23rd Mar 2021 14:45
Tungsten Corp PLC - digital financial management products and software solutions provider - Says its existing customer will not be renewing the accounts payable solution contract, which accounted for 5% of Tungsten Corp's revenue in the twelve months to the end of October 2020. Tungsten Corp says it expects that the transition away from its platform will take 12 to 18 months and therefore an extension of the existing contract is being executed with the customer to initially cover the period to the end of April 2022. The company says it is currently evaluating the impact on revenue and profit for its financial 2022 and onwards.
"We are disappointed to be advised of this decision and to be losing an important customer. However, we have a healthy pipeline of new business opportunities and will concentrate our efforts on replacing the volume relating to this transitioning contract over the coming 12 months," says Chief Executive Andrew Lemonofides.
Current stock price: 31.50 pence, down 15% on Tuesday
Year-to-date change: up 3.9%
By Evelina Grecenko; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
TUNG.L