10th Mar 2020 13:18
(Alliance News) - Tungsten Corp PLC on Tuesday expressed caution going forward despite improved performance in the first nine months of its current financial year.
The e-invoicing, purchase order services, analytics company reported revenue for the nine months to the end of January of GBP27.1 million, up 3% compared to GBP26.4 million a year prior, as transaction volumes increased to 14.4 million from 13.5 million.
New sales billings in the nine-month period were lower, however, at GBP2.9 million compared to GBP3.4 million a year ago.
"In this year of transformation, we are demonstrating our ability to reduce costs and accelerate revenue," said Chief Executive Andrew Lemonofides.
"In addition, I am continuing to restructure the company, drive down costs, re-boot our technology, replace key staff, introduce new products and augment new partnerships - and so build a redefined Tungsten in pole position to deliver accelerating growth."
Looking ahead, Tungsten Corp said revenue remains in line with expectations in the final quarter of the company's current financial year.
"Whilst we still expect to show year on year growth in new sales billings, the growth will be below the level that we had previously expected and as a result we are a little more cautious about the outturn for the full year," added Lemonofides.
AIM-listed Tungsten Corp shares were flat in London on Tuesday at 23.50 pence each.
By Evelina Grecenko; [email protected]
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