 Page Title
Annual Report 2007 There are 3 billion mobile phone users world-wide.
More people can now use the web through their mobile  
than have ever used the web through a PC.
There’s only one Company that has created an open,  
global platform that enables businesses to exploit the  
mobile web opportunity.
There’s only one open community of millions of users, 
connected through hundreds of mobile operators,  
that access and buy content on the mobile web.
There’s only one platform that powers the mobile sites  
of global media giants, yet which is so easy and 
economic that small companies use it too.
There’s only Bango.
02 Introduction 04  The mobile web
06  What we do
07  Chairman’s report
08  Highlights of the year
10  CEO’s report
12  The Bango platform
15  The Bango business model
15  Mobile operators
15  Mobile search
15  Mobile advertising
16  Bango success stories
18  Competitive market developments
18  Bango development focus
19  10 Bango market predictions for the year ahead
22  Directors
23  Company information 
24  Directors’ report  
26  Corporate governance statement
27  Remuneration Committee report
28  Report of the independent auditor to the members of Bango PLC 
29  Consolidated balance sheet 
30  Consolidated income statement 
31  Consolidated cash flow statement 
32  Consolidated statement of changes in equity 
33  Notes to the financial statements 
51  Report of the independent auditor to the members of Bango PLC
52  Company balance sheet 
53  Notes to the Company financial statements
57  Annual General Meeting
58  Bango offices
Contents 03 
Contents 0 The mobile web
Bango is focused on delivering the technology that makes the mobile 
web simple for everybody. 
The internet and the world-wide-web dramatically simplified 
communication and commerce for PC users. Open standards, 
harmonization and ease of access drove down cost and increased 
transaction volumes. 
This same trend is now spreading to mobile phones. Internet 
connectivity and web browsers are now standard. Mobile operators  
are opening up access for their users and lowering connection prices. 
The mobile web is open for business.
The mobile web is good news for businesses of all sizes:
• The interactive experience is easier and more customer friendly. 
• It enables new applications that were historically impossible using        
  traditional text messaging. 
• Business models that work on the PC web can be expanded to   
  mobile. 
• Search engines can be used to find content and services. 
• Communication becomes commoditized, reducing barriers and  
  lowering costs. 
• Services can be funded by advertising as well as content sales. 
The mobile web
All this adds up to a better commercial environment and superior user 
experience that’s driving the industry forward.  Operators that once 
operated “walled gardens” are now seeing the benefits of giving their 
users access to the whole web from their mobiles.  They are making 
billing and other services available to third parties to stimulate the 
growth of the “off-portal” mobile web.  More choice for users and 
a greater range of content stimulates more use of the mobile web 
which in turn stimulates the creation of more mobile websites.
However, the mobile web is still new. There are only a few million 
websites created for mobile phone users compared with billions 
of sites created for the PC. Mobile users connect through a 
range of mobile operators with different approaches to discovery, 
search, identity and billing – so it’s difficult and expensive to get 
users to a mobile website, identify them and collect payment. 
Founded in 1999, Bango has established a leadership position 
as the Company that is opening up the mobile web for businesses 
of all sizes. Building a unique technology and a sustainable 
and universally accessible business model, Bango has emerged 
from the early stages of the mobile web marketplace with an 
impressive list of key customers and partners, who are benefiting 
from the opportunities presented by moving to the mobile web.  Page Title
Mobile Web Live!
Real-time sample of visits and payments on
Bango enabled mobile sites
User ID Device Network Country Time (UTC)
66426***
117599***
117598***
116919***
88629***
105831***
117602***
112166*** 
98511*** 
74888*** 
115503*** 
112155*** 
12536*** 
98511*** 
70408*** 
39881***
112369*** 
107559***
117608***
105836***
76896***
104949***
115870***
116893***
116050***
117608***
34650*** 
117611***
116368***
99991*** 
53722*** 
115445***
117611***
108316***
65910***
109986*** 
115626*** 
111396*** 
114895*** 
 
  
 
Nokia 7260 
Nokia 6680
Nokia 6230
SonyEricsson W880i
Samsung SGH-I607
Mozilla 
Mozilla 
Samsung SGH-E370 
SIE-M65 
SonyEricsson W800i 
Nokia 6085 
Nokia 6111 
Samsung SGH-D500 
SIE-M65 
Nokia N91-1 
SEC SGHX830
Nokia 6060
Blackberry 8100
Samsung SGH-D600
Motorola PEBL U6
SEC SGHE900 
Nokia 3220 
SEC SGHC230 
Nokia 3200
Nokia 3220
SonyEricsson K700i
SonyEricsson W810i 
Nokia 6280 
Motorola-K1m Obigo 
Mozilla 
Mozilla O2 Germany 
Nokia 6131 
Mozilla O2 UK 
Nokia N70-1 
SonyEricsson K750i
Samsung SGH-D600E 
Nokia 6680
SonyEricsson W810i
Mozilla
 
 
 
BSNL India
Smart Communications 
T-Mobile Germany
T-Mobile UK
Cingular USA
Sprint PCS USA
Sprint PCS USA 
O2 UK United Kingdom
Aktel Bangladesh
O2 UK United Kingdom
Vodacom South Africa
MTN South Africa
O2 UK United Kingdom
Aktel Bangladesh
O2 UK United Kingdom
Vodacom South Africa
Telefonica Spain 
Vodafone UK 
O2 Germany
O2 UK 
O2 UK 
BSNL India
Telenor Pakistan
Hutch India
China Mobile
Satelindo Indonesia
Orange UK 
Vodafone UK 
Sprint PCS USA 
Bell Mobility Canada 
O2 Germany 
Telia Sweden 
O2 UK 
Vodafone Netherlands 
O2 UK
Orange UK 
Three UK 
O2 UK 
Sprint PCS USA
 
 
India 
Philippines 
Germany 
United Kingdom 
United States 
United States
United States
United Kingdom
Bangladesh
United Kingdom
South Africa
South Africa
United Kingdom
Bangladesh
United Kingdom
South Africa
Spain
United Kingdom
Germany
United Kingdom
United Kingdom
India 
Pakistan 
India
China 
Indonesia
United Kingdom 
United Kingdom 
United States 
Canada 
Germany 
Sweden 
United Kingdom 
Netherlands 
United Kingdom
United Kingdom 
United Kingdom 
United Kingdom 
United States 
  
  
  
11:23:05
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11:22:33
 
*** 
5***
1***
6***
***
6***
6***
6***
5***
Mozilla 
Mozilla O2 Germany
Nokia 6131
Mozilla O2 UK
Nokia N70-1 
SonyEricsson K750i
Samsung SGH-D600E
Nokia 6680
SonyEricsson W810i
Mozilla
Bell Mobility Canada
O2 Germany
Telia Sweden
O2 UK
Vodafone Netherlands
O2 UK
Orange UK
Three UK 
O2 UK
Sprint PCS USA
Canada
Germany
Sweden
United Kingdom
Netherlands
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United States 
11:22:40
11:22:40
11:22:40
11:22:38
11:22:38
11:22:37
11:22:37
11:22:35
11:22:33
11:22:33
At a conference Google CEO Eric Schmidt was asked 
"What do you see as the web's biggest growth areas?"
His reply: 
"Mobile, mobile, mobile - it's probably the most wide 
open space out there right now."
The mobile web 0 Customers
Mobile web users
Advertising Search Communities Operators
Billing Providers Site Builders
0 What we do
What we do
Bango delivers the technology that makes the mobile web simple for 
everybody. 
Bango products eliminate complexity and fragmentation for 
businesses and content providers. Proprietary Bango technology 
enables them to leverage third party relationships more efficiently and 
benefit from data gathered from millions of users and thousands of 
content providers.
Bango provides unique capabilities that enable Bango customers 
to acquire more users than from other approaches. The costs of 
using Bango are low because the Bango system is easy to use, the 
technology is shared by many and Bango drives commoditization in 
the market.
Enabling businesses to thrive on the mobile web is Bango’s highest 
priority.  We focus on the three most challenging areas where our 
unique technology and relationships bring most value: 
Traffic - Bango makes it easier and cheaper to drive visitors to mobile 
websites.
Information - Bango provides valuable information about users 
visiting a mobile site.
Payment - Bango enables mobile web users to easily pay directly from 
their mobile phone. 
Through Bango, businesses quickly engage with the whole market, 
use the most effective tools to generate visitors and get the maximum 
return on their investment. Like the mobile web, Bango is global and 
works with all mobile operators and with new technologies such as 
WiMax and WiFi. 
Bango customers are website and web page owners of all sizes: 
content providers, brands and even individuals. Customers include 
global media giants like Sony BMG, News International, MTV and 
Hearst Publications who exploit the full power and reach of our 
technology. Yet the service is so easy and economic to use that 
thousands of small companies and individuals use it as their route to 
mobile users. Bango enables the “long-tail” of content providers.
This “direct-to-mobile” approach operates alongside the mobile 
operator’s own portals. Many of our customers operate both on and 
off-portal and we support our customers in gaining placement and 
positioning in operator portals to grow their business.
Partnerships that exploit and expand Bango’s technology are an 
important part of Bango’s business model:
• The world’s leading mobile operators work with Bango to give their  
 subscribers the widest choice of services.
• The world’s leading mobile search and advertising companies work  
 with Bango to make their services more widely available. 
• The world’s leading billing providers see Bango as an easy route to  
 the mobile web.
Although the mobile web is in its early stages, Bango has already 
gained considerable momentum. In March 2007 more than one 
million unique users from more than 180 countries used the Bango 
system. It processed more than one billion transactions, including 
over 1 million payment transactions. Almost 500 new websites 
registered with Bango. 
The benefits of Bango technology and services are now being 
augmented by market momentum and end user demand. Content 
providers are increasingly seeing Bango, not only as a provider of the 
best technology and most profitable billing relationships available, 
but also as a true marketplace to sell their mobile content. The Board is pleased to report good progress in all areas of the 
business.  Although the performance of the business was not 
consistent throughout the year, the overall picture is one of 
continued growth in revenue, generated by growing numbers of 
Bango customers supplying increasing amounts of content to an 
expanding pool of end users as well as expansion into new territories.
While Bango’s technology and the mobile web have global reach, we 
have focussed our sales and marketing efforts where we see the most 
activity by content providers: USA, UK and Spain. There have been 
numerous customer wins in these territories as a result, including MTV, 
Capcom, Daily Telegraph, FT.com, Agent Provocateur, Jamba, Flycell, 
Betfred, Yamaha Music, EA Mobile, Rascal Flatts, Mediaplazza, 
Cellcity, Hands-On Mobile, Carmunity, MOMO, Paramount Pictures 
and Ministry of Sound. We also see significant potential in the 
gathering momentum among smaller content providers with hundreds 
of small and individual customers signing up since early 2007 when 
we launched our free sign-up Starter package. Our product range 
expanded to address high end customers with our Advantage product.
Compared to the previous financial year, we are pleased to report 
revenue growth of 38% to £10.43m. Our decision to reduce our 
charges for collecting payments for larger customers resulted in a 
slower gross margin increase of 12% to £2.47m. Our established  
UK business remains the biggest contributor to our growth, measured 
both by content providers paying for Bango services and end users 
connecting through Bango to reach or pay for content.  Although we 
saw a slow down in end user spending in the UK during the first half 
of the financial year, which appears to have been due to problems 
with systems at one mobile operator and less activity during two 
summer months, growth resumed in the second half of the year and 
remains solid. 
 
Outside the UK, growth has been faster than in the UK but 
from a smaller base. This has been driven by content providers 
in the UK using Bango to export globally and customers using 
Bango’s global reach to access international content. 
Based on the large number of content provider sign-ups over the 
last two years, we now have a considerable body of operating history 
from which to observe the relationship between content provider 
sign-up and subsequent promotion of their content. Smaller content 
providers appear to exploit the mobile web much more rapidly 
than larger ones. They use the tools and services of the mobile 
internet - including search, mobile advertising and communities 
to a much greater extent than existing brands, which appear to 
be slower to move from older style “text message” campaigns.  
Our management is increasingly focussed on improving Bango’s 
ability to sell quickly and cost effectively to smaller content 
providers, while ensuring that the larger customers are provided 
with the tools and information to grow when they are ready.
The US market is showing tremendous potential, with increasing 
numbers of customers, of all sizes, using the Bango Service. 
They see Bango not only as a route to US based end users, but 
also as a quick and easy route to consumers world-wide through 
the global reach of Bango’s technology and services. However, 
the Board believes that initial US growth in end user spend 
on content may be slower than that experienced in European 
markets as US mobile operators are slower to open up their billing 
services to a wide range of content than we saw in Europe. 
This view is endorsed by the increasing number of US content 
providers investing in Bango products in preparation for marketing 
content to mobile end users, and to gain additional revenues outside 
the USA. 
During January 2007, the Company restructured its sales and 
marketing operations to improve sales productivity, as well as 
giving our strategic partners more support and centralizing some 
previously regional sales activity.  This has led to a significant 
reduction in monthly operating costs and cash burn, and has 
enabled the Company to start the financial year ending March 2008 
with a net monthly cash burn of less than £100,000. The executive 
team remains focussed on sales and marketing efficiency so that 
in circumstances of rapid sales growth the business can sustain 
accelerating customer acquisition rates while containing costs.  
The Company is well-positioned to exploit its market position. The 
product line is strong and there are several innovations coming 
to market that, the Board believes, will enhance the business’s 
competitive stance, seed faster growth and reduce sales cost. During 
2007 we will be introducing further low end products to facilitate 
the move by content providers from PC web to mobile web. The sales 
team continues to raise its productivity, selling more packages per 
sales person, and has increased the number of partners reselling the 
Bango Service. 
 
I am pleased that Bango is gaining partners among not 
only mobile internet businesses and mobile operators, but 
increasingly among the leading internet media companies 
who, in our experience, are starting to recognize the mobile 
internet opportunity and develop strategies for addressing it.
During the year there have been some Board changes. Martin Rigby 
joined us from the world of venture capital while Geoff Seabrook 
will be retiring at the AGM.  We would like to thank him for his 
contribution to the Company. 
 
