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The RNS today says a lot - offers of 40 pence per share for the company! Having bought in at the start of the Tungsten journey at £2.25 it sounds like the journey s nearly over
something stupid probably happened in the US. Looks like one of the early investors wants out, to think he brought this originally at £2 a share
Any one attend the company update yesterday? I could not attend so wondered if anything material on forecasts for the Amazon tie-up. Also on how they came to require such a large settlement for an HR matter in the US
This is great news, however those who clearly knew and purchased early along with this statement being issued as "This is a Reach announcement and the information contained is not considered to have a significant impact on management's expectations of the Group's performance." ought to be investigated. There is definitely something wrong here - if it is immaterial as the management state then why the price move? Something stinks and worse the company seem complicit. But I will take the rise.
They always know before you
Lol
Chances of Bromovsky DOING anything strategic are minimal. He has presided over the changes of management you cite, has picked the new ones, and all the time just looks out for his own interests.
I'm interested as to why there is so much volume.
It is amazing how Tungsten can get away every quarter, every year, with so much vapour, smoke and mirrors, and not deliver anything they claim.
I have been following this company for over a few years, and although they always blamed CEOs before, one has to take notice of their forecast promises and lies about the numbers. Last year’s RNS promised £4m savings due to restructure, where is it this year? With their promised growth (double digit), EBIDA should be double by now. For the past two years their promised double digit growth that never materialised, it was barely 1% on average.
There is no one there who knows the business, their Sales team has been restructured numerous times, while the FInance team dropped 3 CFOs due to incompetence. But only to get back one of those completely lost CFOs (currently “in charge”) when last CEO was fired. The incompetence of the CFO is very clear with fake promises to the public and investor meetings, and us investors.
This cannot go on anymore, consequences need to be paid for, and unless there is another reshuffle especially in Finance, this share price and the company will collapse.
Hopefully the Board and Tony Bromovsky will action this asap.
Here ???!!
Is it a takeout ??
I’m in for a squeak
Similar stuff at the end of today as well.
RNS has Archon Capital going from 6% to 10.5%
Topped up a bit this morning.
Then this afternoon there's major buying: 2 lots of 810k shares, and 2 of 405k shares ie 3 lots of 810k - so rising £600k worth of shares, all at 24p.
Any thoughts as to what is going on anyone? Is this some kind of admin? Or have I been fortunate?? :)(
SP hasn't moved.
So no answers, just 25% of shareholders disillusioned by the performance of the Chairman, Tony Bromovsky voting against his reappointment. Humiliating for him and where to from here …
Disappointing performance continues. Seeing little evidence of any form of Chairman/CEO plan. Latest employee reviews in Glassdoor makes uncomfortable reading with CEO labelled ineffective and Chairman labelled overbearing. Company won I think 8 new customers last year, what has gone wrong this year? Maybe answers coming at Friday's AGM ...
I've been with this dodo of a company for 6 sodding years during which time its SP has halved and has had more changes of management than Nelson's trousers at Trafalgar.
"....relatively new NEDs and new CEO must have a cunning plan?" If the past is anything to go by I doubt it-probably just along for an easy ride like their predecessors.
I am intrigued by Tung. Looks very undervalued vs its peers like Coupa, has a great customer base, etc, etc. Why is it not being snapped up? Management and board have been very underwhelming in the past, but relatively new NEDs and new CEO must have a cunning plan?
Almost certainly with a golden handshake. Lets not forget a CFO left after 6 months earlier in 2020 so clearly indicates internal instability. Worrying sign is that the current CFO is the one that was replaced back in April - so clearly didnt show enough to get the job then and is now in charge. What's needed is some clear guidance in the next RNS instead of the usual waffle - latest guidance is pointing to reduction in revenues etc so clearly something not adding up if the recent transformation and foundation for growth lines are to be believed
".......having overseen the recent transformation of the Company,....."
Is this the transformation which has seen the SP fall from 40p last July to its present level and along the way lose a major client??????????????????
With a golden handshake perhaps????????
Hot off the press in the latest RNS - looks like the CEO has left. Clearly no doubt due to poor performance etc. Queue the usual excuses and another 12-18 months on transition and 'foundation for growth' comms
Let's hope they can hang on to this one!!
"Tungsten Corporation PLC (AIM:TUNG), a leading provider of digital financial management products and software solutions, is pleased to announce that NTT Ltd., a leading global technology services company, has selected Tungsten, the leader in invoice digitisation, to support its goal of 90% invoice digitisation.
NTT will be the first Tungsten customer to implement Total AR, Total AP, and the Tungsten Workflow together. The combined solutions will solve de-centralised and paper-based financial challenges and speed consolidation of 15 in-country based finance operations teams into one Global Shared Service Centre. Anticipated benefits include information acceleration, resource efficiencies, streamlined processes, resulting in productivity gains.
As with all customers, Tungsten will provide NTT with ongoing and global compliance for 15 countries, including Germany, a key NTT market impacted by recent regulatory changes concerning electronic invoicing."
The problem with this company is constant smoke and mirrors and evidently very incompetent management. Especially over the last year.
Constant profit warnings (this is pure CFO numbers and business incompetence which is probably backed up if not lead by the CEO who has never run a company before). I expect flat if not negative growth this year for Tungsten based on my research.
If you refer back to anything related over last year and compare to what they promised, nothing was delivered. Last RNS they promised £4m cost reduction for FY22? I would love to see their internal budgets for next year and see that £4m dip in costs!
I don’t think they even understand the fundamentals of the business and how it works. Simple google search for reviews shows fundamental issues about the product and how it works - this will all come to the fore soon I expect and this customer loss RNS i believe was the start of more like this
I am glad I never invested in this circus act (and only considered on account of the stature of current shareholders like ODEY and Truell ), I think I've saved my money and health by not following this pile of poop as someone put it.
Oink! Oink!
My initial reaction too, Warthog4. I’ve been invested in this company for several years and am now down 73% on my investment. I have hung in there because I like the business model and the quality of the major shareholders with Truell (one of the founders) and Odey having had great business success in the past.
I just wish this latest RNS would explain why the business has been lost. I am hoping (and it is a very faint hope!) that this business is unprofitable because the customer refuses to pay a fair price, believing TUNG cannot afford to lose a big chunk of turnover. But now the Directors have realised turnover is vanity and profit is sanity and refuse to accept this business on unfavourable price terms. So the customer goes to a gullible cheaper source where the same problem will surface at a later date. Whatever, for TUNG to get into this situation does not reflect well on the Management.
I also hold shares in QTX who decided to gradually phase out a rapidly growing market sector that refused to pay a fair price for the service value offered. So, over a period of time and before the situation got out of hand, turnover reduced but has been gradually replaced by more profitable business. A brave decision publicly announced with progress updates, giving shareholders confidence in the Company which is performing very well.
Could a similar situation be happening at Tung or is it more likely I will see a pig fly past my window in the morning.
Whatever the bosses of this pile of poo are being paid it is too much. How on earth did they get to be in charge of a company?
Any gossip?