Tungsten Corporation PLC Tungsten Network Finance accelerates growth (1510B)

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               [phone] 
  Officer                                       7713 
 
 Panmure Gordon UK Limited 
  (Nominated Advisor)                         [phone] 
  Dominic Morley/Peter Steel                   2500 
 Canaccord Genuity Limited 
  (Broker) 
  Simon Bridges/Andrew Buchanan/Emma          [phone] 
  Gabriel                                      8000 
 Neustria Partners (Investors, 
  Analysts and Media) 
  Robert Bailhache/Nick Henderson/Charles     [phone] 
  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

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January 08, 2018 02:00 ET (07:00 GMT)