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Alliance News

Tungsten Expects To Report Inaugural Annual Profit Amid Strong Results

Thu, 23rd May 2019 12:45

LONDON (Alliance News) - Tungsten Corp said Thursday it expects to report its first annual profit as the e-invoicing company saw its business "strengthening" amid a push to address the under-performance at the firm.

For the financial year that ended in April, Tungsten expects to report that earnings before interest, taxes, depreciation and amortisation swung to GBP600,000 from a loss of GBP4.6 million the year prior. This was after revenue rose 6.8% to GBP36.0 million from GBP33.7 million the year before.

This was after transaction volumes grew 2.8% to 18.2 million from 17.7 million the year prior.

Excluding Tungsten Network Finance - which the firm is looking to sell by the first half of financial 2020 - Ebitda jumped to GBP2.5 million from a loss of GBP3.3 million the year prior. This was after revenue rose 4.7% to GBP35.3 million from GBP33.7 million.

Tungsten expects to report its full results on July 22.

Tungsten Interim Chief Executive Officer David Williams announced he was "pleased" to have achieved its "first annual Ebitda profit".

"This demonstrates that the significant actions taken by the new board to address underperformance are starting to have the desired impact," Williams added.

"Although revenue growth increased from 2% in the first half of the year to 6% for the full year, we continue to focus on increasing the pace of the upward trajectory," Williams explained.

"We are confident that through executing the actions identified in our operating review, including working with an e-procurement partner and expanding our AR e-invoicing services, we will be able to achieve higher revenue growth", William added.

"Our business is strengthening," Williams continued. "In the second half of the year we generated positive cash flow, and in addition to growing our revenues we identified and executed numerous cost saving initiatives which reduced our adjusted operating expenses by 10%, with a further impact of savings to come in financial 2020."

Tungsten added the process to appoint a new permanent chief executive was "ongoing". Williams took over day-to-day running of the business in mid February after ex-boss Richard Hurwitz resigned. Williams has since adopted the CEO role on an interim basis.

Shares in Tungsten were 0.1% higher at 38.10 pence on Thursday.

By Ahren Lester; ahrenlester@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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