Stock data
| Market cap. | £63.6m |
| Last close | 50.40p |
| High / Low (52 weeks) | 70.6p / 50.4p |
| Stock market listing | LN |
| Forecast net cash (£m) | 10.3 |
| Forecast gearing ratio (%) | N/A |
| Team | Financials |
| Sector | Financials |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (8.5) | (9.5) | (18.1) |
| Relative * | (8.3) | (14.2) | (21) |
* % Relative to local index
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Company news
Investment summary
Tungsten’s FY18 trading update at the beginning of June included a number of encouraging indicators with achievement of EBITDA breakeven in the final four months of the year marking an important milestone. Revenue growth (9% on a constant currency basis) was below expectation because of the timing of new contract signings. A higher gross margin and tight cost control in the second half enabled the company to indicate an expected adjusted EBITDA loss of £4.6m. More recently, Tungsten has confirmed that Odey Asset Management, with the support of a number of other shareholders, intends to requisition a general meeting with the intention of replacing the chairman, CEO and two other directors. The board intends to enter discussions with shareholders regarding this development.
Last updated on 29/06/2018
| Y/E Apr | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2016A | 25.9 | (16.2) | (18.5) | (22.0) | N/A | N/A |
| 2017A | 31.3 | (11.8) | (12.7) | (9.9) | N/A | N/A |
| 2018E | 36.7 | (6.0) | (11.7) | (9.3) | N/A | N/A |
| 2019E | N/A | N/A | N/A | N/A | N/A | N/A |
Last updated on 25/06/2018
Latest research
Focus on delivery and growth
Update | Financials | 24/07/2017
Focusing on growth and efficiency
Update | Financials | 19/10/2016
EBITDA breakeven forecast reiterated
Update | Financials | 24/02/2016
A new focus on e-invoicing
Initiation | Financials | 04/01/2016
A renewed focus on efficiency
QuickView | Financials | 28/09/2015
Successful placing raised GBP17.5m
QuickView | Financials | 26/05/2015
Progress at Tungsten Network
QuickView | Financials | 18/05/2015
Latest video
Industry outlook
Having effectively completed the heavy lifting of renewing the network infrastructure, updating the products and restarting the finance business Tungsten is well placed to give greater focus to revenue growth. The pipeline of potential customers is described as good and the market opportunity to provide cost-saving and value-enhancing services to companies remains substantial.
Last updated on 29/06/2018
Key management
| David Williams , CFO |
Company address
| Pountney Hill House 6 Laurence Pountney Hill London EC4R 0BL United Kingdom + 44(0) 870 1657420 View website |