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Tungsten H1 pretax loss widens

By BFN News | 08:03 AM | Wednesday 14 January, 2015


Tungsten has widened its H1 pretax loss to £14.8m, from a year earlier loss of £5.5m. Revenue was £10.2m, from £0.8m. CEO Edmund Truell said: "Our EBITDA loss for the six months to 31 October 2014 of £13.3 million, including £6 million of one-off set-up costs and £2 million of recurring investment in the enhancement of Tungsten, reflects the significant cash investment of over £47 million in the development of Tungsten Early Payment and Tungsten Analytics services and in the expansion of the Tungsten Network. "As we have now assembled the team and tools to execute our strategy to build the largest global electronic invoice network, we are now moving from this set-up phase to start to deliver on our objectives. "Our recently announced agreement with Insight Investment marks a significant turning point for the Group's future growth. "Launching Tungsten Early Payment took six months longer than expected, and financing invoices is now fully operational in the UK. In December, we began to offer invoice financing to selected suppliers in the US." At 8:03am: (LON:TUNG) Tungsten Corporation share price was -24.5p at 244.5p Story provided by StockMarketWire.com

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