After being on a rocky trail for some time, things are now looking promising aging for Tungsten. In the financial year (FY) that just ended, Tungsten financed invoices for 79 suppliers totalling over £100mln, compared with £32mln for 38 suppliers in FY15, this implicates a more than 300% increase in invoicing financing volume.

The growth potential in supply chain finance (up 300%) is furthermore underlined as Tungsten processed 16.1 million invoices in fiscal 2016, a mere increase of 9% compare to the prior year.  More good news is, that revenues will be up at least 12.5% year-on-year, which could increase even furher if sales cycles shorten.

Rick Hurwitz, chief executive officer of Tungsten:
“Tungsten’s performance during FY16 demonstrates the group’s encouraging momentum. I am confident we are on track to execute the operational goals we expect to accelerate our achievement of profitable growth”

“We have improved existing contract pricing, engaged new buyers, reduced our cost base and recruited talented executives. We start the new financial year with a clear strategic plan and a focus on developing deep customer relationships and improved operational performance.”