Bango is a well positioned business that enjoys increasing 
opportunities for growth in revenue in this rapidly expanding market. 
We look forward to providing a further progress update at the half year.
Lindsay Bury
Chairman
Chairman’s report
Chairman’s report 07 
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
FY 06 FY 07
UK£ excluding VAT (thousands)
UK
USA & Canada
EU (ex UK)
Rest of World
Revenue by geography April 06 May 06 June 06 July 06 August 06 September 06
Highlights of the year
0 Highlights of the year
Bango powers 
Asia’s #1 
mobile mega 
store
Top games 
companies 
go direct-
to-mobile 
with Bango
Bango 
and mBlox 
collaborate to 
leverage the 
power of the 
mobile web
Bango 
revenues grow 
121% to 
£7.53 million
The Daily 
Telegraph’s 
Alex goes 
mobile with 
Bango
Bango wins 
‘Meffy’ 
award from 
the Mobile 
Entertainment 
Forum
Direct billing 
integration 
with Spain’s 
largest operator 
Telefónica 
Móviles España
Ray Anderson, 
CEO, receives 
industry 
accolade at 
ME Awards
Mobile search 
marketing 
agreement 
signed with 
Yahoo!
Bango helps 
MTV bring 
media rich 
content to 
mobile users October 06 November 06 December 06 January 07 February 07 March 07
October 05 November 05 December 05 January 06 February 06 March 06
Launch of Safe 
Subscription 
service is an 
industry first
MediaPlazza 
selects Bango 
platform for 
its 60,000 
affiliates
eBay service 
from Bonfire 
Media goes 
mobile with 
Bango
INgrooves 
connects 
music labels 
to consumers 
with Bango
Ministry of 
Sound signs 
up to the 
new Bango 
Advantage 
package
Bango powers 
mobile site 
for Gameloft, 
the number 2 
mobile games 
provider
Bango Vision 
package released 
lets marketers 
“see” their 
mobile visitors
Launch of 
Bango 2Go 
gives brands 
the fast-
track to the 
mobile web
Platinum 
Studios sells 
comic content 
direct-to-
mobile with 
Bango
Bango 
empowers social 
networking 
phenomenon 
with 
FunkySexyCool
 Highlights of the year 0
Direct billing 
integration with 
Vodafone and 
Orange in Spain
WorldWide Mobile Entertainment
PLATINUM STUDIOS Dec 02
Jun 03
Dec 03
Jun 04
Dec 04
Jun 05
Dec 05
Jun 06
Dec 06
300
250
200
150
100
50
0
Weekly user spending
UK£ including VAT (thousands)
CEO’s report
0 CEO’s report
During the year ended March 2007, I am pleased to report that we 
have made significant progress towards developing a Company that 
is positioned to take full advantage of the growth in the mobile web.  
It has been a year of honing our products and our organization to 
become more efficient and more focused on where market demand is 
growing fastest. 
 
Specific activities include investment in our sales and marketing 
presence in the USA and Spain; development of our products and 
technology to make them easier to use and to expand their capability 
and efficiency; and the establishment of relationships with companies 
such as Yahoo! that we believe will be key to our success as the 
mobile web becomes mainstream. 
Bango’s product strength together with our sales and marketing 
activity won us more than 250 new Pro level customers including big 
brands such as Paramount Pictures, MTV and Gameloft and many 
smaller content providers.  These customers signed up to one of our 
mobile web focussed products which generate recurring revenues for 
the business. 
In addition many of these new customers have been successful 
in gaining business on the mobile web, resulting in a significant 
increase in transaction volumes over the year. Comparing March 
2007 with March 2006, average daily user spending was up 48%. 
We revised our revenue growth expectations downwards during the 
year as a result of three factors: a 2 month pause in growth in the 
UK in mid 2006, a slowness by larger companies in deploying their 
Bango powered solutions and a higher attrition rate among smaller 
US customers than we had experienced in other countries. I am 
pleased to report that revenue growth resumed at the end of 2006 
and that we are seeing lower attrition among customers as we refine 
our products and the market starts to expand. 
In January 2007 we initiated a drive to increase efficiency and 
effectiveness where we are seeing most growth and on reducing 
other activities.  An example of this approach has been to exploit key 
partner relationships established in 2006  to implement operating 
cost reductions while increasing sales volumes.   A reduced monthly 
cash burn of under £100,000 at financial year end show progress 
towards positive cash flow and profitability.  Our year end cash 
balance of almost £2 million is considered sufficient to do this.  We 
have adopted a more conservative approach to forecasting and remain 
focused on achieving the transition to profitability in the coming year.
The market continues to develop broadly in the way we envisaged, 
to favour the use of the mobile web as a way to sell and market 
content to users.  UK and Spanish mobile operators announced “flat 
rate” and low cost mobile internet tariffs.  Operators also started to 
open up their portals by including search engines. Major internet 
companies such as Google, Yahoo!, eBay and MySpace are beginning 
to push their PC users to mobiles. Our sales pipeline is expanding 
and customer sign-up rates are increasing. Our unique technology 
and product offering, together with the benefits of our expanding 
network of customers give us competitive advantage. We therefore 
enter the new financial year with confidence and enthusiasm.
Sales and marketing
We continued to develop our regional sales teams, modelled after our 
successful UK operations. The USA team based out of New York is 
making good progress. We expect many successful mobile websites 
will originate there and that many of the global leaders in mobile web 
will be most active in that market. We have a smaller presence in 
Spain, where we see many companies developing mobile sites with 
global appeal. 
Our sales operations focussed in Germany did not show the traction 
we expected. Larger German content providers seem focussed 
on their local market, so the power of Bango’s global reach is not 
as valuable. In addition those German companies with a global 
perspective prefer to engage with the UK based teams.  We therefore 
scaled down our German-specific activities and re-allocated resources 
to a “Pan-European” team. As outlined previously, this is also in line 
with our aim to increase operational efficiency. 
 
We believe that the US mobile content market is currently about 12 
months behind the UK market but growing fast. Complexities of text 
messaging may mean that the US transitions more quickly from the 
SMS messaging phase that we saw in the UK to an internet model. 
The advertising led culture in the US is stimulating growth in the 
mobile web in a way not seen so far outside Japan. The launch of  
the Apple iPhone is raising the awareness of web access through 
mobiles.  
 
Bango Partner Program
During 2006 we invested considerable time and resource in building 
a base of “development partners” who build mobile sites for content 
providers. With more than 30 partners actively participating in this 
program versus 14 a year earlier, we have shifted our focus towards 
making these partners successful and transferred the responsibilities 
of our global partner program into our regional sales, marketing and 
support teams. 
Bango salespeople now engage partners faster in the selling cycle, 
shortening lead times and accelerating sales. Partners get direct 
access to Bango’s customer service teams to enable them to 
better support opportunities. We have a special offering for new 
development partners, enabling them to learn about and integrate 
Bango technology without having to find an initial customer. The 
result of this has been an increased efficiency in dealing with 
partners, lowering costs and with the expectation of increased sales 
productivity in the coming years. 
In the expectation of a rapid acceleration in demand for small, 
low cost mobile websites, we continue to work closely with a 
handful of companies we believe will be important providers of 
such services to “embed” Bango technology into their products.
 
Product development
Our unique technology and the service it enables is key to our 
competitive differentiation.  The development team continued to 
add significant new features and functions to the Bango platform  CEO’s report  
to enable content providers to offer a better user experience and 
to reduce the costs of doing business in the mobile internet. For 
example, our BillRank technology finds the lowest cost biller for any 
payment transaction.  
We also added features to the Bango platform that increased the 
number of visitors to content providers’ sites by providing better 
integration with mobile search engines such as Yahoo!, JumpTap and 
Google. We believe that promotion of content through mobile search 
engines will become an important driver of end user activity in the 
coming years, and it is an area where we see good opportunities to 
leverage our independent industry position. 
System availability exceeded 99.995% during the year. With 
transaction volumes constantly increasing, scalability at low cost 
and without service outage is vital. Our R&D team has steadily 
increased the capacity of the Bango system to stay ahead of demand 
at low cost. We established a third hosting facility and acquired new 
hardware and software for our data-centres from Zeus (cacheing and 
cross-server load balancing) and NetApp (reliable highly scalable 
storage). We also succeeded in achieving Level 2 PCI Data Security 
Standard certification.  
We reinforced our IPR position by applying for further patents relating 
to our BillRank technology.   We were also first to demonstrate the 
new UK “Payforit” user experience which is now automatically 
available to all our content providers. Payforit, a cross network mobile 
internet billing scheme, will become a mandatory requirement for 
mobile commerce in the UK later in calendar year 2007, and will 
accelerate the move away from SMS based payment systems. 
Work to streamline and simplify our “self-service” proposition 
continued and we introduced a zero cost of entry “starter package” 
in preparation for marketing activity with key partners later in 2007. 
If the market develops as we anticipate we need to be able to service 
hundreds of thousands of content provider customers rather than the 
thousands we handle today.  This work is ongoing.  
Financial performance
Revenues grew 38% to £10.43m (£7.53m) and gross profit grew 
12% to £2.47m (£2.19m FY06). 
After slower growth in content access fees in the first half of the 
year, more substantial growth returned in the second half of the year, 
with revenue for the year up by 37% on the previous year.  In line 
with Bango’s decision to increase payouts to larger content provider 
customers, the gross margin percentage on content access fees 
reduced to 13% (2006: 20%).  In absolute terms the gross margin 
earned on content access fees held broadly level at £1.17m (2006: 
£1.31m). 
Content provider revenues grew to £1.54m (2006: £1.00m), up by 
53% compared with the previous year, with margin also increasing by 
a similar percentage to £1.26m (2006: £0.82m). 
Revenue and margin from services to mobile operators decreased to 
£0.03m (2006: £0.06m) as the Company continues to move away 
from one-off sources of income. 
 
Operating expenses (excluding share based payments) increased by 
48% to £5.53m (£3.75m) due to our expansion into new territories, 
product development and increased marketing spend. They reduced 
from around £550,000 per month in October 2006 to below 
£400,000 per month in March 2007. 
The period to December 2006 was marked by investment in 
marketing, sales and partner recruitment to gain presence in 
Germany, USA and Spain. In January 2007 the changes in our 
partner program and sales focus enabled us to reduce our cost base 
by around 30% over a 3-month period while still increasing monthly 
revenues and gross margin. 
Our expectation is that we can continue to grow revenues and 
margins considerably with current operating cost levels, as a result of 
the high leverage we gain from our systems and partners. 
A key focus on entering the current financial year is reducing 
customer acquisition cost to ensure we are in a good position to 
capitalize on our position when the market accelerates. 
The loss before tax was £3.32m, £2.92m before share based 
payments. (£1.53m, £1.36m before share based payments).   
The loss was mostly due to investments in international roll-out, 
primarily in sales and marketing activity. 
The cash outflow from operations was broadly in line with the trading 
results for the period, reflecting the small change in working capital 
requirements despite the substantial increase in revenue and the 
purchase of new hardware to support future increases in demand as 
expected as existing and new customers increase their transaction 
volumes. 
We experienced an increase in attrition rates during the year. Some 
early customers in the USA proved over-optimistic in their revenue 
forecasts and postponed their entry into the mobile web. Some of 
these have since returned now that there are ways to market more 
efficiently.  Bango wishes to supply all potential customers without 
necessarily being able to predict which of those customers will 
succeed in monetizing their content. Therefore our business model 
and technologies concentrate on reducing costs and barriers to 
becoming a Bango customer and ensuring the running costs in the 
early stages of developing a mobile business are low.  
Entering FY2007/8 the net monthly cash burn was around 
£100,000. Further sign-ups of customers and increasing transaction 
volumes are generating increasing gross margin. With costs stable we 
believe our existing resources and further business growth will take us 
to positive cash flow and profitability. 
 
Outlook and strategy for FY2007/ We have established an effective and scalable business in an 
early stage market.  Growth is continuing and current performance 
indicators are favourable. 
With largely predictable and stable operational costs, our focus for the 
year to March 2008 is to continue to drive down customer acquisition 
costs and to strengthen the product proposition.  This will enable 
us to increase our growth rates while maintaining stable operating 
expenditure.  
Our goal is to reach profitability and to be cashflow positive with a 
significantly reduced cost of customer acquisition this year – and 
before the market enters a fast growth phase. This will enable us to 
capitalize on market growth from a position of strength. 
On behalf of the Board, I would like to express my gratitude to 
Bango’s partners and employees for their continued support. Working 
with mobile operators, content providers, billing companies and other 
commercial partners and investors, we look forward to increasing 
success in the year ahead. 
Ray Anderson 
Chief Executive Officer Bango provides a standards-based mobile trading platform that 
enables a global community of businesses, content providers and end 
users to locate each other, then interact and trade on the mobile web. 
Our role is to enable our customers’ success by creating, maintaining, 
and enhancing the functionality, reach, ease of use and reliability of 
our trading platform.  
 
The Bango platform is a fully automated, intuitive and simple to 
use on-line service that operates 24 hours a day, seven days a 
week. Content providers create their mobile websites or work with 
a wide range of Bango partners to create them. They register these 
mobile websites at www.bango.com, set prices for content items 
either per transaction or using subscriptions and add meta-tags or 
keywords that can be used to find the content from search engines. 
The technology in the Bango platform has value aligned to Bango’s 
focus on the success of content providers in three areas:
Traffic
Bango tools drive users to mobile websites from PC websites, media 
and print advertising, through viral marketing, communities and social 
networking, text push campaigns, mobile advertising and mobile 
search feeds. 
Registration of traffic URL’s at www.bango.com automatically provides 
many benefits for a content provider. Bango automatically feeds the 
leading search engines to generate search traffic. Bango provides 
SMS short and global codes that can be used in off-line promotion. 
Bango Web Triggers can drive traffic from PC websites to mobiles and 
Bango provides tools for viral marketing, community generation and 
short URLs. 
 
Information
The Bango system provides identity, history, tracking and other data  
to enable a mobile website to identify and personalize the experience 
for each individual. Detailed analytics show where users come 
from and measure promotional campaign effectiveness to optimize 
marketing spend. 
 
