Tungsten Corporation PLC COVID-19 Update (1164H)
23 Marzo 2020 - 08:00AM
UK Regulatory
TIDMTUNG
RNS Number : 1164H
Tungsten Corporation PLC
23 March 2020
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
23 March 2020
COVID-19 Update
Tungsten Corporation (AIM: TUNG) aims to be the leading global
electronic invoicing and purchase order transactions network, and
is now providing an update in light of the rapidly changing
situation regarding COVID-19.
Trading remains in line with the guidance outlined in the Q3
Trading Update, issued on 25 February 2020, for the financial year
ending April 2020. We continue to progress new client and partner
contracts and are in the final stages of a number of such
discussions. The board remain confident that as the company nears
the completion of this year of transformation, it remains well
positioned for future growth next year.
In considering the impact of the ongoing COVID-19 pandemic the
Board believes that the company is well placed to navigate through
the disruption, due to over 90% of current revenues being recurring
and under multi-year contracts through our subscription based
model. We continue to manage cashflow and receivables closely. As
at 10 March 2020 we had approximately GBP2.2m net cash. We have
significant headroom with a further GBP3m available under our GBP4m
committed Revolving Credit Facility.
In the last week, we have been contacted by a number of our
largest global buyers who are looking to increase their electronic
invoice volumes through us as part of their response to the global
pandemic. This action is being driven by an urgent concern that
office closures mean many paper documents can no longer be
effectively distributed and processed by a widely dispersed home
based workforce. These buyers include a number of fast moving
consumer goods companies who are providing products in high demand
right now, and who see Tungsten as having the perfect online
digital platform to meet their current needs.
The Board believes this represents a positive and significant
development for Tungsten, albeit that certain buyers may in time
suffer from a temporary reduction in invoice volumes as a result of
supply chain disruption. We continue to closely monitor transaction
volume impacts on a client by client basis.
Andrew Lemonofides CEO commented
"I am confident that Tungsten has the resilience to support our
customer base globally in this difficult period, and the ability to
provide a key solution to the forced shutdown of clerical paper
driven offices. We are continuing to operate an uninterrupted
service, utilising remote working across our global workforce, and
we are currently not seeing any downturn in invoice volumes. We
have a strong value proposition and are able to implement our
software and solutions remotely, with our cloud based technology
and highly skilled workforce.
We will continue to monitor our outlook very carefully and
provide a further update as part of our end of year trading
update."
Enquiries
Tungsten Corporation plc
Andrew Lemonofides, Chief Executive
Officer +44 20 7280 6980
Panmure Gordon UK Limited (Nominated
Adviser)
Dominic Morley +44 20 7886 2500
Canaccord Genuity Limited (Broker)
Simon Bridges/ Andrew Potts +44 20 7523 8000
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
About Tungsten Corporation plc
Tungsten Corporation (AIM: TUNG) aims to be the leading global
electronic invoicing and purchase order transactions network.
Digital invoicing processes enable large businesses to reduce
costs and effectively manage their businesses. They can improve
business agility by creating scalable and repeatable growth
processes, managing their cash effectively and making better
decisions based on a comprehensive analysis of their data.
Tungsten Network processes invoices for 74 percent of the FTSE
100 and 71 percent of the Fortune 500. It enables suppliers to
submit tax compliant e-invoices in 50 countries, and last year
processed transactions worth over GBP173bn for organisations such
as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft
Foods, Mohawk Industries, Mondelēz International, Procter &
Gamble, Shaw Industries, Unilever and the US Federal
Government.
Forward looking statements
This document contains forward-looking statements that may or
may not prove accurate. For example, statements regarding expected
revenue growth and trading margins, market trends and our product
pipeline are forward-looking statements. Phrases such as "aim",
"plan", "intend", "anticipate", "well-placed", "believe",
"estimate", "expect", "target", "consider" and similar expressions
are generally intended to identify forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause actual
results to differ materially from what is expressed or implied by
the statements. Any forward-looking statement is based on
information available to Tungsten as of the date of this statement.
All written or oral forward-looking statements attributable to
Tungsten are qualified by this caution. Tungsten does not undertake
any obligation to update or revise any forward-looking statement to
reflect any change in circumstances or in Tungsten's
expectations
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END
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