REG - TruFin PLC TruFin PLC - Trading Update

TrufinAnnouncement

04/01/2024 07:00

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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
£(6.3)m (FY22(2): £(8.2)m). Adjusted EBITDA loss(1) is expected to be ahead
of expectations at no more than £(3.0)m, representing an improvement of more
than 47% year-on-year (FY22(2): £(5.7)m).

Group revenue is expected to be no less than £20.2m. This represents growth
in excess of 32% (FY22(2): £15.3m). 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 £9m, of which unrestricted cash is no less than £5.5m,
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                                                        0203 743 1340

James van den Bergh, Chief Executive Officer
07779 229508

Kam Bansil, Investor Relations
 Liberum Capital Limited (Nominated Adviser and Corporate broker)  0203 100 2000

Chris Clarke

Edward Thomas

 

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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