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Tungsten materially improves H1 pretax loss

By BFN News | 07:35 AM | Wednesday 14 December, 2016

Tungsten has materially improved its H1 pretax loss to £3.08m, from a loss of £12.04m. Revenue was £15.54m, from £12.98m. "I am very encouraged by the emerging momentum across our business, notably in the areas where we have been investing," said CEO Richard Hurwitz. "We are making good progress toward our strategic goals, repairing operational efficiency while positioning the business for profitable growth. The benefits of the changes we are making are starting to show in our reported results. "We have been executing to plan and ensuring cost discipline as we take needed steps on the path to profitability. I am especially encouraged by our customers' response to the new products we have launched. "Completing the sale of Tungsten Bank is an important component in the reshaping of our business. With a stronger customer proposition, improved funding structure and the right leaders, our expectations for developing a successful invoice financing business are high." Story provided by

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