Tungsten Corp says third quarter in line with market views

Tungsten Corporation said trading in the third quarter was in line with market expectations and revenue for the full year is expected to be broadly in line with previous guidance.

The electronic invoicing, analytics and financing company continues to expect an earnings before interest, taxes, depreciation and amortisation loss for the full year to 30 April 2016, excluding one-off items, of no more than £15m and free cash at the year-end of at least £8m.

Including one-off items, the loss is expected to be £19m.

“The board is confident that Tungsten is on track to achieve break-even on an EBITDA basis by the end of FY17 and a positive EBITDA for the six-months ending 31 October 2017.”

At 1020 GMT, Tungsten shares were down 7.2% to 61p.