TruFin PLC Trading Update (5865Y)
04 Enero 2024 - 1:00AM
UK Regulatory
TIDMTRU TIDMTRU
RNS Number : 5865Y
TruFin PLC
04 January 2024
4 January 2024
TruFin plc
("TruFin" or the "Group")
Trading Update
TruFin announces that for the 12 months ended 31 December 2023
it expects adjusted loss before tax(1) excluding the exceptional
loss on the sale of Vertus Capital Ltd ("Vertus") to be in line
with expectations, at no more than GBP(6.3)m (FY22(2) : GBP(8.2)m).
Adjusted EBITDA loss(1) is expected to be ahead of expectations at
no more than GBP(3.0)m, representing an improvement of more than
47% year-on-year (FY22(2) : GBP(5.7)m).
Group revenue is expected to be no less than GBP20.2m. This
represents growth in excess of 32% (FY22(2) : GBP15.3m). Group
revenue is below expectations due to certain significant platform
deals at Playstack Limited ("Playstack") taking longer to negotiate
and conclude than anticipated. However, due to its refocused and
streamlined strategy, Playstack expects to deliver EBITDA
profitability for 2023 as previously targeted, supported by the
successful launch of The Last Faith in the fourth quarter.
Satago Financial Solutions Limited ("Satago") and Oxygen Finance
Group Limited ("Oxygen") performed in line with expectations for
2023 and continue their operational and financial progress. TruFin
will provide a fuller trading update with further details on all
three subsidiaries in due course.
TruFin is reiterating market expectations for 2024 and beyond.
Cash at year end is no less than GBP9m, of which unrestricted cash
is no less than GBP5.5m, and the Group is fully funded to
profitability.
James van den Bergh, Chief Executive Officer, commented:
"Whilst a delay in finalising Playstack's platform deals and the
associated financial impact is frustrating to report, the Board is
confident that the Group is well placed to deliver significant
value for shareholders.
TruFin made significant progress in 2023. Having disposed of
Vertus, we have invested in Oxygen, Satago and Playstack in order
to maximise the value of these entities ahead of possible value
realisations.
Following this year's planned investment programme and the
recent acquisition of bidstats.uk, Oxygen is solidifying its
leading market position and is perfectly positioned to accelerate
profitability in the years ahead.
Satago is successfully migrating existing Lloyds Bank factoring
clients onto its platform and attracting significant interest in
its critical infrastructure from a growing list of UK and overseas
banks.
Playstack has focused its strategy and capital on its proven
strengths: sourcing, publishing and distributing award-winning PC
and console games."
Notes
(1) loss adjusted to remove share-based payment charges
implemented during 2023
(2) adjusted as if Vertus was sold on the corresponding date in
2022 i.e. 4 October
The information contained within this Announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No.596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019. By the
publication of this Announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain. The person responsible for arranging for the release
of this Announcement on behalf of the Company is Annie Styler.
For further information, please contact:
TruFin plc
James van den Bergh, Chief Executive Officer 0203 743 1340
Kam Bansil, Investor Relations 07779 229508
Liberum Capital Limited (Nominated Adviser and
Corporate broker)
Chris Clarke
Edward Thomas 0203 100 2000
TruFin plc is the holding company of an operating group
comprising three growth-focused technology businesses operating in
niche markets: early payment provision, invoice finance and mobile
games publishing. The Company was admitted to AIM in February 2018
and trades under the ticker symbol: TRU. More information is
available on the Company website: www.TruFin.com.
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END
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