UK 17:17 Saturday, 7 November 2026
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The financial highlights from today’s interim results announcement from Tungsten Corp (TUNG) include “Loss after tax of £17.6m (H1-FY15: £14.7m loss)”, but not to worry as Chairman Nick Parker reassures that the company “is making progress, achieving strong revenue growth and concluding encouraging customer renewal agreements… with a strong pipeline of new customers and prioritisation of activities that accelerate the realisation of profitable business, I believe Tungsten is well placed to deliver sustainable growth”. Hmmm…
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Comments
alcira16247
Steve
You’ve called this one dead right! Its a dog with fleas!
Appears the board headed by the new boss, Richard M. Hurwitz must have spent hour upon hour of midnight oil trying to polish these set of figures with accompanied upbeat ramp in trying to present the future in anything like a positive light.
They are disastrous! Revenues a piffling £13.1 million resulting in operational loss of £9.5 million! Yeah! That sounds like a business model that works! Don’t forget, too, their little foray into banking has cost a further £6.8 million! Not bad considering they have only owned it for 18 months! Total loss of £17.6 million! What a bunch of Muppets!
Employing language reminiscent of that used by the infamous Quindell Group ……. in other words statements of complete and utter bollacks ……. jam is promised for tomorrow; Break even in 2017…… Oh Yeah? How is this miraculous transformation going to be achieved, gentlemen? Cos on results achieved so far, I’ve got a better chance of flying to the moon! As for any forecast on future profitability…… forget it!
With a history of buying duff companies ( Image Integration Systems, Inc. (“DocuSphere”) ) and failure of the much vaunted Tungsten Analytics offer, the Muppets hardly inspire confidence for the future.
In fact, its hard to see exactly what Tungstens USP is …….
Buyer organisations that join Tungsten Network, built on OB10 e-Invoicing, can reduce their invoice-processing costs by 60%. Suppliers benefit from efficiencies, greater visibility of their invoice status and peace of mind.
That’s the strap line of the companies offer! It really isn’t that much different from what Alex Lawrie Factors ( part of Lloyds Banking Group) were promising me back in the early 90’s!
On the 10th June ’14 when Tungsten heralded its completed acquisition of the loss making FIBI Bank (UK) its shares were 274p. On the day they announce its sale, the shares are 40p.
Enuff said!
brad whiter
Since when can a volume of something be “fewer” than something? Smaller, yes or perhaps even lower (the volume of rainfall has been lower than normal) but it can’t be fewer. Ignorant morons.
Oh and it’s a shit, loss-making business which should and probably will go bust.