Add a Bango Information URL to a website to get valuable information 
about visitors in real-time. Bango’s identification technology unifies 
multiple different identity schemes in use across mobile operators 
to provide a unique global Bango Fingerprint to identify users and 
provide a personal experience without logins or passwords. Find 
out where people are coming from and what currency they use and 
drive higher satisfaction and more repeat visits. As well as real-time 
information, Bango provides detailed reports for visits, promotional 
activities, payments and market trends as required. 
2 The Bango platform
View access from txt triggers Payment conversions
See last  transactions
The Bango platform Payment
Bango connects to dozens of mobile payment and billing providers 
around the world. Bango BillRank technology dynamically selects 
the best billing channel to suit the user and the content provider. 
By providing efficient and immediate world-wide coverage, Bango 
maximizes revenues and reduces billing costs for content providers of 
all sizes. 
 
Bango’s payment systems collect money from mobile phone users 
anywhere in the world. Payment can be per access, for a period 
of time, a recurring subscription or on-demand. Pricing can be 
set globally or by country or even by user. Bango geo-locates 
each visitor and automatically presents payment screens in the 
appropriate language and currency. Our BillRank technology 
dynamically selects the best payment method from more than 40 
of the world’s leading billing channels. By effectively commoditizing 
billing providers and enabling more open competition between 
billers, Bango provides lower cost billing for content providers. 
Full back-office systems generate regular statements, handle tax 
accounting and out-payment processing. A comprehensive set of 
real-time statistics and reporting is provided at www.bango.com
At the heart of the Bango platform is a database that stores the 
transaction histories of millions of uniquely identified users  
world-wide. The ability of Bango to use the information gained 
about users to the benefit of the whole Bango content provider 
community is a powerful benefit of the Bango approach and 
builds a considerable barrier for potential competitors.
The mobile market is all about people and relationships and Bango 
is perfectly placed to drive the creation of communities of users 
sharing the same interests - as we span all content providers and 
mobile operators. Bango’s global reach through a single web-based 
content provider interface unifies all users into a single, immediately 
available, efficient market across all countries and mobile operators.
Bango’s knowledge of end user identity, history and behaviour 
across multiple content providers improves end user experience. 
The costs of the platform are shared across thousands of content 
providers offering millions of items. The Bango platform encourages 
community, where users can surf and explore content, sharing 
favourite items with their friends and colleagues, therefore 
dramatically reducing the marketing costs for content providers.
Technically the Bango Service is hosted in server farms 
on three different geographic sites, providing reliability, 
maintainability and resilience. The high levels of reliability of 
the Bango system provide added benefit to our customers as 
we can route around failures in billing or access providers.
The Bango platform 3 
Package overview with Google AdWord offer
View visitor numbers
View money earned End user lookups per 
month: >11 million
Top daily spend:
(1 user) £225
Top monthly spend:
(1 user) £749
Countries accessing 
Bango each month: 199
Operators seen  
each month: 200
Number of different devices 
seen each month: >900
New users per
month: 551,375
 The Bango business model
*Statistics from March 2007 Businesses pay Bango a monthly fee to use the Bango Service. The 
level of Bango services provided varies depending on the fee.  Bango 
has relationships with mobile operators and billing providers to ensure 
global coverage and maximize revenue collection at the lowest cost. 
There are a wide range of billing systems and schemes that can 
be used with mobile phone users. These include “WAP billing”, 
Premium SMS, Payforit, credit card, PayPal, Premium phone and 
many others being developed and launched. Bango has a clear 
position in payment to act in the content provider’s best interests 
– rather than promoting any specific biller. Billing is a commodity 
service and needs to be made simple and inexpensive for all.
When a content provider uses Bango to collect a payment 
from a mobile user, Bango BillRank technology automatically 
determines the best payment options available to that specific 
user, based on mobile operator, device type and their history 
with other content providers. It then presents those options in 
a payment screen most likely to generate a successful payment 
using the appropriate billing provider for that transaction. 
If a payment is successful, Bango forwards the funds collected to 
the content provider. Part of the payment is retained by Bango.            
The proportion retained is <2% for high volume customers to more 
than 30% for low volume content providers.  
 
Bango typically acts as a principal in the transaction to simplify VAT 
and other taxes for the content provider. 
 
Bango grows the monthly fee revenue and the number of payment 
transactions taking place through the Bango platform by focusing on:
Acquisition - increasing the number of content providers 
registering with the Bango Service by promoting the service to 
content providers directly and through resellers and partners.
Billing efficiency - increasing the range of effective billing 
providers available for end users. The goal is to make payments 
to content providers as easy as possible and at the lowest cost.
Traffic - increasing the volume and value of transactions that are 
conducted by users by providing marketing tools and by search engine 
placement and partnerships. 
The Bango business model
The Bango business model  
Mobile operators are the equivalent of internet service providers 
in the fixed internet world in that they provide connectivity to the 
mobile internet to end users. Operators also have billing and other 
relationships with their customers that they wish to leverage.
Operators benefit from Bango. Their subscribers get access to a 
greater variety of content - generating extra data revenues. They gain a 
share of revenues billed through them and the comfort of a customer 
and brand-friendly service managed by Bango. A single integration 
with Bango costs much less than integrating with many content 
providers. 
During the year we continued to establish and develop our 
relationships with operators.  The benefits to an operator from 
enabling their end users to access off-portal content can be 
gained safely and cost effectively through partnering with Bango. 
We expect many further relationships in the coming years.
Mobile search is much more fragmented than on the PC, since 
traditionally the choice and availability of a search engine has 
been controlled by the mobile operator.  Web search companies, 
such as Yahoo! and Google, are also entering the market and 
have the benefit of brand recognition for consumers.
Historically, the quality of mobile search was poor because the 
search companies had few ways to find mobile sites. They benefit 
from working with Bango. Bango has a large customer base with 
an active interest in advertising their mobile content thus driving 
an additional revenue stream for the search companies.
With more users browsing mobile websites, the site owners are 
discovering that advertising can generate useful revenues just as it 
does on the PC web. Spending on mobile advertising needs to be 
carefully tracked to measure return on investment. Bango provides 
the tools and services to do that reliably and independently.
Mobile operators
Mobile search
Mobile advertising  Bango success stories
Bango success stories
MTV
MTV, the world’s most watched television network and the leading 
multimedia brand for youth, used Bango to help it extend the 
on-line experience for its successful European Music Awards. 
Bango enabled MTV to reach out to millions of users with mobile 
phones, engage with consumers in multiple languages world-
wide and understand which content was most popular.
“We created a great foundation for our mobile strategy moving 
forward,” said Mark Bamber, Director of Mobile at MTV Networks 
International Digital Media. “For 2007, we plan to make the mobile 
site an even bigger part of MTV’s EMA strategy, strengthening our 
position as a global leader in the field of music and creating a more 
interactive experience for music lovers throughout Europe and 
beyond.” 
WWE
World Wresting Entertainment (WWE) is a global sports entertainment 
brand with millions of fans around the world. Within 4 months of 
launching the service, WWE had consumers from more than 40 
countries purchasing an array of content through more than 110 
operators around the world. WWE fans are drawn to the WAP site 
because it is really like a mini-web experience.  
 
“The reception from WWE fans so far has been fantastic,” said David 
Knise, WWE’s Vice President, Interactive Development. “We knew 
that our storefront would have great appeal, but the results so far 
have been exceptional.” 
Gameloft
Gameloft, the world’s number two publisher and developer 
of video games for mobile phones, choose Bango to power 
its off-portal mobile website and process payments directly 
integrated into the WAP session. Gameloft is using the unique 
promotional capabilities of the internet to drive traffic to the 
mobile site with users coming from across Europe and the US.
“We are very happy to have signed this partnership with Bango,” 
said Houssain Elguertit, B2C Development Manager at Gameloft. 
“We’re witnessing a big evolution today in terms of WAP usage 
and Bango is a good partner to work with for WAP billing.”
Platinum Studios
Platinum Studios, which has championed the comic creator for over 
a decade, invested in a mobile web presence to offer comic creators 
new revenue opportunities outside of traditional print publishing. 
Bango’s direct-to-consumer technology makes that a reality for 
Platinum.  
 
“We needed to be able to deliver our content everywhere our 
consumers were and a technology provider which understood 
the world-wide mobile network complexity – we found both in 
Bango,” said Howard Brodwin, head of Platinum Studios’ digital 
publishing Group. “Using Bango, millions of comic book fans with 
a mobile phone will have the opportunity to discover, connect and 
download their favourite comic characters via the mobile web.” 
Basin Street Records
This New Orleans based independent record label has weathered 
Hurricane Katrina and is now reaching out to Jazz fans world-wide 
with a mobile site for nine of its artists, beginning with the Jazz 
trumpeter Kermit Ruffins. The New Orleans Jazz and Heritage festival 
was a great place to promote the mobile site and gave fans a way of 
engaging directly on the mobile phone. 
 
“Our mobile sites will give concert goers the ability to download 
ringtones or album art or even sign up for newsletters. All a fan needs 
is access to the mobile web” said the label’s founder, Mark Samuels. Bango success stories 7
Admob
AdMob, the world’s largest mobile advertising marketplace, uses 
Bango technology to enable both advertisers and publishers to target 
and personalize advertising to their customers in 150 countries. 
Bango identifies where users are coming from – their country, network 
and handset – so advertising can be fine tuned to generate the best 
possible results for advertisers. 
“No one else has the same global reach on the mobile web as 
Bango,” said Russell Buckley, Managing Director of Admob in 
Europe. “Its relationship with operators world-wide gives us a 
unique insight into the millions of people surfing the mobile 
web, providing us with invaluable data about these users.”
Christian Mobile
ChristianMobile, the world’s first Christian content, media and 
entertainment service offering Bible downloads, wallpapers, ringtones 
and videos, uses the Bango technology to reach out to its global 
audience. With its downloadable bible on offer in 12 different 
languages, the mobile internet was the perfect place to promote     
and sell their offering on a global scale.   
 
“With the mobile internet we are able to reach out to our world-wide 
audience and offer a seamless service using Bango’s unique global 
reach” said Bertus Preller, Marketing Executive at Christian Mobile.
Gamemobile
As Gamemobile.co.uk found out, the mobile web is a great way to 
reach customers spread across the world.  Although a relatively small 
player in the mobile games market, Gamemobile used the strength 
of its PC website and its customer based of 250,000 users globally, 
to extend its offering to the mobile web.  Using Bango, Gamemobile 
pushed people from their PC website to the mobile site and 
increased revenues by selling games directly on the mobile phone. 
“The PC website and the mobile site work hand in hand. By 
using Bango we are able to charge users across the globe for 
our mobile games and extend the brand to create loyalty and 
repeat purchases” said Richard Hawley, CEO, Gamemobile. 
Filmnight.com
Filmnight.com, the on-line DVD store, uses their on-line 
PC presence to promote mobile content such as ringtones, 
wallpapers and videos of the latest movies to their consumers. 
With the help of Bango, Filmnight.com are able to seamlessly 
offer the best one-click billing options to their users maximizing 
their revenues and optimizing the user experience.
“Our PC web presence is the ideal platform to promote our 
mobile content and with the help of Bango we are able to easily 
charge consumers, which encourages them to come back and buy 
more” said David McDonald, Head of Mobile, Filmnight.com  Competitive market developments
A direct competitor to Bango in the form of a standard global 
platform for the mobile web has not yet been detected. 
The main competitive pressure to Bango comes from “home-
grown” solutions developed inside content providers or by 
consultancies working for them. Typically these revolve around 
one or two payment options and use simplistic technologies 
for user identification. They cannot provide the benefits gained 
from Bango’s view across thousands of websites and millions of 
users, or from the unique relationships Bango has established. 
Companies have tried to copy the Bango system and failed to deliver 
when the complexity and challenges are understood. Developers 
typically underestimate the challenges of not fully developing an 
effective user experience and over-estimate the capabilities of  
billing providers.  
We believe that the bulk of the mobile content market will be 
served by a wide range of horizontally focussed service providers, 
providing commodity and platform services to existing or new web 
developers who will increasingly develop sites for the mobile web. 
We also believe that a number of more vertically integrated businesses 
will try to counter this trend - offering alleged one-stop shops that 
claim to do everything from site creation, to hosting, to marketing 
and billing aggregation. These are potential customers for Bango.
The benefits of the “network effect” as more and more users 
and content providers start to use Bango will over time deliver a 
competitive barrier that will assist Bango in retaining market lead.
Competitive market developments
Bango relentlessly adds functionality to the platform, continually 
striving to improve content provider capabilities and value. At 
the same time, a great deal of energy goes into simplifying and 
streamlining the sign-up process for new Bango customers.
Thousands of content providers have signed up for our services at 
www.bango.com. Our goal is to enable millions of content providers to 
benefit from our platform, so we need to further simplify the process. 
Major changes to www.bango.com went live in May 2007 to further 
simplify engagement with Bango.
Providers of billing services for mobile content find Bango an 
attractive partner. By integrating with Bango, their offering is 
immediately available to thousands of content providers, without 
merchant marketing costs and with only one integration phase. 
Bango welcomes the opportunity to work with companies with strong 
end user propositions and genuine benefits to content providers or 
end users. 
During FY 2007 Bango worked closely with mBlox, an SMS 
aggregator and Ericsson, a major supplier of billing systems to mobile 
operators, to cut the cost of connecting to the widest range of possible 
billing partners.
During the year, major enhancements were made to the Bango traffic 
services to feed information into search engines more efficiently in 
advance of major deployments and marketing campaigns by search 
companies which we anticipate in the coming year. 
Bango development focus 10 Bango market predictions for the year ahead  10 Bango market predictions for the year ahead
Market prediction Benefit for Bango and mobile web
Mobile operators will reduce charges for accessing the mobile 
internet.
This will encourage greater consumption of premium content such as 
music, video and on-line games. It will attract more media companies to 
marketing content directly to mobile rather than loading through a PC as 
happens with the iPod.
Search and browsing will dominate the way phone users 
access mobile content and services.
A “mobile web” strategy provides the ideal platform to reach this global 
audience. Search enables a global audience to find mobile content, 
previously restricted by limitations of SMS.
Mobile operators will start to promote mobile web access, and 
re-focus on network capabilities, moving away from “on-portal” 
content.
Control of marketing and distribution returns to the content providers, as 
on the web. Operators work more closely with technical platform providers 
such as Bango, so that content providers can easily benefit from network 
capabilities.
Phones costs will continue to come down, causing the mobile 
web browser technology to become more standardized.
Lower costs enable fewer “special features” to be added by 
manufacturers. Access to content and services becomes more 
standardized, applications can be written once and deployed across 
multiple devices more quickly.
It will become as easy, and cheap, to get a mobile website built 
as a PC website.
Unlocking the 99% of on-line business that has yet to engage with the 
mobile market. More businesses will go mobile, accelerating market 
growth.
Newer “mobile internet phones” like the Nokia N95 and Apple 
iPhone and handsets with a Google “find” button built-in, 
increase pressure to make phones more open.
A trend towards PC-like ease of access to the internet from phones 
encourages content providers to drive consumer interaction through their 
mobile sites. 
Access controls to age restricted content will become 
widespread across Europe, and start to appear in the USA.
Regulation and controls are a pre-requisite for growth in age-restricted 
entertainment. Operators will increasingly require specific control and 
delivery of these services; content providers can depend on Bango 
technology to ensure safe delivery of restricted mobile content cross-
operator. 
Mobile commerce – buying travel tickets and basic 
consumables via the mobile web – will spread from Japan and 
Korea to Europe and the US.
As mobile business expands beyond made-for-mobile content only, 
businesses will look for economic billing services for very low margin 
goods.
Regulators and policy makers will move towards greater 
protection of personal data.
Content providers will need to identify who their customers are without 
knowing any personal data, e.g. their phone numbers. Bango’s investment 
in “identity” technology enables content providers to operate independent 
of phone number.
Mobile will become the new battleground for dominance in 
on-line search marketing and advertising – Google and Yahoo! 
with Microsoft aiming to catch-up.
Bango’s central traffic-generation “hub” enables content providers to 
leverage multiple mobile marketing channels at very low cost. Bango 
will strengthen its links with search companies to better enable content 
providers activity. 20 Financial statements  2 Page Title Financial statements 2  Directors
22 Directors 
Ray Anderson
CEO
Ray has twenty-five years’ experience in starting, growing and selling 
businesses.  He was named “Technology Entrepreneur of the Year” 
in February 2006. Ray co-founded Bango in 1999 after realizing 
that the convergence of the internet with the ubiquity of mobile 
phones could open up huge opportunities for content and service 
providers. In 1988, Ray established IXI which created the industry 
standard network GUI - X.desktop. IXI was an early leader in the 
creation of the web. It sponsored the first ever WWW conference 
at CERN and shipped the world’s first commercial web browser.
Anil Malhotra
SVP Marketing and Alliances
Anil is a highly experienced, senior marketing and business 
development manager, with 17 years experience in building 
entrepreneurial, fast-growth start-up businesses in the internet, 
software publishing and technology sectors. He co-founded 
Bango with Ray Anderson in 1999 and was formerly with IXI, 
where Anil won world-wide deals with US, Japanese and European 
industry giants including IBM, Digital and Sun Microsystems.
Peter Saxton
CFO
Peter provides the financial leadership, direction and policy 
guidance to the Company as it continues to grow rapidly. He has 
over 20 years experience in all financial disciplines including 
accounting, fund-raising and acquisitions. From 1996 to 
2001 he was Finance Director at PayPoint, the UK’s leading 
branded utility bill payment Company. From start-up, Peter was 
responsible for all finance activity and enabled the Company to 
profitably process more than £2 billion of payments per year.
 
