Bango PLC (AIM:BGO, OTCQX:BGOPF) shares rose 14% to 70p after it confirmed trading remained in line with full-year market expectations, with growth in its subscriptions business continuing into the second half.
The Cambridge-based company, which runs a platform that lets telecoms groups and other businesses bundle and sell subscription services, has won eight Digital Vending Machine (DVM) customers so far this year.
Six of those have already signed contracts. The DVM is Bango's platform for packaging services such as streaming into a single bundled offer.
A restructuring of lower-margin payment routes is running ahead of plan and should be finished this year.
That clear-out may shave a low single-digit percentage off reported revenue, though the impact on earnings should be negligible.
Management described itself as cautiously optimistic, pointing to a strong pipeline despite continued economic uncertainty.
In the six months to June, revenue edged up 3% to $25.9 million.
Subscriptions revenue rose 13% to $12.3 million, offsetting a 5% dip in payments to $13.6 million.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 34% to $9 million.
Subscriptions did the heavy lifting, with EBITDA in that division more than tripling to $3.2 million.
Cash EBITDA swung from a $0.7 million loss to a $3.7 million profit, beating the total for the whole of 2025 in just six months.
Annual recurring revenue (ARR), the yearly value of contracted subscription income, rose 31% to $20.4 million.
Net revenue retention, which tracks how much more existing customers spend over time, improved to 119% from 108%.
Gross margin widened by 3.1 percentage points to 87%. Net debt fell to $8.7 million from $9.2 million at the end of December.
"This demonstrates the increasing operating leverage of our business, which directly translates into cash EBITDA growth," said chief executive Paul Larbey.
---ADDS SHARE PRICE MOVEMENT---
