24th Sep 2015 08:11
LONDON (Alliance News) - Electronic invoicing, analytics and financing company Tungsten Corp PLC on Thursday said its revenue has increased in the first four months of its current financial year thanks to contract wins it has secured.
Richard Hurwitz, Tungsten's chief executive, in a statement to be given at the company's annual general meeting, said revenue in the first four months of the financial year to the end of April rose 20% year-on-year, driven by two new buyers joining its network and six existing buyers agreeing contract renewals.
The company said 4.9 million e-invoices were sent over its network in the first four months totalling GBP35.7 billion in value, respectively up 9% and 12% year-on-year.
The group said it remains confident on its outlook for the full year.
Shares in Tungsten were down 8.3% to 60.56 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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