Lindsay Bury
Chairman
Lindsay is a Non-executive Director of Sage Group plc and 
Service Power Technologies. He is also Chairman of Homeserve 
plc and General Investment Trust plc. Lindsay is also a Director 
or significant shareholder in a number of unquoted software 
companies including ServicePower Technologies plc. Since 
1984 he has been Chairman of the Sharp Technology Fund, a 
venture capital fund specializing in technology investments.
Martin Rigby
Non-executive Director
Martin is founder and joint managing Director of ET Capital 
Limited, a shareholder in the Company. He has been a 
venture capital investor for over 20 years making and 
manages investments in innovative technology businesses, 
principally in network services, software and hardware. 
Geoff Seabrook
Non-executive Director
Geoff is the Co-Founder of Visual Nexus Limited. For the past twenty 
years he has held senior executive positions in Silicon Valley for a 
number of companies including Tarantella, SCO, Century Data and 
Memorex. After starting his career as an engineer, during which 
time he designed and built the world’s first computerized sport 
stadium scoreboard, he has run sales and marketing operations 
around the world, before becoming a corporate strategist. Company information
Company information 23 
Company registration number 05386079
Registered Office 5 Westbrook Centre
 Milton Road
 Cambridge
 CB4 1YG
Directors Mr L C N Bury - Chairman
 Mr R Anderson - CEO
 Mr A Malhotra - SVP Marketing & Alliances
 Mr P Saxton - CFO
 Mr G Seabrook - Non-executive Director
 Mr M Rigby – Non-executive Director
 (appointed 29 March 2007)
Company Secretary Mr H Goldstein
 (appointed 30 June 2006) 
Bankers HSBC Bank Plc
 Vitrum
 St Johns’ Innovation Park
 Cambridge
 CB4 0DS
Solicitors Taylor Wessing
 24 Hills Road
 Cambridge
 CB2 1JW
Independent auditor Grant Thornton UK LLP
 Byron House
 Cowley Road
 Cambridge
 CB4 0WZ
Nominated advisor and broker Panmure Gordon (UK) Limited
 155 Moorgate
 London
 EC2M 6XB
Public relations advisor ICIS
 10 - 15 Queen Street
 London
 EC4N 1TX The Directors present the annual report and audited financial 
statements of Bango PLC for the year ended 31 March 2007.
Principal activities and business review
The principal activity of the Company during the year was as investment 
holding Company for Bango.net Limited and other subsidiaries. 
The principal activity of the Group during the year was the 
development, marketing and sale of technology to enable mobile 
phone users to easily choose and purchase services, games, 
pictures, videos, music and ringtones on their mobile phones.
Bango enables businesses of all sizes to quickly and easily benefit 
from the expansion of the world-wide-web to mobile phones. Bango 
technology and services have been used by many leading brands 
including MTV International, BBC, World Wrestling Entertainment, 
Gameloft, The Sun, The Times, Maxim, Capcom, Ministry of Sound,            
Thumbplay, Universal Music, Sony BMG, and Channel 4.
A review of the Group’s performance for the year ended 
31 March 2007 and future developments is contained 
in the Chairman’s report and the CEO’s report. 
Key performance indicators
The Group made a loss of £3,317,106 (£2,915,466 before share 
based payment costs) for the year ended 31 March 2007 (2006: 
loss of £1,526,202, £1,359,840 before share based payment 
costs).  The Directors do not recommend payment of a dividend.
The Directors and their interests
The Directors who served the Company throughout the year, 
except as noted, together with their beneficial interests 
in the shares of the Company were as follows:
Mr R Anderson  , 7,2 0  , 7,2 0
Mr A Malhotra  ,007,000  ,007,000
Mr P Saxton 7 , 2 7 , 2 Mr L C N Bury 700,000 700,000
Mr G S Seabrook  ,000  ,000
Mr M Rigby
(appointed 2 March 2007)
2 , 2 , Substantial shareholdings
As at 21 May 2007, the Company was aware of the following 
interests (other than Directors) in 3% or more of the ordinary issued 
share capital of the Company.
Directors’ report  
2 Directors’ report  
The share options were granted at market price and vest over a three 
year period in twelve equal quarterly instalments.  Vested options will 
lapse unless exercised within ten years of the date of grant. 
The Directors’ interests in share options of the Company were as follows:
The Directors did not exercise any share options during the year.
Creditor payment policy and practice
It is the Group’s policy that payments to suppliers are made in 
accordance with those terms and conditions agreed between the 
Group and its suppliers, provided that there has been compliance 
with all trading terms.  Content providers are the main suppliers to 
the Group.  At 31 March 2007, the Group had an average of 77 days 
(2006: 83 days) content provider purchases outstanding in trade 
payables.
Donations
The Group made charitable donations during the year of £1,200 
(2006: £nil). There were no donations to political parties.
Share capital
Details of changes in the share capital of the Company during the 
year are given in note 7 to the financial statements. 
Options to buy ordinary shares of 20p each
Option price At 31 March 2007 At 31 March 2006
Mr P Saxton Granted  March 200 £0. 00 200,000 200,000
Granted 2 September 200 £2.020  0,000  0,000
Granted 2 May 200 £ . 00  0,000 -
Granted 22 March 2007 £0. 0 7 ,2 0 -
Total 37 ,2 0 2 0,000
Number of 
ordinary shares 
of 20 pence 
each
Percentage of 
issued share 
capital at time 
of notification
Rock (Nominees) Limited 2, 2 , 7  0. 0%
Chase Nominees Limited 2,272,0 7  . %
BNY (OCS) Nominees Limited  , ,3  . %
Mellon Nominees (UK) Limited  ,22 ,000  . %
The Bank of New York 
(Nominees) Limited
 , ,7  . %
Ordinary shares
of 20p each
At 31 March 2007
Ordinary shares
of 20p each
At 31 March 2007
(or appointment to 
the Board if later) Directors’ report 2 
Directors’ report
Financial risk management objectives and policies
The Group’s activities expose it to some financial risks. The Group 
monitors these risks but does not consider it necessary to use any 
derivative financial instruments to hedge these risks. 
Liquidity risk 
The Company seeks to manage financial risk by ensuring sufficient 
liquidity is available to meet foreseeable needs and to invest cash 
assets safely and profitably.
Credit risk
Credit risk arises from exposure to outstanding receivables.  Potential 
new customers are assessed for credit risk before credit is given, to 
minimize credit exposure.  
Employment policies
The Group is committed to following the applicable employment 
laws in each territory in which it operates.  The Group is committed 
to fair employment practices including the prohibition of all forms of 
discrimination and attempts as far as possible to give equal access 
and fair treatment to all employees on the basis of merit.  Wherever 
possible we provide the same opportunities for disabled people as for 
others.  If employees become disabled we would make reasonable 
effort to keep them in our employment, with appropriate training 
where necessary.    
Health and safety policies
The Group is committed to conducting its business in a manner 
which ensures high standards of health and safety for its employees, 
visitors and the general public. It complies with all applicable and 
regulatory requirements. 
Directors’ responsibility
The following statement, which should be read in conjunction with 
both reports of the auditor set out on pages 28 and 51, is made in 
order to distinguish for shareholders the respective responsibilities 
of the Directors and of the auditors in relation to the financial 
statements:
The Directors are responsible for preparing the Annual Report and 
the financial statements in accordance with applicable law and 
regulations.
Company law requires the Directors to prepare financial statements 
for each financial year.  Under that law the Directors have prepared 
the Group financial statements in accordance with International 
Financial Reporting Standards (IFRSs) as adopted by the European 
Union and separate parent Company financial statements under UK 
GAAP.  The Group financial statements are required by law to give a 
true and fair view of the state of affairs of the Group and of the profit 
or loss of the Group for that period. In preparing these Group financial 
statements, the Directors are required to:
• Select suitable accounting policies and then apply them       
   consistently.
• Make judgments and estimates that are reasonable and prudent.
• State that the Group financial statements comply with IFRSs as  
 adopted by the European Union. 
• Prepare the Group financial statements on the going concern basis  
 unless it is inappropriate to presume that the Group will continue in  
 business.
The Directors are responsible for keeping proper accounting records 
that disclose with reasonable accuracy at any time the financial 
position of the Company and the Group and to enable them to 
ensure that the financial statements comply with the Companies 
Act 1985. They are also responsible for safeguarding the assets of 
the Company and the Group and hence for taking reasonable steps 
for the prevention and detection of fraud and other irregularities.
In so far as the Directors are aware:
• There is no relevant audit information of which the Company’s  
   auditors are unaware.
• The Directors have taken all steps that they ought to have taken  
   to make themselves aware of any relevant audit information and to      
   establish that the auditors are aware of that information.
The Directors’ are responsible for the maintenance and integrity 
of the corporate and financial information included on the Group’s 
website.  Legislation in the United Kingdom governing the 
preparation and dissemination of financial statements may differ from 
legislation in other jurisdictions. 
 
Auditor
A resolution to re-appoint Grant Thornton UK LLP as auditor for 
the ensuing year will be proposed at the annual general meeting in 
accordance with section 385 of the Companies Act 1985.
BY ORDER OF THE BOARD
Company Secretary
Mr H Goldstein Corporate governance statement
2 Corporate governance statement
Audit Committee
The Audit Committee comprises the Chairman and both 
Non-executive Directors.
The Committee’s main role and responsibilities are to:
• Monitor the integrity of the financial statements of the Group.
• Review the Group’s internal financial controls and risk management  
 systems.
• Make recommendations to the Board, for it to put to the   
 shareholders for their approval in relation to the appointment of  
 the external auditor and to approve the remuneration and terms of  
 reference of the external auditor.
• Discussion of the nature, extent and timing of the external auditor’s  
 procedures and discussion of the external auditor’s findings.
• Review and monitor the external auditor’s independence and  
 objectivity and the effectiveness of the audit process.
• Develop and implement policy on the engagement of the external  
 auditor to supply non-audit services.
• Report to the Board, identifying any matters in respect of which it  
 considers that action or improvement is required.
• Ensure a formal channel is available for employees and other  
 stakeholders to express any complaints in respect of financial  
 accounting and reporting.
The Group does not currently have an internal audit function, which 
the Board considers appropriate for a Group of Bango’s size. The 
Committee is scheduled to meet twice each year and at other times 
if necessary. The Audit Committee will review risk assessments 
and the need for an internal audit function on a periodic basis.
Internal control procedures
The Board is responsible for the Group’s system of internal controls 
and risk management, and for reviewing the effectiveness of these 
systems. These systems are designed to manage, rather than 
eliminate, the risk of failure to achieve business objectives, and to 
provide reasonable, but not absolute assurance against material 
misstatement or loss.
The key features of the Group’s internal controls are described below:
• A clearly defined organisational structure with appropriate   
 delegation of authority.
• The approval by the Board of a one year budget, including monthly  
 income statements, balance sheets and cash flow statements. The  
 budget is prepared in conjunction with Senior Managers to ensure  
 targets are feasible.
• The business plan is updated on a periodic basis to take into  
 account the most recent forecasts. On a monthly basis, actual  
 results are compared to the latest forecast and market expectations  
 and presented to the Board on a timely basis.
• Regular reviews by the Board and by the senior management team  
 of key performance indicators.
• A limited number of senior management are able to sign cheques  
 and authorise payments. Payments are not permitted without an  
 approved invoice.
• Reconciliations of key balance sheet accounts are performed and  
 independently reviewed by the finance team.
• A disaster recovery plan and back-up system is documented                              
 and in place.
The Board in conjunction with the Audit Committee keeps under 
review the Group’s internal control system on a periodic basis. 
Communications with shareholders
The Board recognises the importance of regular and effective 
communication with shareholders. The primary forms of 
communication are:
• The annual and interim statutory financial reports and associated  
 investor and analyst presentations and reports.
• Announcements relating to trading or business updates released to  
 the London Stock Exchange.
• The Annual General Meeting provides shareholders with an  
 opportunity to meet the Board of Directors and to ask questions  
 relating to the business.
Going concern
After making enquiries, at the time of approving the financial 
statements, the Directors have a reasonable expectation that the 
Company and the Group have adequate resources to continue in 
operational existence for the foreseeable future. For this reason,     
the Directors continue to adopt the going concern basis in preparing 
the financial statements. Non–executive Directors
The remuneration of the Non-executive Directors is determined by the 
Executive Directors.  Their appointments can be terminated on six 
months’ notice in writing by the Company.
Director’s emoluments
Remuneration in respect of the Directors was as follows:
 
