9 Feb 2016 07:00
TUNGSTEN CORPORATION PLC
CAPITAL MARKETS DAY AND TRADING UPDATE
9 February 2016
Tungsten Corporation plc (LSE: TUNG) ("Tungsten" or the "Company"), the global electronic invoicing, analytics and financing company, is hosting a Capital Markets Day at the offices of Panmure Gordon, One New Change, London EC4M 9AF at 2.00 p.m. today. Senior management will be presenting on Tungsten's business and strategy.
Tungsten confirms that trading in the third quarter was in line with market expectations, and that revenues for the full year to 30 April 2016 are expected to be broadly in line with its previous guidance. The Company continues to expect EBITDA* loss for the full year to 30 April 2016, excluding one-off items, of no more than £15 million (£19 million including one-off items) and free cash at the year-end of at least £8 million, with the monthly cash outflow continuing to improve.
The Board is confident that Tungsten is on track to achieve break-even on an EBITDA basis by the end of FY17 and a positive EBITDA for the six-months ending 31 October 2017.
A live audio webcast and copies of the presentation as well as a replay of the event will be available on the Tungsten Corporation website at: [https://www.tungsten-network.com/uk/about-tungsten/investor-relations].
Enquiries
Tungsten Corporation plc Richard Hurwitz, Chief Executive Officer David Williams, Chief Financial Officer Cynthia Alers, Head of Investor Relations |
+44 20 7280 7713 +44 20 7280 7897 +44 20 7280 7872 |
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Panmure Gordon (Nominated Advisor) Fred Walsh/Dugald J. Carlean/Peter Steel
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Canaccord Genuity Limited (Broker) Simon Bridges/Cameron Duncan/Emma Gabriel | +44 20 7523 8000
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Neustria Partners Robert Bailhache/Nick Henderson/Charles Gorman | +44 20 3021 2580
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*Earnings before interest, tax, depreciation and amortisation. | |||
About Tungsten Corporation plcTungsten Corporation (LSE: TUNG) aims to be the world's most trusted business transaction network by using data intelligently to strengthen the global supply chain.
Tungsten Network is a secure e-invoicing platform that brings businesses and their suppliers closer together with unique technology that revolutionises invoice processing, maximises efficiency and improves cash flow management. The network also provides users with real-time spend analysis through Tungsten Analytics, and offers access to Tungsten Early Payment, a form of alternative finance for businesses.
Tungsten serves 56% of the Fortune 500 and 67% of the FTSE 100. It enables suppliers to submit tax compliant e-invoices in 47 countries, and last year processed transactions worth over $187bn for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's and the US Federal Government.