23rd Jul 2018 12:57
LONDON (Alliance News) - Tungsten Corp PLC on Monday posted a flat annual loss as increased revenue failed to outpace a foreign exchange headwind and restructure costs.
In its financial year ended April 30 the e-invoicing and purchase order services platform recorded GBP12.7 million loss, equalling its loss the year before.
Tungsten incurred GBP2.4 million in exceptional items from its restructure, including technology contract termination costs of GBP1.1 million.
Furthermore, the company saw a GBP1.5 million loss on foreign exchange during the year, swinging from a GBP2.3 million such gain the year before.
The company's revenue grew to GBP33.7 million from GBP31.3 after it underwent a significant restructure aimed at overhauling its customer proposition, operating model, and infrastructure.
"By evolving Tungsten from a pure play e-invoicing company into a multi-product trade services provider, our outlook is bright. We aim to take advantage of the operating leverage we now have to generate profitable growth and drive returns for our shareholders," said Chief Executive Richard Hurwitz.
Shares in Tungsten Corp were up 0.7% at 54.39 pence on Monday.
Related Shares:
TUNG.L