The Remuneration Committee comprises the Chairman and both 
Non-executive Directors. 
The Committee’s main role and responsibilities are as follows:
• To review, and determine on behalf of the Board, the specific  
 remuneration and incentive packages for each of the Company’s  
 Executive Directors.
• To review, and make recommendations to the Board in respect  
 of, the design of remuneration structures and levels of pay   
 and other incentives for employees of the Group, including share  
 option awards and any adjustments to the terms of share ownership  
 and share option schemes. 
• To be responsible for reporting to the Group’s shareholders in  
 relation to remuneration policies applicable to the Group’s   
 Executive Directors.
The Committee may invite the Chief Executive Officer and Chief 
Finance Officer to attend meetings of the Remuneration Committee. 
The Chief Executive Officer is consulted on proposals relating to 
the remuneration of the Chief Finance Officer and of other senior 
executives of the Group. The Chief Executive Officer is not involved in 
setting his own remuneration.
The Committee may use remuneration consultants to advise it in 
setting remuneration structures and policies. The Committee is 
exclusively responsible for appointing such consultants and for setting 
their terms of reference.
The Committee’s terms of reference are reviewed and approved by 
the Board. These are available for inspection at the Group’s registered 
office.
Remuneration policy
The Group’s policy on remuneration is to provide a package of 
benefits, including salary, performance-related bonuses and share 
options, which reward success and individual contributions to the 
Group’s overall performance appropriately, while avoiding paying more 
than is necessary for this purpose. In addition, the Remuneration 
Committee takes into account remuneration packages of comparable 
companies when making recommendations to the Board.
Performance-related elements of remuneration are designed to align 
the interests of Executive Directors with those of shareholders and 
accordingly are set as a significant proportion of total remuneration.
Share options
The Group considers that active participation in a share option plan is 
an effective means of incentivising and retaining high quality people. 
Directors and employees are eligible to participate in the scheme. 
Further details of the option plan and outstanding options as at 31 
March 2007 are given in note 7 to the financial statements.
Service agreements
The Executive Directors have service agreements with Bango plc. 
The agreements include restrictive covenants which apply during 
employment and for a period of twelve months after termination.
The agreements can be terminated on twelve months’ notice in 
writing by either the Company or by the Executive Director.
Remuneration Committee report
Remuneration Committee report 27 
2007 2006
£’000 £’000
Aggregate emoluments  0 , 300, 07
Aggregate emoluments of 
highest paid Director
 ,300  0 , 0 2 Report of the independent auditor to the members of Bango PLC
We have audited the Group financial statements of Bango PLC 
for the year ended 31 March 2007 which comprise the principal 
accounting policies, the consolidated income statement, 
the consolidated balance sheet, the consolidated cash flow 
statement and the consolidated statement of changes in equity 
and notes 1 to 18.  These Group financial statements have 
been prepared under the accounting policies set out therein.  
We have reported separately on the parent company financial 
statements of Bango PLC for the year ended 31 March 2007.
This report is made solely to the company’s members, as a body, 
in accordance with Section 235 of the Companies Act 1985.  Our 
audit work has been undertaken so that we might state to the 
company’s members those matters we are required to state to them 
in an auditor’s report and for no other purpose.  To the fullest extent 
permitted by law, we do not accept or assume responsibility to anyone 
other than the company and the company’s members as a body, for 
our audit work, for this report, or for the opinions we have formed. 
Respective responsibilities of Directors and auditors 
The Directors’ responsibilities for preparing the Annual Report 
and the Group financial statements in accordance with 
United Kingdom law and International Financial Reporting 
Standards (IFRSs) as adopted by the European Union are 
set out in the Statement of Directors’ responsibilities.
Our responsibility is to audit the Group financial statements in 
accordance with relevant legal and regulatory requirements and 
International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the Group financial 
statements give a true and fair view and whether the Group financial 
statements have been properly prepared in accordance with the 
Companies Act 1985 and Article 4 of the IAS Regulation.  We also 
report to you whether in our opinion the information given in the 
Directors’ report is consistent with the financial statements.  The 
information given in the Directors’ report includes that specific 
information presented in the CEO’s report that is cross referred from 
the business review section of the Directors’ report.
In addition we report to you if, in our opinion, we have not received 
all the information and explanations we require for our audit, or if 
information specified by law regarding Directors’ remuneration and 
other transactions is not disclosed. 
We read other information contained in the Annual Report and 
consider whether it is consistent with the audited Group financial 
statements. The other information comprises only the Directors’ 
report, the Chairman’s report, the CEO’s report, the corporate 
governance statement and the Remuneration Committee report.    
We consider the implications for our report if we become aware of any 
apparent misstatements or material inconsistencies with the Group 
financial statements. Our responsibilities do not extend to any other 
information.
Basis of audit opinion
We conducted our audit in accordance with International 
Standards on Auditing (UK and Ireland) issued by the Auditing 
Practices Board. An audit includes examination, on a test basis, 
of evidence relevant to the amounts and disclosures in the 
Group financial statements. It also includes an assessment of 
the significant estimates and judgments made by the Directors 
in the preparation of the Group financial statements, and of 
whether the accounting policies are appropriate to the Group’s 
circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the 
information and explanations which we considered necessary in 
order to provide us with sufficient evidence to give reasonable 
assurance that the Group financial statements are free from material 
misstatement, whether caused by fraud or other irregularity or error.  
In forming our opinion we also evaluated the overall adequacy of 
the presentation of information in the Group financial statements.
Opinion
In our opinion:
• The Group financial statements give a true and fair view, in  
 accordance with IFRSs as adopted by the European Union, of the  
 state of the Group’s affairs as at 31 March 2007 and of its loss for  
 the year then ended.
• The Group financial statements have been properly prepared in  
 accordance with the Companies Act 1985 and Article 4 of the IAS  
 Regulation.
• The information given in the Directors’ report is consistent with the  
 financial statements.
Grant Thornton UK LLP
Registered Auditor
Chartered Accountants
Cambridge
6 July 2007
Report of the independent auditor to the 
members of Bango PLC  Consolidated balance sheet
Consolidated balance sheet 2 
2007 2006
ASSETS Note £ £
Non-current assets
Property, plant and equipment 5  0 , 0 319,013
Intangible assets 5  ,3 24,083
 2 ,7 343,096
Current assets
Trade and other receivables 6 2, 23,2 2,267,458
Cash and cash equivalents  , 3 ,0 4,863,004
 ,3 ,3 0 7,130,462
Total assets  , 7 , 2 7,473,558
EQUITY
Capital and reserves attributable to equity holders of the Company
Share capital 7  ,3 , 5,306,864
Share premium account  ,3 0, 5,255,136
Merger reserve  ,23 ,22 1,236,225
Other reserve  , 3 194,195
Accumulated losses ( 0,072,270) (6,755,164)
Total equity 2, 0,223 5,237,256
LIABILITIES
Current liabilities
Bank overdraft - 10,772
Trade and other payables 8 2, 3 , 2,225,530
Total liabilities 2, 3 , 2,236,302
Total equity and liabilities  , 7 , 2 7,473,558
These financial statements were approved by the Directors on 20 June 2007 and are signed on their behalf by:
Mr R Anderson, Director 
Mr P Saxton, Director
The notes on pages 33 to 50 are an integral part of these consolidated financial statements.
At 31 March 2007 Consolidated income statement 
30 Consolidated income statement
2007 2006
Note £ £
Revenue 4  0, 2 ,3 2 7,532,877
Cost of sales (7, 2, 03) (5,341,577)
Gross profit 2, , 0 2,191,300
Administrative expenses ( , 2 , ) (3,746,209)
Share based payments ( 0 , 0) (166,362)
Operating loss 4 (3, ,3 0) (1,721,271)
Finance costs - -
Investment income 14  7,2 195,069
Loss before taxation (3,3 7, 0 ) (1,526,202)
Income tax expense 15 - -
Loss for the financial year (3,3 7, 0 ) (1,526,202)
Attributable to equity holders of the Company (3,3 7, 0 ) (1,526,202)
 
Earnings per share for loss attributable 
to the equity holders of the Company
Basic loss per share 16 ( 2. 0) (6.09)
Diluted loss per share 16 ( 2. 0) (6.09)
All of the activities of the Group are classed as continuing.
The notes on pages 33 to 50 are an integral part of these consolidated financial statements.
For the year ended 31 March 2007 Consolidated cash flow statement
Consolidated cash flow statement 3 
2007 2006
Note £ £
Net cash used by operating activities 17 (2, 2 ,3 3) (1,665,667)
Cash flows from investing activities
Purchases of property, plant and equipment (3 2, 2 ) (333,679)
Purchase of intangible assets ( , 7 ) -
Disposal of property, plant and equipment 2, 2,689
Interest received  7,2 195,069
Net cash used by investing activities (2 ,22 ) (135,921)
Cash flows from financing activities
Proceeds from initial public offering net of share issue expenses - 6,172,379
Proceeds from other issuance of ordinary shares  , 33 161,221
Net cash generated from financing activities  , 33 6,333,600
Net (decrease)/increase in cash, cash equivalents and overdrafts (2, 2 , 3 ) 4,532,012
Cash, cash equivalents and overdrafts at beginning of year  , 2,232 320,220
Cash and cash equivalents at end of year  , 3 ,0 4,852,232
The notes on pages 33 to 50 are an integral part of these consolidated financial statements.
For the year ended 31 March 2007 Consolidated statement of 
changes in equity 
32 Consolidated statement of changes in equity 
 
£ £ £ £ £ £
At  April 200 4,186,900 - 1,236,225 27,833 (5,228,962) 221,996
Loss for the financial year - - - - (1,526,202) (1,526,202)
Total income/(expense) - - - - (1,526,202) (1,526,202)
recognized for 2006
Shares issued on IPO 1,044,776 5,955,224 - - - 7,000,000
Share issue costs
deducted from equity - (786,121) - - - (786,121)
Exercise of share options 75,188 86,033 - - - 161,221
Share based payment 
charge - - - 166,362 - 166,362
1,119,964 5,255,136 - 166,362 (1,526,202) 5,015,260
At 3 March 200 5,306,864 5,255,136 1,236,225 194,195 (6,755,164) 5,237,256
Loss for the financial year - - - - (3,317,106) (3,317,106)
Total income/(expense) - - - - (3,317,106) (3,317,106)
recognized for 2007
Exercise of share options 62,684 55,749 - - - 118,433
Share-based payment 
charge - - - 401,640 - 401,640
62,684 55,749 - 401,640 (3,317,106) (2,797,033)
At 3 March 2007 5,369,548 5,310,885 1,236,225 595,835 (10,072,270) 2,440,223
Share 
Capital
Share 
premium
account
Merger
reserve
Other
reserve
Accumulated
losses Total Notes to the financial statements
Notes to the financial statements 33 
 General information
Bango PLC (“the Company”) was incorporated on 8 March 
2005 in the United Kingdom. The Company is domiciled in 
the United Kingdom. The address of the registered office of the 
Company, which is also its principal place of business, is given 
on page 23. The Company’s shares are listed on the Alternative 
Investment Market of the London Stock Exchange (“AIM”).
The financial statements for the year ended 31 March 2007 
(including the comparatives for the year ended 31 March 2006) 
were approved by the board of Directors on 20 June 2007.
2 Basis of preparation
Whilst not yet a requirement for AIM companies, the Group 
has chosen to prepare its Annual Report in accordance with 
International Financial Reporting Standards (“IFRSs”) as 
adopted in the European Union and as applied in accordance 
with the provisions of the Companies Act 1985. 
The disclosures required by IFRS 1, First-time Adoption of 
International Financial Reporting Standards, in respect of the 
transition from accounting principles generally accepted in the 
United Kingdom (“UK GAAP”) to IFRS are provided in note 18. 
The first time adoption of International Financial Reporting 
Standards in preparing the group financial statements for 
the year ended 31 March 2007 has had no material effect 
upon the results and financial position of the Group.
Interim results for the period to 30 September 2006, released 
on 18 October 2006, were prepared under UK GAAP. Had those 
results been prepared under International Financial Reporting 
Standards there would have been no material difference in 
results and financial position presented for that period.
The consolidated financial statements have been 
prepared under the historical cost convention.
The preparation of financial statements in accordance with 
IFRS requires the use of certain critical accounting estimates. 
It also requires management to exercise its judgement in 
the process of applying the Group’s accounting policies. The 
areas involving a high degree of judgement or complexity, or 
areas where assumptions and estimates are significant to the 
consolidated financial statements are disclosed in notes 3.19.
These financial statements are presented in pounds sterling 
(GBP) because that is the currency of the primary economic 
environment in which the Group operates. Foreign operations are 
included in accordance with the policies set out in notes 3.14.
First time adoption of IFRS
As permitted by IFRS 1, the following key exemptions 
have been taken in the transition to IFRS. Recognition and 
measurement requirements of IFRS 2 ‘Share Based Payments’ 
have only been applied to equity instruments granted after 
7 November 2002 that had not vested by 1 April 2005.
3 Principal accounting policies
The principal accounting policies applied in the preparation 
of these consolidated financial statements are set out 
below. These policies have been consistently applied to 
all the years presented, unless otherwise stated.
3. Basis of consolidation
On 9 June 2005 Bango Plc acquired the entire issued share capital 
of Bango.net Limited by way of a share for share exchange.  As the 
shareholders were the same before and after this transaction, the 
share for share exchange qualifies as a common control transaction 
and falls outside of the scope of IFRS 3, Business Combinations.
 
