)
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
Bango operates two distinct product lines that share a common technology stack
and customer base but differ in revenue model and growth dynamics. Together,
these provide a strong foundation for sustainable growth. In the first half of
2025, we continued to scale our Digital Vending Machine® (DVM™)
subscriptions business, delivering a 20% increase in Annual Recurring Revenue
(ARR). This strong revenue growth, coupled with efficiency initiatives
resulted in a 66% uplift in Adjusted EBITDA, a margin of 27% (1H 24 17%)
demonstrating the benefits of operational leverage and disciplined cost
management.
Digital Vending Machine® (DVM™): The Bango DVM enables subscription service
providers to scale their reach through major distribution channels including
Telcos, retailers, banks and other partners. As the structural shift toward
indirect distribution and super bundling accelerates, Bango is increasingly
recognized as the industry standard platform for subscription bundling.
The strategic advantage of a common technology platform is that all business
activity contributes to its evolution and all our resellers and content
providers benefit from that continuous progress, and the subscriptions
bundling market as a whole grows faster. By connecting once to the DVM, a
content provider becomes part of a large and expanding network of resellers.
Equally, a reseller connected to the DVM becomes part of an ecosystem of over
116 content providers. This unique platform is making Bango the place that the
world's largest companies come to for bundling. At the end of June 2025, the
DVM managed over 19 million active subscriptions - double the number from the
same time in 2024. This growth is driven both by strong adoption from new
customers and expansion from existing partners.
Payments / Transactional: Bango remain a global leader in Direct Carrier
Billing (DCB). We are the largest DCB partner for Google Play, the only DCB
partner for Amazon in Japan, and the sole provider of DCB services to NTT
DOCOMO - the largest Telco, in the most valuable DCB market.
Strategy for Growth
Our strategy continues to be driven by four pillars:
Expand - Lead the bundling of subscription services through Telco channels
With 7 new wins in 1H25, including our first customer in Korea, our first DVM
Telco in Japan and the first DVM win in India, the DVM is growing globally. A
new Telco customer in Western Europe is the first of several expected wins as
European opportunities move from exploration into deployment.
Our leadership in the US (the world's largest subscription market) was further
crystallized with 6 out of the top 8 Telcos now relying on the Bango DVM to
bundle third-party subscription services.
Net Revenue Retention of 108%, along with the increase in the number of active
subscriptions managed by the DVM, demonstrates that existing customers are
growing their usage of the DVM. As the base of existing customers grows, we
expect the revenue they generate to increase as they start to climb through
the license fee tiers. This marks the transition from growth by coverage
(adding new logos - the phase we are currently in), to growth by capacity, an
important milestone.
Explore - Identify new bundling opportunities outside Telcos
The DVM remains reseller-agnostic. New opportunities in retail, financial
services and adjacent verticals continue to emerge. The launch of multiple new
features in 2025, including the DVM CX, elevated the DVM to become the first
all-in-one super bundling solution and provide key enablers for our expansion
into these new verticals.
Enhance - Use data to differentiate Bango and monetize content providers
Content providers are increasingly using the DVM not only to reach new
customers but also to create new bundling models. SiriusXM's adoption of the
DVM to bundle additional third-party content is one example of this. We
continue to build capabilities to harness platform data, helping providers
benchmark and optimize subscriber growth.
Extract - Manage the payments business for cash and profit
Transactional revenue was flat in the first half, as 10% growth in our core
high-margin routes was offset by volatility in a small number of lower-margin
routes acquired with DOCOMO Digital.
The migration of DOCOMO Digital routes from the Frankfurt data center to the
Bango platform has now completed, allowing us to further optimize operations
and reduce costs, resulting in increased cash generation from the
transactional business.
Summary
Bango is scaling strongly in 2025. With 7 new customers in the first half
across North America, Europe and Asia, and the first CX launch with a major US
operator. Recurring revenue continues to grow, while Adjusted EBITDA rose 66%
as our cost efficiency programs and the operational leverage take effect.
With enhanced financing and a strengthened balance sheet, Bango is in an
excellent position to deliver further profitable growth and capture the
significant global growth opportunity in subscription bundling.
Outlook
The DVM pipeline is robust, supported by increasing adoption from leading
Telcos and content providers worldwide. Payments continue to provide a solid
foundation, while new efficiency initiatives will further enhance
profitability. We enter the second half of 2025 with strong momentum and
remain on track to deliver FY25 revenue and Adjusted EBITDA in line with
market expectations.
Paul Larbey
Chief Executive Officer
CFO Statement
I am pleased to report that the first half of 2025 delivered solid financial
progress, with strong performance across recurring revenue, gross margin and
operating efficiency. Recurring revenue grew by 20%, gross margin increased by
350bps (notwithstanding the impact of the high cost of sales routes acquired
with DOCOMO Digital), and core administrative expenses reduced by 9%.
