Shares in Bango (LON: BGO) jumped on Friday after the subscription-bundling technology group posted first-half results showing its platform business generating serious cash for the first time.
Unaudited results for the six months to 30 June showed Group revenue up 3% to $25.9m, Adjusted EBITDA, a measure of underlying operating profit before non-cash items, up 34% to $9.0m, and Cash EBITDA swinging to a positive $3.7m from a loss of $0.7m a year earlier.
Bango shares opened around 62p and traded as high as 70p during the session, up more than 10% from Thursday’s close of 61.5p, and were last trading near 66.4p, up around 8% on the day.
The improvement was driven by Bango’s Subscriptions segment, which runs its Digital Vending Machine platform allowing telecoms and other partners to bundle streaming and other subscriptions for customers. Adjusted EBITDA in that segment more than tripled to $3.2m, while Net Revenue Retention, a measure of how much existing customers spend year on year, rose to 119% from 108%, showing customers already on the platform are spending more without Bango needing to win them again.
Despite the rally, the stock remains well below its 52-week high of 113.45p, reached in late September last year, a reminder that Friday’s move follows a sharp decline over the past twelve months.
Management said trading remains in line with full-year market expectations, which point to FY26 revenue of $53.8m, Adjusted EBITDA of $19.5m and Cash EBITDA of $8.3m. Bango also flagged eight new Digital Vending Machine customer wins so far this year, six of them contracted.
Bango delivered a strong first half, with Annual Recurring Revenue increasing 31% to $20.4M, Adjusted EBITDA growing 34% to $9.0M and Cash EBITDA improving to $3.7M – exceeding, in six months, the amount generated in the whole of FY25.
Paul Larbey, CEO, Bango PLC
Annual Recurring Revenue, income Bango expects to repeat each year, grew 31% to $20.4m, now 39% of Group revenue over the past 12 months, up from 29% a year earlier. Net debt fell to $8.7m at the half-year end from $9.2m at 31 December 2025, giving the company more room as it continues restructuring lower-margin legacy payments routes, a process it said was running ahead of plan.