Breakeven Date Change • Mar 08
Forecast to breakeven in 2022 The analyst covering Tungsten expects the company to break even for the first time. New forecast suggests the company will make a profit of UK£200.0k in 2022. Earnings growth of 171% is required to achieve expected profit on schedule. Reported Earnings • Dec 15
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: UK£0.005 (up from UK£0.24 loss in 1H 2021). Revenue: UK£18.3m (up 1.5% from 1H 2021). Net income: UK£628.0k (up UK£31.1m from 1H 2021). Profit margin: 3.4% (up from net loss in 1H 2021). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 8.1%, compared to a 13% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Board Change • Nov 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Non-Executive Chairman Tony Bromovsky is the most experienced director on the board, commencing their role in 2018. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Non-Executive Chairman Tony Bromovsky is the most experienced director on the board, commencing their role in 2018. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Sep 23
Forecast to breakeven in 2022 The analyst covering Tungsten expects the company to break even for the first time. New forecast suggests the company will make a profit of UK£200.0k in 2022. Earnings growth of 149% is required to achieve expected profit on schedule. Reported Earnings • Jul 31
Full year 2021 earnings released: UK£0.28 loss per share (vs UK£0.21 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: UK£36.1m (down 1.9% from FY 2020). Net loss: UK£34.7m (loss widened 33% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Executive Departure • Jul 01
Executive Officer Andrew Lemonofides has left the company On the 30th of June, Andrew Lemonofides was replaced as CEO by Paul Cooper after 1.8 years in the role. We don't have any record of a personal shareholding under Andrew's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 4.21 years. Under Andrew's leadership, the company delivered a total shareholder return of -22%. Is New 90 Day High Low • Feb 18
New 90-day high: UK£0.35 The company is up 4.0% from its price of UK£0.34 on 20 November 2020. The British market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£1.47 per share. Reported Earnings • Dec 16
First half 2021 earnings released: UK£0.24 loss per share The company reported a poor first half result with increased losses and weaker control over expenses, although revenues were flat. First half 2021 results: Revenue: UK£18.0m (flat on 1H 2020). Net loss: UK£30.5m (loss widened UK£28.0m from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 14
New 90-day low: UK£0.26 The company is down 24% from its price of UK£0.35 on 15 September 2020. The British market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is down 2.0% over the same period. Is New 90 Day High Low • Nov 03
New 90-day low: UK£0.29 The company is down 27% from its price of UK£0.40 on 05 August 2020. The British market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is down 8.0% over the same period. Is New 90 Day High Low • Oct 15
New 90-day low: UK£0.31 The company is down 22% from its price of UK£0.40 on 17 July 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 10.0% over the same period. Is New 90 Day High Low • Sep 23
New 90-day low: UK£0.32 The company is down 3.0% from its price of UK£0.33 on 25 June 2020. The British market is also down 3.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the IT industry, which is up 5.0% over the same period.