Bango PLC on Friday reported strong revenue growth and a narrowed loss for 2024, as the Cambridge-based digital payments firm said its balance sheet had strengthened and forecast further profitability upside next year.
Revenue rose 16% to $53.4 million from $46.1 million a year earlier.
Its pretax loss narrowed sharply to $3.5 million from $10.2 million in 2023, while diluted loss per share narrowed to 4.75 US cents from 11.51 cents.
Adjusted earnings before interest, tax, depreciation and amortisation more than doubled to $15.3 million from $6.4 million.
Bango shares, however, were down 10% to 84.15 pence in London on Friday morning.
Bango said it expects profit to rise in line with consensus expectations in 2025. It also flagged ‘further profitability upside’ in 2026, helped by reduced R&D capital expenditure and operational leverage.
Chief Executive Officer Paul Larbey said the company was ‘uniquely placed to benefit from the structural shift toward subscription-based services’, with its Digital Vending Machine now used by six of the top eight US communication providers.
The firm said it has a ‘strong sales pipeline’ in 2025, having signed six new Digital Vending Machine customers so far this year, including its first in South Korea and Benelux.
Bango also announced a new $15 million multi-currency revolving credit facility with NatWest Group PLC, replacing a £3 million overdraft with Barclays PLC.
Separately, an existing loan from Korean partner NHN Corp will increase by $2.9 million and be extended to September 2028. NHN was also granted warrants to subscribe for two million Bango shares at 80p each.
As of December 31, Bango’s net debt stood at $1.8 million, down from $4.0 million the previous year.
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