Tungsten witnesses 'strong momentum' in new sales

Tungsten saw new customer wins from "large international corporations" increase from six to eight in the twelve months ended 30 April, delivering a total contract value of £2.0m, with £700,000 expected to be recognised in the 2021 trading year, a total TCV growth of 137% year-on-year.

The AIM-listed firm also secured its largest ever customer win with Nippon Telegraph and Telephone and signed a "significant new partnership" with FIS Worldpay.

Revenue grew 1.4% year-on-year on a reported basis, while new sales billings increased 7% to £3.6m. Adjusted underlying earnings were expected to be in line with guidance.

Chief executive Andrew Lemonofides said: "We have delivered a robust performance in response to a challenging business environment, centred on our strategic investment in our sales team and the building out of our partnership network.

"Our current sales conversion rate and increasing year-on-year transaction volumes across the business, particularly in Europe and North America, gives us cautious optimism for FY22 delivery. The solid sales pipeline and an additional £1.0m of investment in tech development and compliance functions in FY22 will provide us with a strong platform for future growth."

As of 0955 BST, Tungsten shares were up 3.66% at 34.0p.