No goodwill has been recorded and the difference between the 
parent Company’s cost of investment and Bango.net Limited’s 
share capital and share premium is presented as a merger 
reserve within equity on consolidation. Comparative amounts 
are restated as if the combination had taken place at the 
beginning of the earliest comparative period presented. 
The consolidated financial statements incorporate the financial 
statements of the Company and all entities controlled by it after 
eliminating internal transactions. Control is achieved where 
the Group has the power to govern the financial and operating 
policies of a Group undertaking so as to obtain economic 
benefits from its activities. Undertakings’ results are adjusted, 
where appropriate, to conform to Group accounting policies.
3.2 Property, plant and equipment
Property, plant and equipment is stated at historical cost 
less accumulated depreciation. Depreciation is provided 
to write off the cost of all property, plant and equipment 
to its residual value on a straight-line basis over its 
expected useful economic lives, which are as follows:
Leasehold improvements  20% straight line 
Office equipment   20% straight line
Computer equipment 33.3% straight line
3. 3 Intangible assets
Acquired intangible assets are measured initially at 
historical cost and are amortized on a straight-line 
basis over the expected useful economic lives:
Domain names  33.3% straight line
3. Impairment of property, plant and equipment and intangible assets
At each balance sheet date, the Group reviews the carrying 
amounts of its property, plant and equipment and intangible 
assets for any indication that those assets have suffered an 
impairment loss. If any such indication exists, the recoverable 
amount of the asset is estimated in order to determine the extent 
of the impairment loss, if any. The recoverable amount is the 
higher of the fair value less costs to sell and value in use.
3. Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and bank 
deposits available on demand.
3. Trade receivables
Trade receivables are recognized initially at fair value and 
are measured subsequent to initial recognition at amortized 
cost using the effective interest method, less provision for 
impairment.   Any change in their value through impairment or 
reversal of impairment is recognized in the income statement.
 
Provision against trade receivables is made when there is objective 
evidence that the Group will not be able to collect all amounts due to it 
in accordance with the original terms of those receivables. The amount 
of the write-down is determined as the difference between the asset’s 
carrying amount and the present value of estimated future cash flows.
3.7 Trade payables
Trade payables are initially measured at fair value, and are subsequently 
measured at amortized cost, using the effective interest rate method. 3 Notes to the financial statements
Notes to the financial statements
3. Income taxes
Current income tax liabilities comprise those obligations to 
fiscal authorities relating to the current or prior reporting period, 
that are unpaid at the balance sheet date. They are calculated 
according to the tax rates and tax laws applicable to the fiscal 
periods to which they relate, based on the taxable profit for the 
year. All changes to current tax assets or liabilities are recognized 
as a component of tax expense in the income statement, except 
where it relates to items charged or credited directly to equity.
Deferred income taxes are calculated using the liability method on 
temporary differences. This involves the comparison of the carrying 
amounts of assets and liabilities in the consolidated financial 
statements with their respective tax bases. In addition, tax losses 
available to be carried forward as well as other income tax credits to 
the Group are assessed for recognition as deferred tax assets. However, 
deferred tax is not provided on the initial recognition of goodwill, nor 
on the initial recognition of an asset or liability unless the related 
transaction is a business combination or affects tax or accounting profit.
 
Deferred tax liabilities are always provided for in full. Deferred 
tax assets are recognized to the extent that it is probable that the 
underlying deductible temporary differences will be able to be offset 
against future taxable income. Deferred tax assets and liabilities 
are calculated, without discounting, at tax rates that are expected 
to apply to their respective period of realization, provided they are 
enacted or substantively enacted at the balance sheet date.
 
Deferred tax is recognized as a component of tax expense 
in the income statement, except where it relates to 
items charged or credited directly to equity.
 
There is no income tax liability unpaid at the balance sheet date.
3. Operating lease agreements
Rentals applicable to operating leases where substantially all of the 
benefits and risks of ownership remain with the lessor are charged 
to the income statement net of any incentives received from the 
lessor on a straight line basis over the period of the lease.
3. 0 Revenue recognition
End users make a prepayment to the Group prior to accessing 
chargeable mobile internet content.
Content access fees are received from end users and are recognized 
as revenue at the time at which end users access chargeable mobile 
internet content.
Where there has been no activity on an end user account for a period 
of 90 days, the balance remaining is released to revenue in accordance 
with the end user terms and conditions, because of operating policies of 
mobile network operators relating to number reissue.
Revenue from the sale of licences to content providers and service 
contracts is recognized in the financial statements over the period of the 
contract.
Revenue from services provided to mobile phone operators and content 
providers are recognized in the financial statements over the period of 
the contract.
3. Employee benefits
All accumulating employee-compensated absences that are 
unused at the balance sheet date are recognized as a liability.
Payments to defined contribution retirement benefit schemes are 
charged as an expense as they fall due.   
3. 2 Share-based payment transactions
The Group issues equity settled share-based compensation to 
certain employees (including Directors). Equity settled share-
based payments are measured at fair value at the date of grant. 
The fair value determined at the grant date of the equity-settled 
share-based payment is expensed on a straight-line basis over 
the vesting period, together with a corresponding increase in 
equity, based upon the Group’s estimate of the shares that will 
eventually vest. These estimates are subsequently revised if there 
is any indication that the number of options expected to vest 
differs from previous estimates. Any cumulative adjustment prior 
to vesting is recognized in the current period. No adjustment 
is made to any expense recognized in prior periods.
Fair value is measured by an external valuer using the Black-
Scholes option pricing model. The expected life used in 
the model has been adjusted, based on management’s 
best estimate, for the effects of non-transferability, 
exercise restrictions and behavioural considerations.
Where the terms of an equity-settled transaction are modified, 
as a minimum an expense is recognized as if the terms had 
not been modified. In addition, an expense is recognized for 
any increase in the value of the transaction as a result of the 
modification, as measured by the date of modification.
Where an equity-settled transaction is cancelled, it is treated 
as if it had vested on the due date of the cancellation, and any 
expense not yet recognized for the transaction is recognized 
immediately. However, if a new transaction is substituted for 
the cancelled transaction, and designated as a replacement 
transaction on the date that it is granted, the cancelled and new 
transactions are treated as if they were a modification of the 
original transaction, as described in the previous paragraph.
Share-based payment transactions are shown separately 
in the consolidated income statement.  
3. 3 Operating loss
The operating loss is stated before investment income and finance costs. 
 
3. Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into 
sterling at the rates of exchange prevailing at the balance sheet date. 
Transactions in foreign currencies are translated into sterling at the 
rate of exchange prevailing at the date of the transaction. Exchange 
gains and losses are included in the income statement for the period.
For consolidation purposes, the trading results and cash flows in 
foreign currencies, arising in foreign subsidiaries, are translated 
into sterling at average exchange rates for the period. Assets 
and liabilities denominated in foreign currencies are translated 
using the rate of exchange prevailing at the balance sheet date. 
Exchange differences arising upon consolidation are taken 
directly to the cumulative foreign currency translation reserve. 
Such translation differences are recognized as income or 
expense in the period in which the operation is disposed of.
3. Segment reporting
A segment is a distinguishable component of the Group services 
or operating geography. The primary segmentation is by type 
of service, with a secondary segmentation by geography.  
3. Financial instruments/liabilities
Financial liabilities and equity instruments are classified according 
to the substance of the contractual arrangements entered into. An 
equity instrument is any contract that evidences a residual interest in 
the assets of the entity after deducting all of its financial liabilities. Notes to the financial statements
Notes to the financial statements 3 
Where the contractual obligations of financial instruments (including 
share capital) are equivalent to a similar debt instrument, those 
financial instruments are classed as financial liabilities. Financial 
liabilities are presented as such in the balance sheet. Finance 
costs and gains or losses relating to financial liabilities are included 
in the income statement. Finance costs are calculated so as to 
produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any 
terms meeting the definition of a financial liability then this is 
classed as an equity instrument. Dividends and distributions 
relating to equity instruments are debited direct to equity.
3. 7 Share capital and reserves
Share capital
Ordinary shares are classified as equity. Equity instruments issued 
by the Company are recorded at the proceeds received, net of direct 
issue costs.
Share premium
Share premium represents the excess over nominal value of the fair 
value of consideration received for equity shares, net of expenses of 
the share issue.
Merger reserve
The merger reserve represents the difference between the 
parent company’s cost of investment and a subsidiary’s share 
capital and share premium where a Group reorganization 
qualifies as a common control transaction.
Other reserve
The other reserve represents equity-settled share-based employee 
remuneration until such share options are exercised.
3. Research and development
Expenditure on research activities is recognized as an expense in the 
period in which it is incurred. An internally-generated intangible asset 
arising from the Group’s development activities is recognized only if 
all of the following conditions are met:
• An asset is created that can be identified (such as software and              
   new processes).
• It is probable that the asset created will generate future economic   
   benefits.
• The development cost of the asset can be measured reliably.
 
Internally-generated intangible assets are amortized on a straight-line 
basis over their useful economic lives. Where no internally-generated 
intangible asset can be recognized, development expenditure is 
recognized as an expense in the period in which it is incurred.
 
3. Significant accounting estimates and judgements
Share options
Share options are granted on a discretionary basis and vest evenly 
over a three year period.  The fair value of options granted is 
determined using the Black-Scholes valuation model, which requires 
a number of estimates and assumptions.The significant inputs into 
the model are share price at grant date, exercise price, expected 
option life, expected volatility and the risk free rate. Volatility is 
measured as the standard deviation of expected share price returns 
based on a statistical analysis of competitors’ share prices.
Trade receivables
Trade debtors are stated net of a provision for bad and 
doubtful debts, based on the Group’s best estimate of 
the likelihood of recovery on a specific basis.  
Deferred tax
A deferred tax asset is recognized where the Group considers 
it probable that a tax credit will be received in the future.  This 
specifically applies to tax losses and to outstanding vested share 
options at the balance sheet date. The Group estimates what 
proportion of those outstanding share options are likely to be 
exercised and a related tax credit received in the future.  The 
asset recognized is also dependent on the year end share price.
3.20 Future accounting developments
IFRS 7 (‘Financial Instruments Disclosures’) was issued by the 
IASB in August 2005 for application in accounting periods 
beginning on or after 1 January 2007 and have been adopted 
by the European Commission. The new or revised disclosures 
will be adopted by the Group for reporting in 2008.
The following International Financial Reporting Interpretations 
Committee (IFRIC) interpretations issued during 2005 and 2006 
which first apply to accounting periods beginning on or after 1 
January 2007 are not expected to result in any changes to the 
Group’s accounting policies: 
 
