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AIM-listed supply chain specialist Tungsten Corporation (LON:TUNG) increased its revenues for the year ended 30th April by 7%. The group also made its first EBITDA profit following a 160 basis point improvement in gross margins.
Interim CEO David Williams commented: “Our business is strengthening. In the second half of the year we generated positive cash flow, and in addition to growing our revenues we identified and executed numerous cost saving initiatives which reduced our adjusted operating expenses by 10%5, with a further impact of savings to come in FY20.
“Although revenue growth increased from 2% in the first half of the year to 6%6 for the full year, we continue to focus on increasing the pace of the upward trajectory. We are confident that through executing the actions identified in our operating review, including working with an e-procurement partner and expanding our AR e-invoicing services, we will be able to achieve higher revenue growth“.
The price of Tungsten Corporation shares rose by 3.80% to 39.50p (as 14:15 BST).