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  • Writer's pictureMark Watson-Mitchell

Bango accelerating in tough times, says Berenberg

Payment software group Bango (BGO) is ‘successfully accelerating’ revenue in tough times, says Berenberg.

Analyst William Lindsay retained his ‘buy’ recommendation and target price of 300p on the stock after first-half results showed ‘extremely robust reported revenue growth considering the difficult macroeconomic backdrop’. The shares defied losses elsewhere to trade up 0.3% at 196p on Thursday afternoon.

Lindsay said the results also showed ‘continued management execution on Bango’s long-term growth strategy’.

‘Importantly, this is despite major currencies such as the Japanese yen and euro depreciating considerably against the US dollar, which has caused peers to downgrade estimates,’ he said.

‘In our view, this is evidence that the company is successfully accelerating growth in recurring revenue from platform licences and its purchase-behaviour targeting engine Bango Audiences. We understand that revenues from the latter are primarily denominated in US dollars.’

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