Tungsten Corporation PLC Tungsten Network Finance accelerates growth (1510B)
08 January 2018 - 6:00PM
UK Regulatory
TIDMTUNG
RNS Number : 1510B
Tungsten Corporation PLC
08 January 2018
TUNGSTEN CORPORATION PLC
("Tungsten", or the "Company")
8 January 2018
Tungsten Network Finance accelerates growth
Tungsten Corporation plc (LSE: TUNG), the global e-invoicing,
purchase order services, analytics and financing company, today
provides the following update on its trade finance business,
Tungsten Network Finance.
As at 31 December 2017, Tungsten Network Finance had nearly
doubled total originated invoice outstandings to a record GBP54.5
million, an 89% increase from the previous reported peak of GBP28.8
million in the period to 31 October 2017. These balances represent
a significant acceleration in growth from 30 April 2017, when the
Company had invoice outstandings of GBP17.5 million.
On a daily average basis, invoice outstandings were GBP33.8
million in December, up from GBP22.4 million in October and GBP14.0
million in April 2017.
The rapid acceleration in growth of the financing business is
driven by the recent evolution of our strategy to focus on
providing Tungsten Network customers added value by linking their
digital automation flows to relevant trade financing solutions.
The new business results also reflect the significant
developments in the current financial year in establishing key
funding partnerships, allowing Tungsten Network Finance to offer
four distinct trade finance solutions that meet different market
needs; namely, invoice discounting, receivables purchase, supply
chain finance, and flexible lines of credit. This unique strategy
focuses on both SME and large customers by matching working capital
needs with a good user experience.
The availability of unique and varied trade financing solutions
to Tungsten Network customers is a strategic priority for Tungsten
Corporation, and there is an expectation of consistent growth,
already demonstrable by run-rate levels at 31 December 2017.
Richard Hurwitz, Chief Executive Officer, commented:
"Tungsten Network Finance had an impressive end to the calendar
year, with an acceleration in growth of balances outstanding driven
by engagement with a number of new customers and increased take-up
by recurring users of our financing. This significant increase in
utilization of Tungsten's trade financing solutions is driven by
the changes we have undertaken to offer greater value to all our
customers, and the convenience and security of transacting on our
network."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Enquiries
Tungsten Corporation plc
Richard Hurwitz, Chief
Executive Officer
David Williams, Chief Financial +44 20 7280
Officer 7713
Panmure Gordon UK Limited
(Nominated Advisor) +44 20 7886
Dominic Morley/Peter Steel 2500
Canaccord Genuity Limited
(Broker)
Simon Bridges/Andrew Buchanan/Emma +44 20 7523
Gabriel 8000
Neustria Partners (Investors,
Analysts and Media)
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, purchase order
services and workflow platform that brings businesses and their
suppliers closer together with unique technology that
revolutionises invoice processing, maximises efficiency and
improves cash flow. 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 67 percent of the FTSE
100 and 76 percent of the Fortune 500. It enables suppliers to
submit tax compliant e-invoices in 48 countries, and last year
processed transactions worth over GBP155bn for organisations such
as Alliance Data, Cargill, Deutsche Lufthansa, General Motors,
GlaxoSmithKline, Mondelēz International, Henkel, IBM, Kellogg's and
the US Federal Government.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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January 08, 2018 02:00 ET (07:00 GMT)
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