LONDON (Alliance News) - Tungsten Corp PLC Tuesday said its pretax loss widened in its recent full year despite achieving its first revenues, as administrative expenses shot up to cope with its increased operations and new executives.
The electronic trading company said its pretax loss widened to GBP11.1 million for the twelve months ended April 30, from GBP9.9 million in the period between February 2, 2012 and the end of April 2013.
Tungsten Corp, which began trading on AIM during October 2013, posted its first yearly revenues of GBP10.8 million as the company began processing e-Invoices.
However, the company said its administrative expenses increased to GBP21.7 million from GBP4.9 million, as the company increased its operations and appointed new board members.
Tungsten Corp raised GBP149 million net of costs through its initial public offering and subsequently acquired OB10 Ltd, an e-invoicing network, for a total of GBP73 million in cash and GBP28 million in equity, before making further investments.
The company said that at April 30, it had cash balances of GBP62.6 million. In June, the company invested GBP25.1 million in the acquisition of FIBI Bank PLC, which has now been renamed Tungsten Bank, and injected further capital of GBP5 million into the bank.
Tungsten Corp shares were down 1.4% to 285.92 pence on Tuesday.