Tungsten Corporation PLC Customer Loss (2252T)
March 23 2021 - 10:15AM
UK Regulatory
TIDMTUNG
RNS Number : 2252T
Tungsten Corporation PLC
23 March 2021
23-March-2021
Tungsten Corporation plc
("Tungsten" or the "Company")
Customer Loss
Tungsten Corporation PLC (AIM:TUNG), a leading provider of
digital financial management products and software solutions, has
been informed by an existing customer ("Customer") that they will
not be renewing their Accounts Payable solution contract. This
Customer accounted for 5% of revenues in the twelve months ended 31
October 2020.
It is expected that the transition away from the Tungsten
platform will take 12 to 18 months and therefore an extension of
the existing contract is being executed with the Customer to
initially cover the period to 30 April 2022.
The Company is currently evaluating the impact on revenue and
profits for the FY22 period and onwards and will provide a further
update in due course.
Andrew Lemonofides, Tungsten's Chief Executive, commented: " We
are disappointed to be advised of this decision and to be losing an
important customer. However, we have a healthy pipeline of new
business opportunities and will concentrate our efforts on
replacing the volume relating to this transitioning contract over
the coming 12 months."
Enquiries
Tungsten Corporation plc
Andrew Lemonofides, Chief Executive Officer
Ian Kelly, Interim Chief Financial Officer +44 20 7280 6980
Canaccord Genuity Limited (Broker and Nominated
Adviser)
Simon Bridges
Andrew Potts +44 20 7523 8000
Tavistock Communications (Financial PR &
IR)
Heather Armstrong
Jos Simson
Katie Hopkins +44 20 7920 3150
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) 596/2014 as
amended by regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310. With the publication of this announcement,
this information is now considered to be in the public domain.
About Tungsten Corporation plc
Tungsten Corporation (AIM: TUNG) is the world's largest,
compliant business transaction network. A leading global electronic
invoicing and purchase order transactions network; Tungsten's
mission is centred on enabling a touchless invoice process allowing
businesses around the globe to gain maximum value from their
invoice process.
Tungsten processes invoices for 74% of the FTSE 100 and 71% of
the Fortune 500. It enables suppliers to submit tax compliant
e-invoices in 50 countries, and last year processed transactions
worth over GBP195bn for organisations such as Caesars
Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk
Industries, Mondelēz International, Nestlé, Procter & Gamble,
Shaw Industries, Unilever and the US Federal Government.
Founded in 2000 and headquartered in London, Tungsten has
offices in the US, Bulgaria and Malaysia, employing over 300
people.
Forward looking statements
This document contains forward-looking statements that may or
may not prove accurate. For example, statements regarding expected
revenue growth and trading margins, market trends and our product
pipeline are forward-looking statements. Phrases such as "aim",
"plan", "intend", "anticipate", "well-placed", "believe",
"estimate", "expect", "target", "consider" and similar expressions
are generally intended to identify forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause actual
results to differ materially from what is expressed or implied by
the statements. Any forward-looking statement is based on
information available to Tungsten as of the date of this statement.
All written or oral forward-looking statements attributable to
Tungsten are qualified by this caution. Tungsten does not undertake
any obligation to update or revise any forward-looking statement to
reflect any change in circumstances or in Tungsten's
expectations.
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END
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