Bango says positive momentum from 2023 has continued into 2024
London, UK
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April 15, 2024 01:42 PM Eastern Daylight Time
Bango PLC (AIM:BGO, OTCQX:BGOPF) CEO Paul Larbey takes Proactive's Stephen Gunnion through the company's 2023 performance, highlighting revenue growth of 62% to $46.1 million and a 29% increase in adjusted EBITDA to $6.4 million, slightly above the range provided in a January trading update, partly due to FX reclassification.
A notable achievement was the 77% growth in recurring revenue for the Digital Vending Machine (DVM). This improvement has provided a solid foundation for future expansion, Larbey said.
The full integration of the company's Docomo Digital acquisition promises significant future cash generation and profitability. The acquisition has also realised £21 million in annualised cost synergies, with additional savings identified.
DVM, identified as a growth engine, has seen an expansion, with nine new contracts signed, increasing the total to 18 by year-end, and an additional four in the first quarter of 2024. This growth has propelled the ARR from £5 million at the end of 2022 to £11 million by the end of Q1 2024.
Larbey said Bango's market position has been strengthened in North America, with the company now holding contracts with three of the top five operators, and it is exploring opportunities beyond telecommunications, venturing into financial services.
The company maintains a positive outlook for 2024, with analyst forecasts suggesting a 16% revenue growth, a target already surpassed in Q1 with a 20% growth.
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