LONDON, July 9, 2026, 17:10 BST
- Bango jumped 24.6% after it said cash EBITDA for the first half already beat the full-year 2025 figure.
- Margins drove the change: sales were up 3%, but adjusted EBITDA jumped 34%.
- Bango’s “on track” update stood out after peer Boku warned a day before, giving the local-payments market more to look at.
Bango plc LON:BGO surged 24.6% to 71.65p by the close in London Thursday. The subscription-bundling and payments group said its first-half cash profit had already topped the total for all of last year. Google Finance had Bango at 71.65p at 16:30 BST, with shares trading between 56p and 74p during the day. Volume hit 508,620—more than five times the average.
Bango’s revenue for the first half is only expected to climb 3% to $25.9 million, but the company said adjusted EBITDA should jump 34% to at least $9 million. Cash EBITDA hit $3.7 million, compared to $2.3 million for all of 2025. The move looks key since the revenue number wasn’t especially strong.
| Bango first-half measure | 1H26 | 1H25 / FY25 comparator | Investor read-through |
|---|---|---|---|
| Total revenue | $25.9 mln | $25.2 mln | Growth stays slow |
| Subscriptions revenue | $12.3 mln | $10.9 mln | Shift to better quality continues |
| Payments revenue | $13.6 mln | $14.3 mln | Older flows keep falling |
| ARR | $20.4 mln | $15.6 mln | Recurring up 31% |
| Adjusted EBITDA margin | 34.7% | 26.6% | Cost cuts now in results |
| Cash EBITDA margin | 14.3% | about -2.4% | Turned positive on cash |
Annual recurring revenue climbed 31% to $20.4 million, based on contracted revenue expected over the next year. Net revenue retention came in at 119%, which means existing customers are spending more. CEO Paul Larbey called it a “solid first half” and said customer demand held up, even as the macro environment stayed cautious. TradingView
The main thing in the market now is whether Bango is getting valued like a subscription software firm instead of a low-growth carrier-billing business. In the first half, subscriptions were about 48% of revenue, up from 43% last year. Payments made up about 52%, down from 57%. It’s a small move, but with low volume on AIM, that was enough to swing the shares.
| Latest 48-hour peer check | Stock move / quote | Fresh operating signal | Why it matters for Bango |
|---|---|---|---|
| Bango LON:BGO | 71.65p, up 24.6% | FY26 still tracking to guidance | Investors liked the company sticking to its plan |
| Boku Inc (LON:BOKU) | Bid 96p / offer 98p after close | Lowered FY26 revenue range to $135 mln-$142 mln | Signals sector is vulnerable to onboarding and connection delays |
Boku Inc (LON:BOKU) told the market Wednesday it now sees 2026 revenue landing below forecasts after hitting snags with new connections and onboarding merchants. CEO Stuart Neal blamed those issues for slowing revenue growth. The update now guides for full-year adjusted EBITDA to fall between $38 million and $42 million, well under the company’s $49.9 million consensus.
Bango’s latest customer update stuck to the bundling story. On June 25, Bango said Turkcell (NYSE:TKC) picked its Digital Vending Machine platform to offer multi-party subscription bundles in Türkiye. Bango said Turkcell serves over 43 million subscribers and the new bundles bring up to 40% savings compared to single subscriptions.
Market looks like it’s pricing in operating leverage ahead of proof on top-line growth. Payments revenue is still down, group sales up just 3% in the first half, and Bango closed June with net debt at $8.7 million. If the company takes longer to turn new subscription deals into real, paying customers, the shares could be left hanging after Thursday’s gain.
Hargreaves Lansdown’s delayed market screen posted a wide 66p-73p spread at the close, pointing to the liquidity risk in a small-cap swing like this. The screen had an open of 59.50p, previous close at 57.50p, market cap at £53.55 million, and 508,620 shares traded.
The revised guidance gives investors a clearer read for 2026. Bango said the market is looking for $53.8 million in revenue, $19.5 million in adjusted EBITDA and $8.3 million in cash EBITDA for the year. The company’s first half has hit about 48% of the revenue estimate, 46% of adjusted EBITDA and 45% of cash EBITDA. That’s not a beat, but enough to quiet worries about Bango’s ability to run the business.
