TUNG announced its FY18 results (April 2018). Revenue increased 8% to £33.7m (up 9% at constant exchange rates). EBITDA loss decreased to £4.6m (FY17: £11.8m loss). Net loss reduced to £11.9m (FY17: £12.5m).
The company’s gross margin improved to 93.1% (FY17: 92.8%). On a group basis, there was a monthly EBITDA breakeven over January-April 2018. It had adequate working capital, with net cash of £6.4m (FY17: £17.5m). Transactions during the year increased to 17.7m (FY17: 17.1m), while average revenue per invoice grew to £1.90 (FY17: £1.82). Furthermore, TUNG plans to achieve constant currency revenue of at least £37.5m in FY19, weighted to H2. It also plans to sustain a stable gross margin and adjusted operating expenses to result in an EBITDA profit, with phasing reflecting the evolution of revenue growth.
Commenting on the results, Richard Hurwitz, TUNG’s CEO, said: “We aim to take advantage of the operating leverage we now have to generate profitable growth and drive returns for our shareholders.”