TruFin PLC Trading & Company Update (0978M)
January 19 2021 - 2:00AM
UK Regulatory
TIDMTRU TIDMTRU
RNS Number : 0978M
TruFin PLC
19 January 2021
19 January 2021
TruFin plc
("TruFin" or the "Company" or together with its subsidiaries the
"Group")
Trading & Company Update
TruFin is pleased to announce that revenues for the 12 months
ended 31 December 2020 are expected to be significantly ahead of
market expectations at approximately GBP14.6m (FY19: GBP7.3m),
representing year-on-year growth in excess of 100%. This has
predominantly been driven by strong performance from the console
division of Playstack Ltd ("Playstack") which, despite the further
national lockdowns, has been supported by robust performance across
the rest of the Group.
As a result, the Adjusted Loss Before Tax ('LBT') is also
expected to be ahead of market expectations at no more than GBP8.4m
(FY19: LBT of GBP9.3m).
Oxygen
Oxygen Finance Group Limited (together with its subsidiaries,
Oxygen Finance Limited, Oxygen Finance Americas, Inc. and Porge
Limited) ("Oxygen") continued to make considerable progress. The
client portfolio has been strengthened with five new Early Payment
("EP") clients, three multi-year renewals by existing clients and
four existing clients went live, all achieved despite the economic
restrictions.
The second half of 2020 saw strong growth in suppliers signing
up to Oxygen's Early Payment programmes. This, combined with cost
control measures, resulted in EBITDA profitability in Q2, Q3 and Q4
of 2020. This positive momentum highlights Oxygen's dominance in
its niche market.
Satago
Satago Financial Solutions Limited's ("Satago") has continued to
develop its core technology and lending as a service ("LaaS")
solution and remains well positioned notwithstanding reduced
lending activity due to the Covid-19 pandemic. In December 2020,
TruFin announced that Satago had entered into a six-month
commercial pilot with a Tier-1 Bank which, if successful, is
expected to lead to a five-year commercial agreement.
Playstack
During the year Playstack secured two significant contracts with
major technology platforms, and successfully launched the console
game 'Mortal Shell', which has made a material contribution to the
Group's full year revenue. During 2021, Playstack will continue to
develop its own innovative technology that increases the revenue
generating potential of its game portfolio, whilst extending the
reach of its financing services through partnerships with
third-party lenders.
Vertus
The loan book of Vertus Capital Limited ("Vertus") continues to
perform exceptionally well, with no credit losses incurred to date
and a growing pipeline. Vertus is on track to reach its loan book
target of GBP16m during Q1 2021 and as a result turn profitable on
a monthly basis during 2021.
Company Update
Further to the Company's interim results statement on 25
September 2020 and given the strong performances within the Group,
TruFin has formally engaged advisers to explore options for Oxygen
and Vertus. This may result in the sale of Oxygen and / or Vertus
and further return of capital to shareholders, should the board
believe it to be in the best interests of shareholders. However,
there is no certainty that such sales will occur.
James van den Bergh, Chief Executive Officer, commented: "Given
the continued momentum within all the subsidiaries, the Board looks
to the future with confidence. Each of the subsidiaries is
considerably de-risked compared to twelve months ago and the Group
is fully funded to achieve profitability. Oxygen and Vertus
continue to dominate their niches and both have delivered new
client wins in the face of the pandemic. Satago's recently
announced commercial pilot with a Tier-1 Bank exemplifies the
partnership model that TruFin continues to promote within the Group
and we are all pleased with the success that Playstack has
achieved."
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
Louis Davies 0203 100 2000
TruFin plc is the holding company for an operating group of
companies that are niche lenders and early payment providers.
TruFin Group combines the benefits of both the traditional
relationship banking model and developments in the fintech sector.
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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