Bango releases non-stellar financial results
U.K.-based direct carrier biller Bango announced financial results for its fiscal year ending March 31, 2012, and the numbers weren't spectacular. Despite recent deals signed with Facebook and Amazon, the company's total losses increased to £0.93 million ($1.5 million) from £0.70 million ($1.1 million) in 2011.
Bango said actual results do not include any material income from the Amazon and Facebook agreements and actually reflect costs to establish those relationships.
"It has been a pivotal year in Bango's development and we were delighted to have formed relationships with several industry leaders such as Facebook and Amazon," said Bango CEO Ray Anderson.
"During the year Bango has further cemented its strategically central position within the smartphone marketplace, enhanced its already superior user experience and has simultaneously ensured that its powerful and unique platform is capable of supporting significant volumes of transactions," Anderson said.
Anderson said that looking forward, the company expects to see continued growth in end-user activity.
Along with the agreements with Amazon and Facebook, Bango announced in May it had raised more than £3.25 million ($5.14 million) in additional funding.
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