Tungsten Corporation Plc reported unaudited consolidated earnings results for the six months ended October 31, 2015. For the period, the company reported revenue of £13,060,000 compared to £10,227,000 a year ago. Operating loss was £17,774,000 compared to £14,456,000 a year ago. LBITDA was £9,481,000 compared to £13,196,000 a year ago. The reduction is primarily driven by a reduction in one-off costs and in particular professional fees associated with the setup of Tungsten Early Payment, which totaled £3.0 million. Loss before taxation was £17,786,000 compared to £14,818,000 a year ago. Loss for the period was £17,597,000 or 14.59 pence per basic and diluted share compared to £14,665,000 or 14.52 pence per basic and diluted share a year ago. Net cash outflows from operating activities were £9,291,000 compared to £16,289,000 a year ago. Purchases of property, plant and equipment were £87,000 compared to £714,000 a year ago. Purchases of intangibles were £489,000 compared to £161,000 a year ago.

In fiscal year 2016, the Board expects to generate revenue of at least £27.5 million and an EBITDA loss of no more than £19 million. Excluding one-off items, an EBITDA loss of no more than £15 million is expected. The steps the company has taken, including the exclusivity agreement it has entered to divest Tungsten Bank, as well as ongoing targeted growth and efficiency initiatives, give the Board confidence Tungsten is on track to achieve break-even on an EBITDA basis by the end of fiscal year 2017 and a positive EBITDA for the six-months ending 31 October 2017.