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[Ferro-Alloys.com]E-invoicing company Tungsten Corporation PLC said Wednesday it is on track to narrow its losses in the current financial year, after reporting a reduced loss and increased revenue in its interim results.

Tungsten Corp booked a pretax loss for the six months ended October 31 of GBP3.1 million, narrowed from GBP12.0 million year-on-year. Including taxation and discontinued operations, the loss was GBP4.5 million, narrowed from GBP19.9 million in the same period the prior year.

In respect to earnings before interest, tax, depreciation and amortisation,Tungsten Corp booked a GBP6.3 million loss for the period, reduced from GBP8.2 million year-on-year.

Tungsten Corp's revenue for the half-year was GBP15.5 million, increased from GBP13.0 million year-on-year. The company noted this was a 20% increase at actual exchange rates, 11% on a constant currency basis.

The GBP30.0 million sale of the company's Tungsten Bank operation toWyeland Holdings Ltd is scheduled to conclude next Wednesday, saidTungsten Corp, with no further conditions needing to be satisfied.

The company remains on track to deliver revenue of at least GBP30.0 million for its current financial year, and to book an earnings loss of less than GBP13.0 million, said Tungsten Corp.

"We are making good progress toward our strategic goals, repairing operational efficiency while positioning the business for profitable growth. The benefits of the changes we are making are starting to show in our reported results. We have been executing to plan and ensuring cost discipline as we take needed steps on the path to profitability," saidRichard Hurwitz, chief executive officer of Tungsten Corp.

"Completing the sale of Tungsten Bank is an important component in the reshaping of our business. With a stronger customer proposition, improved funding structure and the right leaders, our expectations for developing a successful invoice financing business are high," added Hurwitz.

Shares in Tungsten Corp were up 3.9% at 53.00 pence in early trading on Wednesday.

• [Editor:Jiang Li Juan ]