23.03.20

Pre-Close Trading Update


24 March 2020

TruFin plc
("TruFin" or the "Company" or together with its subsidiaries "TruFin Group")

                                                                                                                                                                                          

Pre-Close Trading Update

TruFin announces an update on trading for the year ended 31 December 2019, current trading and outlook. The Company currently expects to announce its 2019 full year results in May 2020.

2019 financial highlights from continuing operations (unaudited)

  •  Combined gross revenues from continuing operations were £7.3m for 2019 (£4.4m in 2018, representing 66% growth)
  • Loss before tax from continuing operations was £11.8m for 2019 (£9.8m in 2018)

Balance sheet update as at 31 January 2020 (unaudited)

The material tangible assets of the Company, as at 31 January 2020, were not less than: 

  • £4.6m of cash or cash equivalents
  • £13.9m loan payable by Distribution Finance Capital Ltd. This loan is due to be repaid, in tranches, by the end of December 2020 (£5.0 million was repaid in December 2019)
  • £3.5m of assets within Satago Financial Solutions Limited's loan book
  • £2.0m share of net assets in Vertus Capital Limited

 The TruFin Group has no more than £3.3m in near-term liabilities.

The full RNS can be found here.

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