Impressive progress despite contract slippages
Bango’s trading update in our view confirms that the group has made impressive progress during FY 2019. End User Spend (“EUS”) once again to doubled YoY, group revenues grew over 40% and these were accompanied by positive EBITDA and cash flow. This has been achieved despite two contracts not closing during the year. These are now expected to be recognised in H1 2020. Consequently, we make reductions to forecasts following the release, with FY 2020E revenue and EBITDA reduced by £2.6m, and £2.1m respectively.