• IFRIC 7 – Applying the Restatement Approach under IAS       
   29 Financial Reporting in Hyperinflationary Economies
• IFRIC 8 – Scope of IFRS 2
• IFRIC 9 – Reassessment of Embedded Derivatives
• IFRIC 10 – Interim Financial Reporting and Impairment
Consideration will be given during 2007 to the implications, if any, of 
the following IFRIC interpretations issued during 2006 which would 
first apply to the Group accounting period beginning on 1 April 2007.
• IFRIC 11 IFRS 2 – Group and Treasury Share Transactions
• IFRIC 12 – Service Concession Arrangements
IFRS 8 Operating Segments was issued in November 2006 and 
would first be required to be applied to the Group accounting 
period beginning on 1 April 2009.  The standard replaces 
IAS 14 Segmental Reporting and requires amendments and 
additions to the existing segmental reporting disclosures. Notes to the financial statements
3 Notes to the financial statements
 Segment information
The Group operates in three main business segments. Management reporting is based principally on the type of service provided to customers.  
Accordingly, the Group presents its primary segment analysis on this basis: 
a. Primary reporting format – business segments
Year ended 31 March 2007
Content access fees Content           
provider fees
Services to        
mobile operators 
Common Total
£ £ £ £ £
Segment revenue 8,859,633 1,536,564 32,115 - 10,428,312
Segment gross margin 1,173,123 1,260,671 32,115 - 2,465,909
Common costs (5,528,659) (5,528,659)
Share based payments (401,640) (401,640)
Operating loss (3,464,390)
Investment income 147,284 147,284
Loss before taxation (3,317,106)
Taxation -
Loss for the financial year (3,317,106)
Segment assets 1,634,008 451,409 20,115 2,770,589 4,876,121
Segment liabilities 1,691,685 - 7,000 737,213 2,435,898
Net assets (57,677) 451,409 13,115 2,033,376 2,440,223
Capital expenditure - - - 368,496 368,496
Depreciation and amortization - - - 186,847 186,847
Content access fees are the amounts paid to Bango by end users for accessing chargeable content provided by content providers.  Content 
provider fees are the amounts paid to Bango by content providers for package fees and other services.  Revenue from services to Mobile 
Network Operators occur when Bango provides professional services to these organisations.  
Common costs include all costs associated with staff, property & office, marketing and depreciation.
Common assets include property, plant and equipment, cash and overhead deposits and prepayments.
Common liabilities include overhead creditors and tax liabilities. Notes to the financial statements
Notes to the financial statements 37 
Year ended 31 March 2006
Content access fees Content provider 
fees
Services to      
mobile operators 
Common Total
£ £ £ £ £
Segment revenue 6,470,383 1,002,619 59,875 - 7,532,877
Segment gross margin 1,315,125 816,300 59,875 - 2,191,300
Common costs (3,746,209) (3,746,209)
Share based payments (166,362) (166,362)
Operating loss (1,721,271)
Investment income 195,069 195,069
Loss before taxation (1,526,202)
Taxation -
Loss for the financial year (1,526,202)
Segment assets 1,557,428 444,282 50,743 5,421,105 7,473,558
Segment liabilities 1,331,102 408,030 - 497,170 2,236,302
Net assets 226,326 36,252 50,743 4,923,935 5,237,256
Capital expenditure - - - 333,679 333,679
Depreciation and amortization - - - 76,247 76,427
Common costs include all costs associated with staff, property & office, marketing and depreciation.
Common assets include property, plant and equipment, cash and overhead deposits and prepayments.
Common liabilities include overhead creditors and tax liabilities.  Notes to the financial statements
3 Notes to the financial statements
b. Secondary reporting format – geographical segments
Year ended 31 March 2007     
United Kingdom Rest of EU USA & Canada Rest of World Common Total
Segment revenue 8,472,721 741,241 934,623 279,727 - 10,428,312
Segment assets 1,650,893 186,676 199,854 68,109 2,770,589 4,876,121
Segments liabilities 1,448,469 84,085 131,648 34,483 737,213 2,435,898
Net assets 202,424 102,591 68,206 33,626 2,033,376 2,440,223
Capital expenditure 368,496 368,496
Depreciation
and amortization
186,847 186,847
Year ended 31 March 2006 
United Kingdom Rest of EU USA & Canada Rest of World Common Total
Segment revenue 6,755,158 324,270 311,454 141,995 - 7,532,877
Segment assets 1,778,555 116,186 109,591 48,121 5,421,105 7,473,558
Segments liabilities 1,645,219 36,522 37,739 19,652 497,170 2,236,302
Net assets 133,336 79,664 71,852 28,469 4,923,935 5,237,256
Capital expenditure 333,679 333,679
Depreciation 
and amortization
76,247 76,247 Notes to the financial statements 3 
Notes to the financial statements
 Non-current assets
 . Property, plant and equipment
Leasehold improvements Office equipment Computer equipment Total
£ £ £ £
Year ended 31 March 2006
Opening net book amount 4,136 9,343 75,054 88,533
Additions 124,312 31,634 146,769 302,715
Disposals at net book value (1,329) - (1,360) (2,689)
Depreciation charge for the 
year
(10,484) (5,353) (53,709) (69,546)
Closing net book amount 116,635 35,624 166,754 319,013
Year ended 31 March 2007
Opening net book amount 116,635 35,624 166,754 319,013
Additions 51,380 7,647 307,546 366,573
Disposals at net book value - - (2,984) (2,984)
Depreciation charge for the 
year
(31,355) (9,236) (135,561) (176,152)
Closing net book amount 136,660 34,035 335,755 506,450
At 31 March 2007
Cost 175,692 71,859 653,865 901,416
Accumulated depreciation (39,032) (37,824) (318,110) (394,966)
Net book amount 136,660 34,035 335,755 506,450
At 31 March 2006
Cost 124,312 64,212 358,911 547,435
Accumulated depreciation (7,677) (28,588) (192,157) (228,422)
Net book amount 116,635 35,624 166,754 319,013
Year ended 31 March 2007  
    Domain names
£
Year ended 31 March 2006
Closing net book amount -
Additions 30,964
Amortization charge for the year (6,881)
Closing net book amount 24,083
Year ended 31 March 2007
Opening net book amount 24,083
Additions 1,923
Amortization charge for the year (10,695)
Closing net book amount 15,311
At 31 March 2007
Cost 32,887
Accumulated amortization (17,576)
Net book amount 15,311
At 31 March 2006
Cost 30,964
Accumulated amortization (6,881)
Net book amount 24,083
Notes to the financial statements
0 Notes to the financial statements
2007 2006
£ £
Trade receivables 7 , 7 489,343
Other receivables  2,3 192,445
Prepayments and accrued income  , ,27 1,585,670
2, 23,2 2,267,458
 .2  Intangible assets
 Trade and other receivables
Trade and other receivables are due within one year and are non-interest bearing. A provision of £40,410 (2006: £50,000) has been made at 
the year-end for impairment of trade and other receivables. The Directors do not believe that there is a significant concentration of credit risk 
within the trade receivables balance.
The charge for the year for bad and doubtful debts is £173,802 (2006: £50,000).
There is no difference between book value and fair value. Notes to the financial statements  
Notes to the financial statements
2007 2006
£ £ 
37,500,000 (2006: 37,500,000) ordinary shares of 20p each in Bango plc 7, 00,000 7,500,000
Allotted, called up and fully paid:
Ordinary shares of 20p each in Bango plc No £ 
As at 1 April 2005 20, 3 , 4,186,900
Issue of shares on IPO  ,223, 0 1,044,776
Exercise of share options 37 , 0 75,188
As at 3 March 200 2 , 3 ,3 5,306,864
Exercise of share options 3 3, 2 62,684
As at 3 March 2007 2 , 7,73 5,369,548
During the year ended 31 March 2006 non employee options over 72,764 ordinary shares were exercised for consideration of 20 pence per 
share. These were issued in lieu of services for a fair value of £41,500.
Employee share options
The Group issues share options to Directors and to employees under either an HM Revenue and Customs approved Enterprise Management 
Incentive (EMI) scheme or an unapproved scheme. Employees resident overseas are eligible to participate in the scheme but their options do 
not qualify as HM Revenue and Customs approved. 
The grant price for share options is equal to the average quoted market price of the Company shares on the date of grant. Options vest evenly 
over a period of one to three years following grant date. If share options remain unexercised after a period of ten years from the date of grant, 
the options expire. Share options are forfeited if the employee leaves the Group before the options vest.
Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:
Year ended 3 March 2007 Year ended 31 March 2006
Average exercise
 price per share Options
Average exercise
 price per share Options
p No p No
Outstanding at 1 April 69 2,175,832 37 2,052,000
Granted 91 691,000 192 499,000
Lapsed 124 (96,770) 134 (71,992)
Exercised 36 (313,424) 35 (303,176)
Outstanding at 3 March 78 2,456,638 69 2,175,832
Exercisable at 31 March 59 1,452,627 40 1,237,561
7 Share capital
Authorised share capital: 2 Notes to the financial statements
Notes to the financial statements
The weighted average share price at date of exercise of options exercised during the year was 36 pence.
The fair value of options granted outstanding was determined using the Black-Scholes valuation model. Significant inputs into the model 
include a weighted average share price of 84 pence (2006: 92 pence) at the grant date, the exercise prices shown above, weighted average 
volatility of 81% (2006: 86%), dividend yield of nil, an expected option life of five years and an annual risk-free interest rate of 4.74% 
(2006: 4.64%).
 
