Revenues up and losses down in first half of 2008 fiscal year.
D2C channel and billing provider Bango generated revenues of £6.84 million in the six months to September 30th, up 48.8 per cent from 1H07 and 17 per cent up on 2H07.Operating losses for the period were reduced 35 per cent to £980,000 (from £1.5m in 1H07) and by 37 per cent from 2H07.
Bango said it has successfully executed a strategy to target a greater range of customers with over 1,200 Starter Package sign-ups compared to just 23 in 1H07.
The company has also moved aggressively into the US and Canada, where it says end user spending on the mobile web is up by 253 per cent against the same period last year.
Bango chairman Lindsay Bury said: "Bango has had a much improved six months, achieving increased revenues while simultaneously reducing costs. Transaction growth is moving in the right direction and the momentum should continue. The company is reducing cash burn to below £100k (pcm) meaning that the transition to a positive cash flow position and profitability is progressing well."
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