Together, these improvements drove a 66% increase in Adjusted EBITDA compared
to the prior year period, growing the Adjusted EBITDA margin from 17% to 27%.
Net loss also narrowed by 24%, underlining the benefits of a more efficient
cost base and improved operating leverage as we continue to deliver on our
strategic objectives.
Financial Performance
Group revenue for 1H25 increased 5% to $25.2M (1H24: $24.1M).
· Transactional revenues were flat at $16.4M (1H24: $16.4M), while
the core transactional routes grew 10% y-o-y. This growth offset the
volatility experienced in the small number of higher cost of sales routes
acquired with DOCOMO Digital.
· DVM & One-off revenue grew by 15% to $8.9M (1H24: $7.7M),
driven by both new customer wins and growth in the volume of bundled
subscriptions through the platform. Our pipeline continues to grow with Bango
securing 7 new customers during the period and DVM subscriptions doubling from
1H 24 to over 19M.
Annual Recurring Revenue (ARR) increased by 20% to $15.6M (1H24: $13.0M). Net
Revenue Retention of 108% reflects continued growth from existing customers.
Importantly, churn of live DVM customers remains at zero.
Gross profit rose to $21.3M (1H24: $19.4M), with gross margin improving to 84%
(1H24: 81%), driven by strong performance in core transactional routes,
procurement initiatives and a greater weighting of higher-margin DVM activity.
Operating expenditure reflected continued focus on cost discipline. Core
administrative expenses(*) were reduced by $2.2M as the restructuring and
efficiency initiatives delivered cost savings. These initiatives include
organizational streamlining, procurement improvements, and the completion of
the DOCOMO Digital route migrations. All of these elements contribute to a
lower cost base and more operational leverage going into the second half.
Depreciation and amortization increased to $6.8M (1H24: $5.6M), reflecting
historical platform developments which are now beginning to generate revenue.
Exceptional items also rose to $1.8M (1H24: $0.3M) as expected, reflecting the
one-off restructuring costs ($1.3M) associated with the efficiency initiatives
delivered in the first half. This is expected to deliver a further reduction
in core administrative expenses during the 2H and into FY26. The exceptionals
also included $0.3M of data migration costs relating to the transfer of data
from the DOCOMO Digital platform to the Bango platform and $0.2M of asset
write-down charges. These write-down charges are consistent with prior periods
and relate to intangible costs incurred on the DOCOMO Digital platform that
will ordinarily be capitalised under IAS 38, but due to the migration to the
Bango platform have been expensed. Both these costs are expected to cease with
the completion of route migrations this year. Lastly, share-based payment
charges remained stable at $1.1M (1H24 $1.1M).
Other income for the period of $0.4M (1H24: $1.4M), related to the recovery of
DOCOMO Digital acquisition costs as in prior periods. These amounts are
difficult to predict and while some further recoveries are anticipated in
2H25, the expected level will be lower than in FY24.
As a result of the above, the operating loss was slightly lower than prior
year at $2.9M (1H24: $3.0M), despite higher amortization and the exceptional
charges related to the efficiency initiatives.
Balance Sheet
The balance sheet was strengthened following the June refinancing, with the
addition of a $15.0M NatWest revolving credit facility and an enhanced NHN
loan. Total assets increased to $82.8M (Dec 2024: $68.5M), driven by working
capital, continued investment in the DVM and the recognition of right-of-use
assets from our new Cambridge head office - a planned strategic investment to
support growth and talent retention. An increase in intangible assets
reflected the ongoing development in the DVM.
Working capital was temporarily affected by a timing delay in receipts which
normalized shortly after the period end. R&D tax credits rose to $1.8M
(1H24: $1.3M), although we expect this to reduce going forward following
changes to the UK tax regime due to lower overseas relief.
Net debt as at 30 June 2025 rose to $7.3M (Dec 2024: $1.7M) consistent with
our expectations. The increase reflects one-off costs from the efficiency
initiatives and refinancing activities this year, as well as the unwind of
FY24 working capital benefits. Net debt is expected to reduce from Q4 2025
onwards as efficiency savings and seasonal inflows materialize.
Cash Flow
Closing cash at 30 June 2025 was $4.6M (1H24: $2.2M), with financing inflows
offsetting the impact of working capital timing on cash generation from
operations. Capitalized R&D expenditure reduced to $7.2M (1H24: $7.3M). As
guided at the FY24 results, expenditure on capitalized R&D peaked in FY24
and we expect a further reduction through 2H FY25 and into FY26.
Net inflows from financing activities of $5.3M (1H24: outflow of $1.1M)
reflected the refinancing of the capital structure in June with the addition
of NatWest and NHN facilities which have significantly bolstered liquidity.
