- Invoicing services company Tungsten said trading remained in line with its recent guidance and that it continued to progress new contracts that were in the final stages of discussion.

'The board remain confident that as the company nears the completion of this year of transformation, it remains well positioned for future growth next year,' Tungsten said.

The company said it was well placed to navigate the Covid-19 pandemic, due to over 90% of current revenues being recurring and under multi-year contracts through a subscription-based model.

At 10 March, it had around £2.2m net cash, with a further £3m available under a £4m revolving credit facility.

'In the last week, we have been contacted by a number of our largest global buyers who are looking to increase their electronic invoice volumes through us as part of their response to the global pandemic,' Tungsten said.

'This action is being driven by an urgent concern that office closures mean many paper documents can no longer be effectively distributed and processed by a widely dispersed home based workforce.'

'These buyers include a number of fast moving consumer goods companies who are providing products in high demand right now, and who see Tungsten as having the perfect online digital platform to meet their current needs.'

'The board believes this represents a positive and significant development for Tungsten, albeit that certain buyers may in time suffer from a temporary reduction in invoice volumes as a result of supply chain disruption.'

'We continue to closely monitor transaction volume impacts on a client by client basis.'

At 9:04am: [LON:TUNG] Tungsten Corporation share price was +2.25p at 23.25p

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