Revenue in 2019 is expected to have risen 40% to at least £9.3mln, the company said, which was below market expectation primarily due to two contracts being pushed back from December into early 2020.
Cash has increased to at least £2.5mln from the £2.25mln seen at the half-year, as operating costs of the payment platform came in on target, while processed volumes doubled and the AIM-listed company increased investment in sales and marketing to enable the launch of the data monetisation business.
Data monetisation, which offers insights to mobile networks derived from the spending data Bango processes from transactions and then allows mobile app developers to direct their marketing towards target customers by purchasing data segments on the Bango Marketplace, delivered £2.2mln of the group’s revenue.
“Two years after acquiring Audiens to accelerate the data monetization business, growth has already been delivered through international expansion and the new Bango Marketplace business,” said chief executive Ray Anderson.
“While some deals expected late in 2019 did not close before the year-end, these will feature in our 2020 growth – alongside the momentum generated through market-leading developers adopting the platform for app marketing which further supports the continued, exponential growth of end user spend.”
Bango said sales from Bango Marketplace were “increasing steadily as larger app developers discover the marketing efficiencies generated by this unique Bango offering”.
A 2020 “strategy day” is scheduled for investors and analysts on 29 January in London.