RE: Glassdoor16 Mar 2017 14:44
OK OK "false pretences" a bit strong granted and my apols. for sounding a tad acerbic but this company is not flavour of the month at present.
Having said that no one can "pretend" that this company, admitted to AIM in October 2013, is going places.As far as I can ascertain, and I would value audit of my figures, in the years 2013-2016 inclusive it has posted statutory losses of £76.44 million (capitalisation upon admission £225 million) and for 2017 EBITDA is projected to be a loss of "less than £13 million". All in all not too impressive.
As for the fanfare surrounding the spending of millions on the break into the Indian market this is only the beginning believe you me. In India everything takes four times as long as it does here and Tungsten have a long grind in front of them.
Having worked in India I can tell you it is a hugely labour intensive society with massive unemployment so jobs, however small, are guarded jealously ( I was not even allowed to carry my own briefcase to the car after work!!). So, anything such as "streamlining" systems to make them more efficient which might put folk out of a job will run into very heavy resistance.
(The company which took over mine, with no knowledge of the territory, were full of gung ho ideas as to how they were going to make massive changes come what may. They finished up selling out at a substantial loss.)
As for the Government cracking down on the "black economy" I say "bon chance mon brave"
I wish Tungsten good luck however-they are going to need it.
I rest my case.
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