Edmund Truell, Group Chief Executive, said: “The vision for Tungsten is now being realised. Our significant investment in all parts of the business means the building blocks are now in place for future growth.” 

Financial Highlights for H1-15 

• Completed acquisition and capitalisation of Tungsten Bank 
• Total investment in H1-15 of over £47 million in Tungsten Bank acquisition, operational infrastructure improvements and capital expenditure to support the expansion of Tungsten Network and the launch of Tungsten Early Payment 
• Revenue of £10.2 million (H1-14: £0.8 million) 
• EBITDA loss of £13.3 million (H1-14: £5.5 million), including one-off set-up costs of £6 million (H1-14: £3 million), plus an additional £2 million of recurring investment in the Tungsten Network 
• Loss before tax of £14.8 million (H1-14: £5.5 million) including one-off costs and recurring investment costs 
• Raised £12 million of new equity at 340p/share in conjunction with the acquisition of DocuSphere 
• Group resources strengthened and risk reduced through invoice financing agreement with Insight Investment (after period end) for Europe and North America 

Operational Highlights for H1-15 

• 168 buyers (April 2014: 124) and 171,000 suppliers (April 2014: 168,000) registered to transact over the Tungsten Network 
• Estimated addressable market increased to $2.7 trillion 
• DocuSphere acquisition successfully integrated, bringing enhanced workflow capability to the Group’s offerings 
• Legal and tax compliant e-Invoicing in 47 countries (April 2014: 44 countries) 
• First Tungsten Analytics contract signed, with 27 further multinationals and public sector agencigned, with 27 further multinationals and public sector agencies in trial 
• Tungsten Bank authorised by the Prudential Regulation Authority (“PRA”) and regulated by the PRA and Financial Conduct Authority 
• Invoice financing systems fully tested and went live in the UK 
• Tungsten now employs over 330 people (April 2014: 236 people)

Full results attached