StockMarketWire.com - Invoicing services group Tungsten swung to a modest first-half profit after it sales edged higher.

Pre-tax profit for the six months through October amounted to £0.6 million, compared to a year-on-year loss of £30.5 million.

Revenue rose 2% to £18.3 million and 5% on a constant currency basis.

Adjusted earnings before interest, tax, depreciation, amortisation rose to £3.0 million, up from £0.8 million.

A provision booked of £1.3 million was booked relating to post period end settlement of an employment claim made against the company initiated in the 2020 financial year.

Looking ahead, Tungsten said it was committed to an additional cash spend of £1.5 million relating to the settlement of the employment claim.

However, it added that through cost control and temporary head count savings it expected to mitigate the cash impact and did not expect to increase the current draw down of £2 million under a debt facility.


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