21st Sep 2018 11:56
LONDON (Alliance News) - Tungsten Corp PLC said Friday that adjusted loss narrowed and revenue increased in the first quarter on the back of five new customer wins.
Shares in the e-invoicing and purchase order services platform were trading up 0.4% at 52.0 pence each.
For the three months to July 31, the company's revenue came in at GBP8.6 million, "in line with the board's expectations". Meanwhile, the company reduced its operating expenses to GBP8.5 million in the quarter from GBP9.8 million last year.
Earnings before interest, taxes, depreciation and amortisation loss stood at GBP500,000, compared to a Ebitda loss of GBP2.1 million a year ago.
Looking ahead, Tungsten said it is on track to deliver on its full-year guidance of revenue of at least GBP37.5 million and Ebitda profit.
Chief Executive Officer Richard Hurwitz said: "Tungsten is making headway towards its revenue goals for financial 2019, building an expanding pipeline of opportunities and achieving good momentum in bookings derived from these sales activities."
Related Shares:
TUNG.L