Loan repayments of $0.9M (1H24: $0) included the scheduled quarterly
instalment of the prior NHN loan before the amendments in June. Finance
costs over the period increased to $0.6M (1H24: $0.5M), reflecting higher
average borrowings as well as the additional IFRS16 lease interest from the
new head office move.
Outlook
Bango remain on track to deliver FY25 revenue and Adjusted EBITDA in line with
market expectations, with timing of new DVM contract wins and the second half
weighting of transactional revenues the key drivers of second-half
performance. As guided, we expect net debt will be temporarily elevated at the
year-end due to the anticipated working capital unwind and one-off costs. From
FY26 onwards we expect materially higher cash EBITDA generation, reflecting
the structural improvements to our cost base and growing ARR. This positions
Bango well for sustainable long-term growth and we look to the future with
confidence.
Matt Wilson
Chief Financial Officer
(*)Core administrative expenses are administrative costs before exceptional
items, share based payment charge, capitalized R&D expenses, asset
write-down, negative goodwill, depreciation and amortization.
Consolidated statement of comprehensive income for the year ended 30 June 2025
Six months Six months
ended 30 June 2025 Unaudited ended 30 June 2024 Unaudited
$ 000 $ 000
Note
Revenue 3 25,225 24,055
Cost of sales (3,952) (4,617)
Gross profit 21,273 19,438
Other operating income 370 1,396
Administrative expenses (24,592) (23,793)
Adjusted EBITDA 6,703 4,038
Exceptional items 4 (1,771) (306)
Share based payments (1,120) (1,139)
Depreciation (626) (526)
Amortization (6,135) (5,026)
Operating loss (2,949) (2,959)
Finance costs (642) (449)
Finance income 18 7
Loss before taxation (3,573) (3,401)
Income tax 383 (796)
Loss for the period (attributable to equity holders of the company)
(3,190) (4,197)
Other comprehensive income
Items that may be reclassified subsequently to profit or
loss
Foreign exchange on consolidation 1,574 909
Loss and total comprehensive income for the financial year (1,616) (3,288)
Loss per share
Note
Basic loss per share 5 (4.15) c (5.46) c
Diluted loss per share 5 (4.15) c (5.46) c
Consolidated statement of financial position as at 30 June 2025
30 June 2025 Unaudited 31 December
$ 000 2024
Note Audited
$ 000
ASSETS
Non-current assets
Property, plant and equipment 1,061 1,216
Right-of-use assets 7,593 1,928
Intangible assets 43,507 39,637
Other investments 50 50
52,211 42,831
Current assets
Trade and other receivables 24,233 20,932
Research and development tax credits 1,788 1,344
Short-term investments 41 41
Cash and cash equivalents 4,558 3,337
30,620 25,654
Total assets 82,831 68,485
EQUITY
Capital and reserves attributable to owners of the
parent company
Share capital 6 24,593 24,593
Share premium account 63,197 63,197
Merger reserve 2,886 2,886
Share-based payments reserve 11,218 9,273
Foreign exchange reserve (1,044) (1,793)
Accumulated losses (75,164) (71,974)
Total equity 25,686 26,182
LIABILITIES
Current liabilities
Trade and other payables 35,692 34,236
Lease liabilities 1,393 880
Loans and borrowings 4,458 3,412
Income tax liability 547 678
42,090 39,206
Non-current liabilities
Loans and borrowings 7,438 1,706
Lease liabilities 7,058 887
Deferred tax 559 504
15,055 3,097
Total liabilities 57,145 42,303
Total equity and liabilities 82,831 68,485
Consolidated cash flow statement for the six months ended 30 June 2025
Six months Six months
ended ended
30 June 30 June
2025 2024
Unaudited Unaudited
$ 000 $ 000
Cash flows from operating activities
Loss for the period (3,190) (4,197)
Adjusted for:
Depreciation of property, plant & equipment 626 526
Amortization of intangibles 6,135 5,026
Finance income (18) (7)
Loss from disposals of fixed assets - 570
Net exchange differences (1,172) 113
Net finance costs 642 449
Share based payments 1,120 1,139
Taxation credit (383) 796
(Increase)/decrease in trade and other receivables (3,582) 961
Increase in trade and other payables 2,630 1,616
Cash generated from operating activities 2,808 6,992
Net cash generated from operating activities 2,808 6,992
Cash flows from investing activities
Purchases of property plant and equipment (58) (60)
Addition to intangible fixed assets (7,186) (7,335)
Interest received 18 7
Net cash outflow from investing activities (7,226) (7,388)
Cash flows from financing activities
Proceeds from issue of ordinary shares - 15
Proceeds from borrowings 7,249 -
Interest payable (478) (392)
Repayment of other borrowing (905) -
Interest payments on finance lease obligations (13) (57)
Capital repayments on finance lease obligations (504) (629)
Net cash flows from financing activities 5,349 (1,063)
Net increase/(decrease) in cash and cash equivalents 931 (1,459)
Cash and cash equivalents at 1 January 3,337 3,720
Effect of exchange rate fluctuations on cash held 290 (25)
Cash and cash equivalents at 30 June 4,558 2,236
Consolidated statement of changes in equity for the six months ended 30 June
2025
Share Share Merger Share based Foreign Accumulated
premium payment currency
capital account reserve reserve translation losses Total
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000
At 1 January 2025 24,593 63,197 2,886 9,273 (1,793) (71,974) 26,182
Loss for the period - - - - - (3,190) (3,190)
Foreign exchange translation - - - 825 (825) - -
Foreign exchange on consolidation - - - - 1,574 - 1,574
Total comprehensive income - - - 825 749 (3,190) (1,616)
Share-based payment transactions - - - 1,120 - - 1,120
Transactions with owners - - - 1,120 - - 1,120
At 30 June 2025 24,593 63,197 2,886 11,218 (1,044) (75,164) 25,686
Consolidated statement of changes in equity for the six months ended 30 June
2024
Share Share Merger Share based Foreign Accumulated
premium payment currency
capital account reserve reserve translation losses Total
$ 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 year - - - - - (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
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 and principal place of business is at
Matrix House, Cambridge Business Park, Cowley Road, Cambridge, CB4 0WZ, United
Kingdom.
