Bango releases profits warning

Mobile payments and analytics firm Bango has warned of slower than expected revenue growth.

The company said end user spend - and hence revenue - was slower than predicated and as a result it was unlikely to meet market expectations for the full year.

In a late trading update ahead of its interim results, the firm said growth in revenues from RIM (Blackberry) related App stores, especially from newer carriers, had been slower than expected.

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Merchant Securities said at £20m for the year optimistically, the lower revenues would leave profit expectations just above break-even.

However, Bango did indicate that the outlook for next year should be brighter as the group has started work on billing integration for a further 43 carriers, in addition to the existing base of 17, Merchant said.