26 October 2010 – trading update
A mixed trading update may well see the share price come under pressure. Although performance in the first half was in line with expectations, agreements between Bango and existing customers for the migration of business from premium messaging to the Bango billing platform are taking longer than expected to be completed. They are still expected to contribute to profitability in the current financial year and beyond. However, the delay in migration is unwelcome news in the near term and is expected to result in profit for the current year being below current market expectations. Bango is benefitting from the significant growth in application store activity and the company anticipates that these benefits will have a material impact on profitability in the year ending 31 March 2012. Those who followed our tip at 46.5p in August 2009 should TAKE PROFITS.