2 Basis of preparation
These interim financial statements are for the six months ended 30 June 2025.
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 2024, 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 2024. 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 2025.
These financial statements are presented in US Dollars (USD), the presentation
currency of Bango PLC Group.
3 Revenue
Revenue by product:
2025 2024
$ 000 $ 000
Transactional revenue 16,355 16,358
DVM, Audiences & One off revenue 8,870 7,697
25,225 24,055
2025 2024
$ 000 $ 000
Annual recurring revenue 15,567 12,972
15,567 12,972
4 Exceptional items and negative goodwill
2025 2024
$ 000 $ 000
Data migration 349 -
Restructuring costs 1,272 -
Asset write-down 150 306
1,771 306
Data migration relates to cost incurred in transferring data from the former
Docomo Digital platform to the Bango group platform. Restructuring costs
relate to redundancy and other restructuring costs. 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.
5 (Loss) / earnings per share
(a) Basic
Basic loss per share are calculated by dividing the profit / (loss)
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 2025 30 June 2024
Unaudited Unaudited
$ 000 $ 000
Loss from operations (3,190) (4,197)
Loss attributable to equity holders of Bango PLC (3,190) (4,197)
Weighted average number of ordinary shares in issue 76,830,484 76,807,122
Basic (loss) / earnings per share
Basic loss per share attributable to equity holders (4.15) c (5.46) c
Basic adjusted (loss) / earnings per share
Adjusted basic (loss) / earnings per share is a key financial indicator 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 / (loss) attributable to equity holders of Bango Plc
excluding exceptional items divided by the weighted average number of ordinary
shares in issue during the year.
Six months Six months
ended ended
30 June 2025 30 June 2024
Unaudited Unaudited
$ 000 $ 000
Loss from operations (3,190) (4,197)
Exceptional items 1,771 306
Loss attributable to equity holders of Bango PLC (1,419) (3,891)
Weighted average number of ordinary shares in issue 76,830,484 76,807,122
Basic adjusted (loss) / earnings per share
Adjusted basic loss per share attributable to equity holders (1.85) c (5.07) c
(b) Diluted
At 30 June 2025 12,647,113 options over ordinary shares (30 June 2024:
11,113,289) were outstanding.
Six months Six months
ended ended
30 June 2025 Unaudited 30 June 2024 Unaudited
$ 000 $ 000
Weighted average number of ordinary shares in issue 76,830,484 76,807,122
Options - -
Weighted average number of ordinary shares in issue (including options)
76,830,484 76,807,122
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 per share attributable to equity
holders
(4.15) c (5.46) c
Diluted adjusted (loss) / earnings per share
Six months Six months
ended ended
30 June 2025 Unaudited 30 June 2024 Unaudited
$ 000 $ 000
Weighted average number of ordinary shares in issue 76,830,484 76,807,122
Weighted average number of ordinary shares in issue (including options)
76,830,484 76,807,122
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 per share attributable to equity
holders
(1.85) c (5.07) c
6 Share capital
Allotted, called up and fully paid shares
30 June 31 December
2025 $ 000 2024 $ 000
No. No.
As at 1 January of 0.20 each 76,830,484 24,593 76,797,155 24,584
Exercise of share options and warrants of 0.20 each
- - 33,329 9
76,830,484 24,593 76,830,484 24,593
7 Publication of non-statutory accounts
The condensed consolidated interim financial information was approved by The
Board of Directors on 12 September 2025.
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 2024 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 2025 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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