22nd Sep 2014 09:58
LONDON (Alliance News) - Electronic invoicing network provider Tungsten Corporation PLC is ahead of budget for the first four months of its current financial year, Chief Executive Edmund Truell is set to tell shareholders Monday at the company's first annual general meeting as a public company.
Tungsten was admitted to the London Stock Exchange's AIM last October in a GBP160.0 million initial public offering. It has since raised a further GBP12.0 million in a placing to finance the acquisition of DocuSphere.
According to Truell, the company's Tungsten Network is benefitting from the growing penetration of electronic invoicing.
"In July 2014, Tungsten Network processed the highest monthly volume of transactions in its history and now has over 171,000 registered suppliers," Truell will say.
Truell said the company continues to expect the current financial year to be one of "heavy investment" and transition in the rollout of its products and services.
The CEO said the company is pleased that new multinational buyers have chosen it to support their plans for accounts payable automation.
According to the statement, those new buyers include GE, Fresenius, British American, Tobacco and, most recently, healthcare company Sanofi.
"At the same time existing customers are renewing their contracts, such as BT, Kerry Group, Amgen US and Mohawk, and expanding their scope of work to include new services and geographies," Truell said in the statement.
The CEO also believes Tungsten can reach its goal of achieving USD1.0 trillion in annual invoice flow through its network by by addressing the "full scope" of its current buyers.
In addition, Truell said Tungsten is making "good progress" in developing additional sources of financing capital to ensure it has access to billions in financial facilities to offer its suppliers.
"These include our negotiations with Blackstone Tactical Opportunities, corporate depositors, and potential long-term debt providers including the British Business Bank. We expect to update the market in due course," Truell said.
Tungsten shares were Monday quoted up 4.9% at 385.65 pence per share.
By Samuel Agini; [email protected]; @samuelagini
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