26 March 2024

TruFin is pleased to announce its audited results for the 12 months ended 31 December 2023. TruFin's complete annual report and accounts, which set out these results in full detail with accompanying commentary, are now available here.

Financial Highlights 

  • Gross revenue grew 34% to £20.5*m (2022: £15.3**m) driven by growth across all the subsidiaries
  • Gross profit margin grew to 72% (2022: 70%)
  • Adjusted EBITDA*** was £(3.0)m (2022: £(5.7)**m), a 48% year-over-year improvement
  • Adjusted Loss Before Tax*** ("LBT") was £(6.1)**m (2022: £8.2m)
  • Cash and cash equivalents at year end totalled £10.1m (£6.0m unrestricted)

Company Highlights

  • Oxygen Finance Limited (“Oxygen”) EBITDA increased 11% to £1.3m (2022: £1.1m)
  • Satago Financial Solutions Limited (“Satago”) grew revenue by more than 71% to £3.8m (2022: £2.2m) after its platform was chosen to support invoice factoring solutions for Lloyds Bank plc (“Lloyds Bank” or the “Bank”) customers
  • Playstack Limited (“Playstack”) grew revenue by more than 27% to £8.0m (2022: £6.3m) and secured the rights to the Mortal Shell franchise
  • Vertus Capital Limited (“Vertus”) was disposed of in October 2023 for £3.2m

Current Trading and Prospects

  • Group revenue at 29 February 2024 was not less than £5.8m (unaudited), growing 271% compared to same period in 2023. Much of this exceptional growth rate is as a result of the successful launch of Playstack’s fastest selling game. Whilst it is still early in the year, this excellent start to 2024 provides a strong platform for the Group
  • Oxygen revenue to 29 February 2024 grew 35% when compared to the same period in 2023
  • Satago has secured Bank of Ireland as its embedded finance partner in Ireland. This is Satago’s first Tier-1 bank outside of the UK and signals significant interest in its platform globally
  • Playstack released their fastest selling game on February 20 with more than one million units sold in the first 30 days. Playstack expects to release a further 5 games during 2024

James van den Bergh, TruFin CEO, said:

"The overarching goal of 2023 was to solidify the Group’s position in preparation for step changes in growth and profitability in the years ahead; we achieved this objective with growth and consolidation for all of the subsidiaries.

Given the continued consistent performance of Oxygen, managed by Ben Jackson, it is only appropriate to repeat the same phrase we used last year and the year before: Oxygen, yet again, grew its client base, revenues and EBITDA. Shareholders can expect to hear that mantra repeated for many years to come. With more than 87% of the next four year’s revenue already contracted, it is clear to me that the attractiveness of Oxygen will rise with every passing year. In addition, there is an exciting pipeline of opportunities for further growth within the existing client base.

Oxygen also completed a planned investment of more than £1.2m in its platform and people and acquired, the UK's No 1 portal for public sector tendering. The financial benefits of this investment and acquisition is expected to be seen in 2024 and beyond.

Having secured a landmark contract and investment from Lloyds, and signed an embedded finance agreement with Sage, this was a year of growth and consolidation for Satago. Working with such innovative and respected organisations as Lloyds and Sage is a privilege and we look forward to more developments with these partnerships in the coming months. Since the year end, Sinead McHale and her team have secured Bank of Ireland as their first Tier-1 Bank outside the UK. The list of blue-chip organisations that are looking to onboard Satago’s platform continues to grow.

Playstack optimised its operations over the year to focus on what the business is great at – sourcing and publishing PC and console games. With a growing back book, soon expected to reach more than 50% of revenues, and multiple new game releases secured, Playstack is now a diversified and run-rate profitable business with a repeatable and scalable business model. Securing the Mortal Shell franchise was also a welcome milestone – made possible by our exceptional shareholder base.

The successful launch of Balatro this February deserves a mention – to sell one million units in less than 30 days is an incredible achievement. For TruFin, the important thing to note is that Balatro pushes Playstack’s PC and console publishing business’ “hit ratio” (success: failure ratio) to >95%. This bodes well for the future.

2024 will be an exciting year and I look forward to updating shareholders as to progress in the coming months.”


* Includes revenues for Vertus until its disposal from the Group on 4 October 2023. Revenue per the statutory accounts P&L only reflects revenues for continuing operations at £18.1m (2022: £13.9m).

** Adjusted as if Vertus sold on the corresponding date in 2022 i.e. 4 October

*** Includes performance for Vertus until its disposal from the Group on 4 October 2023, and adjusted to remove share-based payment charges implemented during 2023