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Tungsten losses narrow as transaction volumes rise

By BFN News | 08:39 AM | Monday 22 July, 2019


Invoicing company Tungsten Corporation booked a full-year loss after rising revenue was more than offset by expenses. Pre-tax losses for the year through April amounted to £3.4m, compared to losses of £11.9m on-year. Revenue grew 6.1% to £35.4m. Tungsten said it had posted its first Ebitda profit, of £2.5m. Transaction volumes rose by 0.5m to 18.2m. 'Since becoming chairman in October 2018, and executive chairman in February 2019, the company has undergone a period of fundamental change and transformation,' Tony Bromovsky said. 'These changes are already generating positive momentum, with an Ebitda profit in the 2019 financial year, which is a dramatic turnaround from the losses of prior years.' 'The board continues to have confidence in the Tungsten suite of solutions and offerings, and I believe that the business is now well positioned, following a period of transformation, to achieve future growth and profitability.' At 8:39am: (LON:TUNG) Tungsten Corporation share price was -0.05p at 48.95p Story provided by StockMarketWire.com

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