14th Feb 2019 11:00
LONDON (Alliance News) - Tungsten Corp on Thursday said Chief Executive Richard Hurwitz has resigned with immediate effect, and also reiterated annual earnings expectations.
Shares in the company were trading 16% higher at 25.50 pence each in morning trade.
The electronic invoicing services provider has appointed recruiters to identify a new chief executive and expects to appoint a new boss in March. Hurwitz will leave the company on Friday.
The company's Non-Executive Chair Tony Bromovsky in the meantime has moved to executive chair on an interim basis, and Chief Financial Officer David Williams will oversee day-to-day operations.
"The board wishes to thank Rick for his valuable contribution to the company since his appointment as CEO in 2015 and we wish him well in his future endeavours," Bromovsky said.
Tungsten has reconfirmed its revenue expectation of GBP36 million to GBP36.5 million and earnings before interest, taxes, depreciation and amortisation, profit for 2019 financial year. It also reiterated sufficient capital position to deliver on current plans.
The company also said trading for November and December 2018 was in line with expectations. Revenue for the two months was around GBP6.3 million and Ebitda was positive.
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