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Bango bounces as revenues surge ahead of forecasts

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Bango PLC (LON:BGO) saw its shares bounce 7.1% higher to 178.4p in early deals after the data and e-commerce specialist said its full year revenues for 2020 have come in ahead of expectations.

In a trading update for the year to December 31, the company reported revenues of £12.2mln, up 70% year-on-year, while its adjusted (EBITDA) earnings are expected to exceed £4mln compared to £0.45mln in 2019.

Chief executive Paul Larbey said global lockdowns during the year had “driven more users online and accelerated the adoption of digital payments by merchants and consumers”, which in turn drove more demand for the company’s products.

Bango also said new customers won in the year will underpin “continued strong growth” in 2021.

Meanwhile, detection specialist Kromek Group PLC (LON:KMK) jumped 2.6% to 13.9p after it said it has begun a £1.25mln programme funded by Innovate UK to customise its biological threat-detection solution to automatically detect airborne viruses, including coronavirus (COVID-19).

The company said the solution is designed to be deployed in high footfall locations such as airports, hospitals, retail outlets and entertainment venues, with the initial focus of the programme being to develop a system to rapidly test for the presence of SARS-CoV-2, the virus that causes COVID-19.

Kromek added that the ability to detect the virus in real time will also “enable earlier identification of potential infection exposure to help reduce transmission.”

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