19th Sep 2019 12:22
(Alliance News) - Tungsten Corp PLC on Thursday said its transaction volumes and revenue improved in the first quarter of its current financial year.
The analytics and financing company said revenue grew by 5% to GBP9.0 million in the three months to the end of July on an actual basis and 2% on a constant currency basis, thanks to new customer wins and expanded product sales.
New sales billings increased to GBP900,000 from GBP700,000 year-on-year, in line with expectations, Tungsten said.
The company swung to positive adjusted earnings before interest, taxes, depreciation and amortization of GBP1.0 million from a GBP100,000 adjusted Ebitda loss. Tungsten said this improvement was achieved from revenue growth, cost containment, and collection of receivables that had been written off in prior periods.
Looking forward, Tungsten did not make any changes to its full-year outlook, despite its sales pipeline continuing to grow, both by number and value of opportunities.
Transaction volume increased by 6% in the first half, with the total transaction volumes of 18.5 million at July 31.
The stock was trading 1.5% lower on Thursday in London at 43.59 pence a share.
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