- Invoicing network provider Tungsten Corporation said it turned earnings positive in the third quarter compared to a year earlier after it booted sales and improved margins.

Ebitda in the three months through January amounted to £1.0m, compared with a £1.8m Ebitda loss on-year.

Revenue over the period rose 13.9% to £8.2m, while gross margin improved 390 basis points to 96.2%.

'Today's third-quarter results demonstrate a business that is strong, growing and is now consistently generating a monthly Ebitda profit,' chairman Tony Bromovsky said.

'Through the board's operating review we have already implemented changes to the group's remuneration and changed key areas of focus in the business.'

'As we finalise the operating review and implement its recommendations, we are confident of successfully closing FY19 and delivering a step-change in performance over FY20.'

Bromovsky said the company's process to appoint a new chief executive had identified 'some exceptional candidates', with an announcement expected next month.

At market close: [LON:TUNG] Tungsten Corporation share price was +1.2p at 35.3p

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