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Invoicing company Tungsten Corporation booked a full-year loss after rising revenue was more than offset by expenses.
Pre-tax losses for the year through April amounted to £3.4m, compared to losses of £11.9m on-year.
Revenue grew 6.1% to £35.4m.
Tungsten said it had posted its first Ebitda profit, of £2.5m.
Transaction volumes rose by 0.5m to 18.2m.
'Since becoming chairman in October 2018, and executive chairman in February 2019, the company has undergone a period of fundamental change and transformation,' Tony Bromovsky said.
'These changes are already generating positive momentum, with an Ebitda profit in the 2019 financial year, which is a dramatic turnaround from the losses of prior years.'
'The board continues to have confidence in the Tungsten suite of solutions and offerings, and I believe that the business is now well positioned, following a period of transformation, to achieve future growth and profitability.'
At 8:39am: (LON:TUNG) Tungsten Corporation share price was -0.05p at 48.95p