The volatility of the Group’s share price on each date of grant was calculated as the average of volatilities of share prices of companies in 
the Peer Group on the corresponding dates. The volatility of share price of each Company in the Peer Group was calculated as the average of 
standard deviations of daily continuously compounded returns on the Company’s stock, calculated over 1, 2, 3, 4 and 5 years back from the 
date of grant. This method estimates volatility of the companies’ share prices over a period commensurate with the option’s expected life. 
Furthermore, this method is designed such that it gives proportionately more weight to recent historical returns, which are likely to reflect 
current volatility better due to the argument of volatility persistence. 
At 31 March 2007, the Group had the following outstanding options and exercise prices:
Average 
exercise price 
per share 
Pence
Options 
Number
Remaining 
contractual life 
Months
Average 
exercise price 
per share 
Pence
Options 
Number
Remaining 
contractual life 
Months
Expiry date
28-Apr 2010 - - 37 50.00 60,000 49
2-May 2010  0.00  0,000 37 50.00 60,000 49
19-May 2010  0.00  0,000 3 50.00 80,000 50
25-Aug 2010  .00  ,000  88.00 26,000 53
31-Oct 2011 - - - 10.00 2,500 67
2-Apr 2012 3 .00  ,000  0 31.00 93,000 72
2-May 2012 3 .00 2 ,000  31.00 115,000 73
25-Aug 2012 3 .00 72,000  31.00 92,000 77
24-Feb 2013 3 .00 73, 7 31.00 95,332 83
27-Aug 2013 2 .00  3,000 77 29.00 71,750 89
27-Feb 2014 2 .00  0 , 3  3 29.00 417,500 95
27-May 2014 3 .00  0,000  31.00 40,000 98
27-Jul 2014 2 .00  0,000  29.00 50,000 100
28-Aug 2014  0.00 7 , 70  50.00 96,000 101
18-Feb 2015  0.00  ,3 0  50.00 166,000 107
1-Mar 2015  0.00 230,000  50.00 230,000 107
22-Jun 2015  0.00 2 ,7 0  50.00 21,750 111
21-Sep 2015 202.00 22 ,  02 202.00 251,000 114
1-Mar 2016  77. 0  ,2 3  07 177.50 208,000 119
25-May 2016  0.00 2 0,000  0 - - -
9-Oct 2016  0 . 0  , 3  - - -
22-Mar 2017  0.00 7 ,2 0  20 - - -
23-Mar 2017  0. 0 23 ,37  20 - - -
At 3 March 2, , 3 2,175,832
2007 2006
Year ended 31 March 2007  
    2007 2006
£ £
Employee benefit expense 3,7 2, 2 2,109,106
Depreciation and amortization  , 7 76,427
Other expenses  , 3, 3 7,068,615
 3, 2,702 9,254,148
Analysed as:
Cost of sales 7, 2, 03 5,341,577
Administrative expenses  , 2 , 3,746,209
Share based payments  0 , 0 166,362
 3, 2,702 9,254,148
2007 2006
£ £
Trade payables  , , 3 1,787,603
Social security and other taxes  0, 150,988
Accruals and deferred income 3 0, 27 286,939
2, 3 , 2,225,530
Notes to the financial statements
Notes to the financial statements 3 
 Trade and other payables
 Commitments
The Group leases an office under a non-cancellable operating lease for which the future aggregate minimum lease payments are as follows:
Trade and other payables are due within one year and are non-interest bearing. There is no difference between book value and fair value.
2007 2006
£ £
No later than 1 year  ,2 141,246
Later than 1 but no later than 5 years  , 564,984
More than 5 years 22 , 2 370,771
 3 ,7 1,077,001
The lease expires on 14 November 2013.  The next rent review is due on 18 November 2008.
 0 Expenses by nature 2007 2006
£ £
Auditor’s remuneration:
Audit fees 32,2 36,500
Taxation services  ,3 43,065
Other services  , 3,165
Operating lease expenses:
Land and buildings  0, 3 108,582
Plant and equipment  , 27 1,110
Depreciation on property, plant and equipment  7 , 2 69,546
Amortization of intangible assets  0, 6,881
Research and development costs  0,233 792,734
Net loss on foreign currency translation  , 5,032
Notes to the financial statements
 Loss before taxation
Loss before taxation is stated after charging:
 2 Employee benefit expense
The average number of staff employed by the Group during the financial year amounted to:
2007 2006
No No
Administrative staff  4
Marketing staff  0 6
Sales staff  7
Technical staff  9
Executive Directors 3 3
Support staff  0 8
 37
The aggregate payroll costs of the above were:
2007 2006
£ £
Wages and salaries 3,03 , 3 1,745,137
Social security costs 27 , 0 176,307
Other pension costs 3 ,2 0 21,300
Share based remuneration  0 , 0 166,362
3,7 2, 2 2,109,106
 Notes to the financial statements  2007 2006
£ £
Bank interest receivable  7,2 195,069
2007 2006
£ £
Wages and salaries  , 7 432,244
Social security costs  , 0 47,634
Share based compensation  0, 2 54,995
7 7, 0 534,873
2007 2006
£ £
Current tax - -
Deferred tax - -
- -
Income tax expense for the year differs from the standard rate of taxation as follows:
Loss on ordinary activities before taxation (3,3 7, 0 ) (1,526,202)
Loss on ordinary activities multiplied by standard rate of tax of 30% (2006: 30%) ( , 32) (457,861)
Effect of:
Expenses not deductible for tax purposes  3 ,0 70,778
Differences between capital allowances and depreciation ( ,2 ) (3,573)
Unutilized tax losses  70,77 381,084
Other timing differences ( ,3 7) 9,572
Total tax - -
Notes to the financial statements
The Directors have identified seven (2006: six) key management personnel, including Directors. 
Compensation to key management is set out below:
 3 Directors
Remuneration in respect of Directors was as follows:
 Income tax expense
2007 2006
£ £
Emoluments  0 , 300, 07
The highest paid Director received total emoluments of £144,300 (2006: £104,801)
During the year no share options were exercised by the Directors, and no pension contributions were made on their behalf.
 Investment income
 Notes to the financial statements  Notes to the financial statements
At 31 March 2007 the unutilised tax losses carried forward amounted to £9.4 million (2006: £6.1 million).
Unrecognized deferred tax assets:
2007 2006
£ £
Share option scheme  0, 580,768
Tax losses 2, 20,000 1,830,000
Other temporary differences (2, 7) 1,800
2, 7, 7 2,412,568
No deferred tax asset has been recognized in respect of the above temporary differences due to the unpredictability of future taxable trading 
profits from which these differences may be deducted.
 Earnings per share
(a) Basic
Basic earnings per share are calculated by dividing the loss attributable to equity holders of the Company by the weighted average of ordinary 
shares in issue during the year.
2007 2006
£ £
Loss attributable to equity holders of the Company (3,3 7, 0 ) (1,526,202)
Weighted average number of ordinary shares in issue 2 ,7 ,72 25,041,299
Basic and diluted loss per share ( 2. 0) (6.09)
(b) Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive 
potential ordinary shares. 
At 31 March 2007 options over 2,456,638 (2006: 2,175,832) ordinary shares were outstanding.  Given the loss for the year these options 
are considered to be anti-dilutive. Such options could potentially dilute basic earnings per share in the future.
There were no actual or potential share transactions occurring after the balance sheet date that would have significantly changed the number 
of ordinary shares or potential ordinary shares outstanding at the end of the year if those transactions had occurred before the end of the 
reporting period. 
 Notes to the financial statements Notes to the financial statements
 7 Cash generated used by operations
2007 2006
£ £
Loss before taxation (3,3 7, 0 ) (1,526,202)
Depreciation and amortization  , 7 76,427
Investment income ( 7,2 ) (195,069)
Share-based payment expense  0 , 0 166,362
Shares issued in lieu of services - 41,500
Increase in receivables ( , 0 ) (1,219,408)
Increase in payables 2 0,3 990,723
Net cash used by operations (2, 2 ,3 3) (1,665,667)
 First time adoption of IFRS
Key impact analysis
The analysis below sets out the most significant adjustments arising from the transition to IFRS.
1) IAS 1 Presentation of financial statements
 The format of the Group’s primary financial statements has been presented in accordance with IAS 1 “Presentation of Financial Statements”
2) IFRS 2 Share-based payment
 IFRS 2, “Share based payment” requires that an expense for equity settled share based payments be recognized in the financial statements  
 based on their fair value at the date of grant. This expense, which is in relation to employee share options granted under EMI and   
 unapproved schemes, is recognized over the vesting period of the options.
 IFRS 2 has been applied to all options granted after 7 November 2002 and not fully vested by 1 April 2005, the Group’s date of transition  
 to IFRS.
3) IAS 19 Employee benefits
 Under IAS 19, all accumulating employee-compensated absences that are unused at the balance sheet date must be recognized as a   
 liability. There is no similar requirement under UK GAAP. In addition, employee benefits which fall within the scope of IAS 19 have been   
 recognized in the Group’s balance sheet.
4) IAS 38 Intangible assets
     Under IAS 38, domain names previously capitalised as property, plant and equipment are capitalised as intangible assets.  Software directly  
 associated with the operation of computer hardware continues to be classified under property, plant and equipment.
5) Consolidated cash flow statement
    The adoption of International Financial Reporting Standards has had no material effect upon the presentation of the consolidated   
    cash flow statement.
 Notes to the financial statements 7 Notes to the financial statements
Reconciliation of equity as at 1 April 2005 (date of transition to IFRS)
UK GAAP Share-based 
payments
Employee benefits Intangible assets IFRS
£ £ £ £ £
ASSETS
Non-current assets
Property, plant and equipment 88,533 - - - 88,533
Current assets
Trade and other receivables 1,048,050 - - - 1,048,050
Cash and cash equivalents 320,220 - - - 320,220
Total assets 1,456,803 - - - 1,456,803
EQUITY
Share capital 4,186,900 - - - 4,186,900
Merger reserve 1,236,225 - - - 1,236,225
Other reserves - 27,833 - - 27,833
Retained earnings (5,177,893) (27,833) (23,236) - (5,228,962)
Total equity 245,232 - (23,236) - 221,996
LIABILITIES
Current liabilities
Trade and other payables 1,211,571 - 23,236 - 1,234,807
Total liabilities 1,211,571 - 23,236 - 1,234,807
Total equity and liabilities 1,456,803 - - - 1,456,803
 Notes to the financial statements Notes to the financial statements
Reconciliation of income statement for the year ended 31 March 2006
UK GAAP Share-based Employee IFRS
£ £ £ £
Revenue 7,532,877 - - 7,532,877
Cost of sales (5,341,577) - - (5,341,577)
Gross profit 2,191,300 - - 2,191,300
Administrative expenses (3,719,266) (26,943) (3,746,209)
Share based payments - (166,362) - (166,362)
Operating loss (1,527,966) (166,362) (26,943) (1,721,271)
Finance costs - - - -
Investment income 195,069 - - 195,069
Loss before taxation (1,332,897) (166,362) (26,943) (1,526,202)
Income tax expense - - - -
Loss for the financial year (1,332,897) (166,362) (26,943) (1,526,202)
Notes to the financial statements  payment benefits
Year ended 31 March 2007    
  Notes to the financial statements
Reconciliation of equity as at 31 March 2006 
£ £ £ £ £
ASSETS
Non-current assets
Property, plant and 
equipment
343,096 - - (24,083) 319,013
Intangible assets - - - 24,083 24,083
343,096 - - - 343,096
Current assets
Trade and other receivables 2,267,458 - - - 2,267,458
Cash and cash equivalents 4,863,004 - - - 4,863,004
Total assets 7,473,558 - - - 7,473,558
EQUITY
Share capital 5,306,864 - - - 5,306,864
Share premium account 5,255,136 - - - 5,255,136
Merger reserve 1,236,225 - - - 1,236,225
Other reserve - 194,195 - - 194,195
Retained losses (6,510,790) (194,195) (50,180) - (6,755,165)
Total equity 5,287,435 - (50,180) - 5,237,255
LIABILITIES
Current liabilities
Trade and other payables 2,186,123 - 50,180 - 2,236,303
Total liabilities 2,186,123 - 50,180 - 2,236,303
Total equity and liabilities 7,473,558 - - - 7,473,558
0 Notes to the financial statements
Share-based 
payment
Employee
benefits
Intangible
assets IFRS UK GAAP
Year ended 31 March 2007    
  Report of the independent auditor to the 
members of Bango PLC
We have audited the parent company financial statements of Bango 
PLC for the year ended 31 March 2007 which comprise the principal 
accounting policies, the balance sheet and notes 1 to 8. These 
parent company financial statements have been prepared under the 
accounting policies set out therein. 
We have reported separately on the Group financial statements of 
Bango PLC for the year ended 31 March 2007.
This report is made solely to the Company’s members, as a body, 
in accordance with Section 235 of the Companies Act 1985. Our 
audit work has been undertaken so that we might state to the 
Company’s members those matters we are required to state to them 
in an auditor’s report and for no other purpose.  To the fullest extent 
permitted by law, we do not accept or assume responsibility to anyone 
other than the Company and the Company’s members as a body, for 
our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the Directors’ report and 
the parent company financial statements in accordance with United 
Kingdom law and Accounting Standards (United Kingdom Generally 
Accepted Accounting Practice) are set out in the Statement of 
Directors’ responsibilities.
Our responsibility is to audit the parent company financial statements 
in accordance with relevant legal and regulatory requirements and 
International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the parent company 
financial statements give a true and fair view and are properly 
prepared in accordance with the Companies Act 1985.  We also 
report to you whether in our opinion the information given in the 
Directors’ report is consistent with the parent company financial 
statements.  
In addition we report to you if, in our opinion, the Company has 
not kept proper accounting records, if we have not received all 
the information and explanations we require for our audit, or if 
information specified by law regarding Directors’ remuneration and 
other transactions is not disclosed.
We read other information contained in the Annual Report, and 
consider whether it is consistent with the audited parent company 
financial statements.  This other information comprises only the 
Chairman’s report, the CEO’s report, the Directors’ report, the 
Corporate Governance statement and the Remuneration Committee 
report.  We consider the implications for our report if we become 
aware of any apparent misstatements or material inconsistencies with 
the parent company financial statements.  Our responsibilities do not 
extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards 
on Auditing (UK and Ireland) issued by the Auditing Practices Board.  
An audit includes examination, on a test basis, of evidence relevant 
to the amounts and disclosures in the parent company financial 
statements.  It also includes an assessment of the significant 
estimates and judgements made by the Directors in the preparation 
of the parent company financial statements, and of whether the 
accounting policies are appropriate to the Company’s circumstances, 
consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the 
information and explanations which we considered necessary in order 
to provide us with sufficient evidence to give reasonable assurance 
that the parent company financial statements are free from material 
misstatement, whether caused by fraud or other irregularity or error.  
In forming our opinion we also evaluated the overall adequacy of 
the presentation of information in the parent company financial 
statements.
Opinion
In our opinion:
• The parent company financial statements give a true and fair view,    
 in accordance with United Kingdom Generally Accepted Accounting  
 Practice, of the state of the Company’s affairs as at 31 March 2007  
 and of its profit for the period then ended.
• The parent company financial statements have been   
 properly prepared in accordance with the Companies Act 1985.
• The information given in the Directors’ report is consistent  
 with the parent company financial statements.
Grant Thornton UK LLP
Registered Auditor
Chartered Accountants
Cambridge
6 July 2007
Report of the independent auditor to the members of Bango PLC  Company balance sheet
2007 2006
Note £ £
Fixed assets
Investment in subsidiary 4  , 00, 2 4,398,481
Current assets
Debtors due within one year 5  ,2 3 73,250
Debtors due after one year 5  , , 3,307,672
Cash at bank  ,0 0,3 3,000,000
 , 3 ,303 6,380,922
Creditors falling due within one year                                                                                6  , 7 56,037
Net current assets                                                                               , 0, 6,324,885
Total assets less current liabilities  ,2 0, 37 10,723,366
Capital and reserves
Share capital 7  ,3 , 5,306,864
Share premium account 8  ,3 0, 5,255,136
Other reserve 8  , 3 194,195
Retained earnings 8  ,2 (32,829)
Equity shareholders’ funds  ,2 0, 37 10,723,366
These financial statements were approved by the Directors on 20 June 2007 and are signed on their behalf by:
Mr R Anderson, Director 
Mr P Saxton, Director
2 Company balance sheet
As at 31 March 2007    
  Notes to the Company 
financial statements
 Accounting policies
Basis of accounting
The separate financial statements of the Company are presented 
as required by the Companies Act 1985. They have been prepared 
under the historical cost convention and in accordance with 
applicable United Kingdom accounting standards and law.
The principal accounting policies are summarized below. They have 
all been applied consistently throughout the year.
Investments
Fixed asset investments are shown at cost less provision for 
impairment.
Share based payments           
The Company issues equity settled share-based compensation to 
certain employees (including Directors). Equity settled share-based 
payments are measured at fair value at the date of grant. The fair 
value determined at the grant date of the equity-settled share-based 
payment is credited to equity on a straight line basis over the vesting 
period, together with a corresponding increase in the book value of 
the Company’s investment in subsidiaries, based upon the Company’s 
estimate of the shares that will eventually vest. These estimates 
are subsequently revised if there is any indication that the number 
of options expected to vest differs from previous estimates. Any 
cumulative adjustment prior to vesting is recognized in the current 
period. No adjustment is made to any expense recognized in prior 
periods.
Fair value is measured by an external valuer using the Black-
Scholes option pricing model. The expected life used in the model 
has been adjusted, based on management’s best estimate, for the 
effects of non-transferability, exercise restrictions and behavioural 
considerations.
Where the terms of an equity-settled transaction are modified, as 
a minimum an expense is recognized as if the terms had not been 
modified. In addition, an expense is recognized for any increase 
in the value of the transaction as a result of the modification, as 
measured by the date of modification.
Where an equity-settled transaction is cancelled, it is treated as if 
it had vested on the due date of the cancellation, and any expense 
not yet recognized for the transaction is recognized immediately. 
However, if a new transaction is substituted for the cancelled 
transaction, and designated as a replacement transaction on the date 
that it is granted, the cancelled and new transactions are treated as 
if they were a modification of the original transaction, as described in 
the previous paragraph.
Cash flow statement
The Company has made use of the exemption as permitted by FRS1 
(Revised) and has not presented a cash flow statement. The cash flow 
statement has been prepared in the Group financial statements.
Related party transactions
In accordance with Financial Reporting Standard Number 8: 
Related Party Disclosures, the Company is exempt from disclosing 
transactions with entities that are part of the Group headed by Bango 
PLC as it is a parent Company publishing consolidated financial 
statements.
2 Profit for the year
The Company has made full use of the exemptions as permitted by 
Section 230(1) of the Companies Act 1985 and accordingly the 
profit and loss account of the Company is not presented as part of the 
accounts. The parent Company profit for the year ended 31 March 
2007 of £37,098 is included in the Group loss for the financial year.
The auditors remuneration for audit and non-audit services to the 
Company was borne entirely by Bango.net Limited, a wholly owned 
subsidiary.
3 Directors and employees
Details of Directors interests’ in the shares and options of the 
Company are provided in the Directors’ report on page 24.
Details of Directors remuneration are disclosed on page 45 of the 
Group accounts.
The average number of staff employed by the Company, including 
Directors, was five.
Notes to the Company financial statements 3 Country of incorporation Class of share capital held Held by the Company Nature of business
Bango.net Limited England & Wales Ordinary 100% Development, marketing and 
sale of technology for mobile 
phone users to purchase 
services for their mobile 
phones
Bango GmbH Germany Ordinary 100% Sales office for Bango.net 
Limited services in Germany, 
Austria and Switzerland
Bango Inc Delaware, USA Common 100% Sales office for Bango.net 
Limited in USA
Notes to the Company 
financial statements
 Investments
£
Cost
Shares in subsidiary undertakings at 1 April 2006 4,398,481
Share based payments 401,640
Shares in subsidiary undertakings at 31 March 2007 4,800,121
Net book amount
At 3 March 2007 4,800,121
At 3 March 200 4,398,481
Details of subsidiary undertakings at 31 March 2007 are as follows:
2007 2006
£ £
Amounts due from Group undertakings  , , 3,307,672
Other debtors  ,2 3 73,250
 , 7 , 3,380,922
  Debtors
 Notes to the Company financial statements Allotted, called up and fully paid:
Ordinary shares of 20p each in Bango PLC No £ 
As at 1 April 2005 20, 3 , 4,186,900
Issue of shares on IPO  ,223, 0 1,044,776
Exercise of share options 37 , 0 75,188
As at 3 March 200 2 , 3 ,3 5,306,864
Exercise of share options 3 3, 2 62,684
As at 3 March 2007 2 , 7,73 5,369,548
2007 2006
£ £
Trade creditors 23,0 0 17,401
Accruals and deferred income  , 2 21,250
Amounts owed to Group undertakings  7,3 17,386
 , 7 56,037
 Creditors
Notes to the Company 
financial statements
7 Share capital
Authorised share capital:
2007 2006
No £ No £
Ordinary shares of 20 pence each 37, 00,000 7, 00,000 37,500,000 7,500,000
 Notes to the Company financial statements  Notes to the Company 
financial statements
 Reserves
Share premium account Other reserve Retained reserves
£ £ £
At  April 200 5,255,136 194,195 (32,829)
Exercise of share options 55,749 - -
Share based payments - 401,640 -
Profit for the year - - 37,098
At 3 March 2007 5,310,885 595,835 4,269
 Notes to the Company financial statements Annual General Meeting
Annual General Meeting 7
The Annual General Meeting will be held at:
ICIS  
10-15 Queen Street 
London 
EC1N 1TX 
On Wednesday 8th August 2007 at 12pm Bango offices
UK 
Bango, 5 Westbrook Centre, Cambridge, CB4 1YG 
Tel: +44 (0)8700 340 365  Fax: +44 (0)1223 472 778
 Bango offices
USA  
Bango, 330 Madison Avenue, 6th Floor, New York, NY 10017
Tel: +1 866 528 6897  Fax: +1 646 349 3023
Spain 
Bango, Edificio Cuzco IV, Paseo de la Castellana 141-20a, 28046 Madrid 
Tel: +34 917 893 483 Fax: +34 915 707 199
Germany 
Bango, Im Mediapark 8, 50670 Köln 
Tel: +49 221 55 40 52 64  Fax: +49 221 55 40 545
Email: sales@bango.com
www.bango.com  www.bango.com