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Tungsten marks third half-year of growth

By BFN News | 07:47 AM | Thursday 14 December, 2017

Tungsten Corporation, the global e-invoicing, purchase order services, analytics and financing company, increased its revenue by 10% to £17.1 million the six months ended 31 October 2017. This marks the third consecutive half-year period of growth to give an 18 month revenue increase of 32%, following three prior half-year periods of flat revenue. Gross profit increased by 11% to £15.5 million, resulting in a gross margin of 91%. The group's EBITDA loss decreased to £5.0 million, a £1.3 million year-on-year improvement. The company made a statutory loss of £8.5 million, compared with a loss of £4.5 million the year before which included a positive £4.8 million revaluation of intercompany loans to overseas subsidiaries. Total annualised invoice volumes are now 17.8 million, up from 17.1 million a year ago, and the average revenue per invoice increased to £1.86 from £1.82. Tungsten said it is on track to deliver constant currency growth in revenue of at least 15% in FY18, up from 12% in FY17, and adjusted operating expenses of less than £40 million. Richard Hurwitz, chief executive officer, said: "Over the first half of FY18 we demonstrated further progress in Tungsten's turnaround. Our results evidence the success we are having in delivering against our plans to drive strategic value." He added: "We are close to achieving our near-term aim of run-rate EBITDA profitability. To be in this position reflects the strength of Tungsten's customer proposition and the hard work undertaken by our people to transform all areas of the business. More importantly, however, we are well positioned to accelerate profitable growth and do great things with our customers." Story provided by

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