- Electronic invoicing group Tungsten said its operating losses had deepened in its financial year to date, while warning that it expected to miss annual sales expectations.

Operating losses for the nine months through December amounted to £3.2m, compared to losses of £2.5m on-year.

Revenue rose 3% to £27.6m, up from £26.9m, on the back of an increase in transaction volumes, but the gain was more than offset by expenses.

'Whilst we still expect to show year-on-year growth in new sales billings, the growth will be below the level that we had previously expected and as a result we are a little more cautious about the outturn for the full year,' chief executive Andrew Lemonofides said.

'However, as a result of prudent cost controls, we currently expect to meet EBITDA expectations.'

At 9:26am: [LON:TUNG] Tungsten Corporation share price was -0.5p at 23p

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