Tungsten Corporation PLC AGM Statement & Trading Update (0027K)
2016年9月16日 - 3:00PM
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TIDMTUNG
RNS Number : 0027K
Tungsten Corporation PLC
16 September 2016
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
For Immediate Release
This announcement contains inside information for the purposes
of Article 7 of regulation (EU) No 596/2014
16 September 2016
AGM Statement / Trading Update
At today's Annual General Meeting of Tungsten Corporation plc
(LSE: TUNG), Richard Hurwitz, Chief Executive Officer, will make
the following statement:
"Tungsten has made a positive start to its new financial year
ending 30 April 2017 (FY17), building on the momentum demonstrated
through FY16, its leadership transitions and the realignment of its
strategic goals. Trading in the first quarter of FY17 was in line
with the Board's expectations.
"In particular, we signed contracts with three new buyer
customers and continued to renew contracts of existing buyers on
Tungsten Network at higher rates, more fully reflecting the value
that Tungsten provides. Suppliers were added to Tungsten Network at
an encouraging pace, including adding double the number of
Integrated Solution suppliers compared with the same period in the
prior year. This reflects strengthened relationships with buyers
which want to connect to more of their supply chain, and improved
internal processes to sign up these suppliers.
"We are making measurable progress in improving organisational
efficiency. These initiatives should start to produce the desired
cost savings over the course of FY17.
"The sale of Tungsten Bank is advancing as expected and we
continue to expect the sale to complete by 31 October 2016. The
restart of our supply chain financing activities is progressing as
planned, with two important elements concluded. First, we extended
our funding arrangement with Insight Investment, including
revisions that allow us to better address the market. Second, we
have hired the small number of individuals with the skills and
experience that we need, completing the team required to deliver on
our financing objectives.
"We have recently launched a partnership offering international
payment services to a selection of our supplier customers. While
FY17 revenues from this are anticipated to be modest, this
represents the first in a programme of product adjacencies and
enhancements that will strengthen our relationships with our
customers and provide additional revenue opportunities.
"We are confident in our ability to achieve the performance
objectives we have set for ourselves for the current financial
year, principally revenue of at least GBP30 million, an EBITDA loss
of between GBP12 million and GBP14 million, and cash in excess of
GBP20 million at 30 April 2017. We continue to expect Early Payment
financing levels to double, with material increases in this revenue
from FY18."
Tungsten will announce its Interim Results for the six months
ended 31 October 2016 on 15 December 2016.
Enquiries
Tungsten Corporation plc
Richard Hurwitz, Chief Executive
Officer
David Williams, Chief Financial +44 20 7280
Officer 7713
Panmure Gordon (Nominated
Advisor) +44 20 7886
Fred Walsh/Peter Steel 2500
Canaccord Genuity Limited
(Broker)
Simon Bridges/Cameron Duncan/Emma +44 20 7523
Gabriel 8000
Neustria Partners
Robert Bailhache/Nick Henderson/Charles +44 20 3021
Gorman 2580
About Tungsten Corporation plc
Tungsten Corporation (LSE: TUNG) aims to be the world's most
trusted business transaction network by using data intelligently to
strengthen the global supply chain.
Tungsten Network is a secure e-invoicing and purchase order
services platform that brings businesses and their suppliers closer
together with unique technology that revolutionises invoice
processing, maximises efficiency and improves cash flow management.
Delivering trusted connections and streamlined transactions, the
network also provides users with real-time spend analysis and
offers suppliers access to invoice financing through Tungsten
Network Finance, a form of alternative finance for businesses.
Tungsten Network processes invoices for 70% of the FTSE 100 and
72% of the Fortune 500. It enables suppliers to submit tax
compliant e-invoices in 47 countries, and last year processed
transactions worth over GBP133bn for organisations such as Alliance
Data, Aviva, Cargill, Deutsche Lufthansa, General Motors,
GlaxoSmithKline, Henkel, IBM, Kellogg's and the US Federal
Government.
Trusted, passionate and proven, Tungsten is making the
digitisation of global commerce between buyers and suppliers
faster, easier and smarter.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
September 16, 2016 02:00 ET (06:00 GMT)
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