Bango says sales going well; UK 'end user spend' up 50% in 1Q
Shares in Cambridge-based mobile content enabler Bango plc (BGO.L) rebounded further today after it said trading in the early months of its financial year were "progressing well".
They rose 2%, or 2.5p, to 127.5p by midday. They have now staged a 21% recovery from an early June low of 105p when a two-month long slide had cut the share price in half ended. Bango reported in May that slow marketing by content providers had hit pre-tax profits. Bango is now valued around £34m.
Bango, founded in 1999, has developed an open, global infrastructure software platform that enables content providers to market, sell and deliver their products and services directly to mobile phone users on all mobile networks using the mobile internet.
AGM
CEO Ray Anderson (pictured) told shareholders at its Annual General Meeting in London that "trading in the first few months of the year has progressed well with Bango bucking the trend hitting other businesses in the mobile content sector.
"End user spend in the UK for the first quarter of this financial year was over 50% higher than for the same quarter last year. End user spend in the rest of the world this quarter was over five times higher than the same quarter last year.
"The demand from consumers for a more transparent means of payment for mobile content is driving the uptake of our services by content providers who wish to offer the 'browse-and-buy' model and pay per download as opposed to subscription services," he said.
"We continue to gain momentum as more leading brands such as World Wrestling Entertainment, a global entertainment brand, and Capcom and CodeMasters, two leading games publishers, sign up to using the Bango Service.
"Our market leading technology, robust platform, geographic spread and partnerships with industry leaders such as PayPal and mBlox means that we believe Bango is uniquely well positioned to benefit from the continued growth in the mobile internet."
12th July 2006
