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RNS Number : 9587O  TruFin PLC  15 January 2026

15 January 2026

 

TruFin plc

("TruFin" or the "Group")

 

Trading Update

 

 

TruFin is pleased to announce that it expects its adjusted profit before tax¹
("PBT") to be ahead of previously guided expectations, as announced on 11
December 2025. PBT is now expected to be more than £7.4m, representing a
year-on-year increase in excess of 720% (FY24: £0.9m). Adjusted EBITDA(1) is
expected to be in excess of £11.8m (FY24: £7.6m). Group revenue is expected
to be approximately £63.0m (FY24: £55.0m).

 

Playstack

 

The Group's exceptional financial performance during 2025 was predominantly
driven by Playstack Limited ("Playstack"), reflecting strong contributions
from Balatro and Abiotic Factor, both launched in 2024, alongside the
successful release of two new front-line titles in 2025: Void/Breaker and
UNBEATABLE. This strong, broad-based performance during 2025 is anticipated to
result in back-catalogue revenue accounting for approximately 50% of
Playstack's revenue in 2026.

During 2025, the industry's trade body, UKIE, recognised Playstack's
achievements by nominating it for Publisher of the Year. At the
internationally recognised Develop: Star Awards, Playstack was also named as
Publishing Star. In addition, GameIndustry.biz named Playstack one of the Best
Places to Work for the second year running, reflecting the cohesion,
dedication and capability of the entire Playstack team.

 

Oxygen

 

Despite the impact of the Procurement Act on local government sourcing
activity, the primary route for onboarding spend into Early Payment ("EP")
programmes, Oxygen Finance Group Limited ("Oxygen") continued to deliver
strong and predictable revenue growth in 2025. Revenues at Oxygen increased by
17% to approximately £9.0m (FY24: £7.7m). Total EBITDA grew by 48% to £3.4m
(FY24: £2.3m). During the year, Oxygen secured four new EP client wins and
successfully renewed seven EP client contracts, achieving 100% client
retention. As a result, Oxygen ended 2025 with a record 65 EP clients.

Oxygen's transacted spend and net signed spend both increased by more than 17%
during the year to £1.4 billion and £1.8 billion respectively, with the
latter supporting continued growth momentum into 2026. In addition, 2025
concluded with a record number of Insights SaaS subscriptions, representing an
18% increase compared with 2024. Oxygen is well positioned to deliver another
year of growth across all key financial metrics in 2026.

 

Satago

 

Having substantially reduced its cost base during 2024, Satago Financial
Solutions Limited ("Satago") is expected to report an improved loss before tax
of no more than £2.7m (FY24: £4.8m). Following the loss of a Tier-1 bank
contract in July 2024, Satago refocused on its core credit control offering
and has since delivered steady growth in platform usage. The business has also
maintained and grown a strong pipeline of lenders for its embedded finance
solution, with further contracts anticipated to materialise in H1 2026.
Revenues for 2025 are expected to be no less than £1.15m (FY24: £2.5m).

 

Following two share buybacks during 2025, totalling £8.0 million, cash at
year end is expected to be no less than £12.0 million.

 

James van den Bergh, Chief Executive Officer, commented:

 

"2024 was hard to beat - but we did so convincingly.

With the foundations firmly in place, we will maintain our disciplined
approach to capital allocation and work hard to deliver for shareholders in
2026 and beyond.

TruFin's tactical goal has always been to post years of profitable growth, and
this was clearly demonstrated in 2025. Group revenues grew by 15%, while PBT
increased by more than 700%. This operational leverage enabled us to return
£8m to shareholders through two share buybacks. This profitable growth has
also allowed the Board to invest further within the Group, positioning us to
deliver for shareholders in the years ahead.

Although 2024 was a breakout year for Playstack, 2025 was just as important.
By maintaining discipline and focus, it demonstrated its ability to deliver
another standout financial performance.

Building on the momentum of the last two years, and applying the same
methodology used for prior releases, the Company has assembled a broad
portfolio of titles scheduled for launch in 2026 and beyond. With eight new
releases anticipated in 2026, including the much-anticipated Mortal Shell 2,
Playstack has all the ingredients required to continue delivering for
shareholders in the years ahead.

Oxygen delivered yet again in 2025, growing the top line by 17% in a
challenging environment. UK EP revenues grew by 20% compared with 2024, with
strong leading indicators providing confidence going into 2026. Partnership
revenues increased by an impressive 200%, further demonstrating the strength
of Oxygen's relationships with local government clients, while SaaS revenues
continued to grow despite robust competition in a maturing market.

Oxygen's shareholders continue to benefit from its inherent operational
gearing, with TruFin receiving £2.5m of dividends during 2025.

As planned, Satago has successfully reduced its cost base, resulting in a
significantly improved loss before tax for the year ended 31 December 2025.
The business is now fully focused on growing usage of its existing platform,
leveraging its partnerships and converting its mature pipeline. A substantial
amount of work has been undertaken over the past 18 months and, while further
progress is still to be made, the foundations are now in place for a
streamlined and profitable business.

I would like to once again thank our shareholders for their continued support.
2025 was another standout year, leaving TruFin in an enviable position from
which to drive further shareholder value."

Notes

(1) profit or loss adjusted to remove share-based payment charges

 

 

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                                                        0203 743 1340

James van den Bergh, Chief Executive Officer
07779 229508

Kam Bansil, Investor Relations
 Panmure Liberum 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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