Bango full year losses widen

Mobile payments and analytics provider Bango said losses widened in the year ended 31 March 2012 but it expects to see continued growth in end user activity as mobile networks increase.

The group posted a total loss after tax of £0.93m during the year compared to a loss of £0.70m previously, reflecting an increased amortisation charge for previously capitalized R&D.

Turnover for the year fell to £15.6m from £19.3m while gross profit slipped to £2.29m from £2.49m. Cash balances reduced to £1.8m from £2.7m.

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Bango said the results do not include any material income from the agreements signed with Amazon and Facebook, but do include costs relating to the establishment of these relationships.

Looking ahead Bango said it expects to see continued growth in end user activity driven by its increased mobile network connections worldwide.

"Additionally, we will continue to grow our analytics product which is highly synergistic to the payments platform" it explained.

"Bango and the Board look forward to increasing success in the year ahead."

CJ