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Tungsten Corp books annual loss, sees improvement in FY19

By BFN News | 02:02 PM | Monday 23 July, 2018


Tungsten Corporation booked a £11.9m annual loss, but said it expected to post a profit at the operating level in the current financial year. The pre-tax loss for the year through April had narrowed slightly from a £12.5 loss on-year, as revenue grew 8% to £33.7m. Revenue in the current financial year, on a constant currency basis, was expected to grow to £37.5 million, weighted to the second half. A stable gross margin combined with lower operating expenses would result in an Ebitda profit for the full financial year, the company said. 'Tungsten stands at an inflection point, poised to benefit from increased revenue opportunities and lower operating costs, allowing it to pursue accelerated growth profitably,' chief executive Richard Hurwitz said. At 2:02pm: (LON:TUNG) Tungsten Corporation share price was +0.1p at 54.1p Story provided by StockMarketWire.com

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