News blog
Bango
- BY: Andrew Hore |
- POSTED: 30/11/2008 |
Bango is growing its revenues in North America.
Problems in the UK with mobile search providers have hit revenues in the core business but they have almost been made up for by international revenues.
Bango has developed technology to enable content providers to market and deliver content over mobile phones using mobile internet. The company was founded in 1999. Bango joined Aim on 30 June 2005 when it raised £7m - £6.15m net - gross at 134p a share.
Revenues fell from £6.84m to £6.75m in the six months to September 2008. Cost cutting meant that the loss almost halved from £1.08m to £592,000. Cash burn is reducing. House broker Panmure Gordon expects a slightly smaller full year loss. The problems with mobile search in the UK should, hopefully, be sorted out during the second half.
A new analytics business is beginning to generate revenues.
Net cash was £526,000 at the end of September 2008. There is also a £500,000 bank facility.
Bango’s systems can handle ten times the current transaction volumes.
The chairman’s wife, Sarah Bury, has bought 50,000 shares at 42p each. The couple own 3.36% of the company.
At 42p a share, Bango is valued £11.5m.
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