TruFin PLC Statement regarding Satago and Trading Update (2038V)
December 10 2021 - 2:00AM
UK Regulatory
TIDMTRU
RNS Number : 2038V
TruFin PLC
10 December 2021
10 December 2021
TruFin plc
("TruFin" or the "Company")
Statement regarding Satago and Trading Update
Statement regarding Satago
The Company announces that Satago Financial Solutions Limited
("Satago") has broadened its relationship with Lloyds Bank plc
("Lloyds Bank" or the "Bank") and extended its commercial
pilot.
As part of the continued partnership, additional functionality
within Satago is now being evaluated by Lloyds Bank as part of a
broader remit within the commercial banking offering.
TruFin is also pleased to announce that Satago has completed its
integration with Business Finance Assistant (the Bank's proprietary
Accounting Software Solution) for Business Banking customers. This
integration will broaden the digitised functionality offered to the
Bank's Business Banking customers, providing seamless access to
working capital.
As a result of the extended scope of the initiative, the
commercial pilot phase will continue into early 2022.
Trading Update
During the second half of 2021, the gross revenue of Oxygen
Finance Group Limited (together with its subsidiaries, Oxygen
Finance Limited, Oxygen Finance Americas Inc. and Porge Limited)
("Oxygen") is expected to grow in excess of 30% over the same
period in 2020. Oxygen's client base is expected to exceed 120
unique clients by year end (31 December 2020: 92). This positive
momentum has resulted in Oxygen posting its first cash flow
positive month during Q4 2021.
Oxygen continues to dominate the markets within which it
operates, whilst delivering meaningful social value as it
accelerates payments to thousands of suppliers in local economies.
Oxygen expects to deliver revenue growth in excess of 20% per annum
over the coming years, which, given the operational gearing in the
business, should translate to increasing profits. Oxygen is fully
funded for this organic growth, requiring no further financial
support from TruFin.
The launch of Mortal Shell at Playstack Ltd ("Playstack") on the
'Steam Platform' occurred in August 2021 and negotiations to extend
the franchise are ongoing. The pipeline of console IP remains
strong and Playstack is well positioned to capitalise on recent
successes with a number of further console signings expected over
the next few months. The beta launch of the brand technology
platform 'Interact' occurred in late November 2021 and a formal
launch is expected to occur in Q1 2022.
Vertus Capital Limited ("Vertus") has maintained its record of
no credit losses since inception and, despite two early loan
repayments, is still targeting a loan book of GBP22m by the end of
Q1 2022 (from GBP12m as at 31 December 2020) and has a three-year
loan book target of GBP50m. Vertus will be investing in
technology-enabled lending solutions during 2022 to satisfy the
growing pipeline and has recorded its first month of profitability
during Q4 2021.
It is pleasing to report that two of our subsidiaries have
recorded their first profitable months during 2021. However, the
broadening and extension of Satago's commercial trial will result
in the financial benefits of a successful commercial outcome being
pushed back. The extended scope of the initiative has enlarged the
opportunity set for Satago and this, coupled with Satago's
increasing pipeline of strategic partners, gives the Board of
TruFin confidence in the significant value creation opportunity at
Satago.
We look forward to updating shareholders as to the result of the
enlarged trial in early 2022.
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
Chris Whittaker 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 .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
STRBKLLBFLLZFBQ
(END) Dow Jones Newswires
December 10, 2021 02:00 ET (07:00 GMT)
Trufin (LSE:TRU)
Historical Stock Chart
From May 2024 to Jun 2024
Trufin (LSE:TRU)
Historical Stock Chart
From Jun 2023 to Jun 2024