25th Feb 2019 12:13
LONDON (Alliance News) - Tungsten Corp PLC said Monday its performance in the third quarter proves the company is "strong" and "growing".
The electronic invoicing firm said its revenue in the three months from November to January increased 13% to GBP9.3 million with positive earnings before interest, tax, depreciation and amortisation of GBP1.0 million compared to an Ebitda loss of GBP1.8 million in the same period a year prior.
The company achieved a net cash inflow in the quarter of GBP500,000 compared to a cash outflow of GBP4.2 million in the third quarter of financial 2018.
Tungsten Corp's revenue in its financial year to date - May to January - increased 6.7% to GBP26.9 million. In the year to date, the company posted an Ebitda profit of GBP200,000 from a loss of GBP6.8 million in the same period twelve months earlier.
"Today's third quarter results demonstrate a business that is strong, growing and is now consistently generating a monthly Ebitda profit," said Chair Tony Bromovsky.
"Through the board's operating review we have already implemented changes to the group's remuneration and changed key areas of focus in the business. As we finalise the operating review and implement its recommendations, we are confident of successfully closing financial 2019 and delivering a step-change in performance over financial 2020," Bromovsky added.
The company expects to complete its operating review by April.
Tungsten Corp said its process to hire a new chief executive officer has identified some "exceptional candidates" and expects to announce an appointment next month.
Shares in Tungsten Corp were up 5.0% Monday at 35.81 pence each.
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TUNG.L