2019 Annual Report and Accounts


15 May 2020

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

Full year results demonstrate robust growth and momentum into 2020.

TruFin today announces its financial results for the year ended 31 December 2019, which are consistent with the guidance provided in the trading update of 24 March 2020. 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 revenues from continuing operations were £7.3m for the year ended 31 December 2019, representing year-on-year growth of 68%
  • Loss before tax from continuing operations excluding share-based payment charge was £9.3m
  • During 2019 the Group demerged Distribution Capital Finance Ltd (“DFC”), sold its stake in Zopa Group Limited (“Zopa”) and acquired majority stakes in Playstack Limited (“Playstack”) and Vertus Capital Limited (“Vertus”)

 Operational Highlights

  • Total amount of invoices for which Oxygen Finance Group Limited (together with its subsidiaries, Oxygen Finance Limited, Oxygen Finance Americas, Inc. and Porge Ltd) (“Oxygen”) accelerated payment, rose by 26% to £550 million during the year
  • Satago Financial Solutions Limited (“Satago”) launched a paid subscription model for its core software services in October 2019, and continued to see minimal defaults on its loan book
  • Vertus secured a debt facility of £15 million with a UK high street bank, and its approved loan facilities grew to £16.5 million

 Current Trading and Prospects

  • Group revenues for Q1 2020 were £2.1m (unaudited), representing growth of 36% over the same period in 2019
  • Despite the headwind from the Covid-19 pandemic, April 2020 saw the Group experience revenue growth of not less than 45% over April 2019 (unaudited).
  • Oxygen has maintained its 100% renewal success rate in 2020
  • Satago signed a £5 million revolving credit facility in March 2020
  • Playstack signed a significant exclusivity contract for one of its games with a leading platform in February 2020

 James van den Bergh, TruFin CEO, said:

 “2019 was a year of meaningful change for TruFin at Group level; we completed the demerger and listing of our largest subsidiary (DFC), the sale of our stake in Zopa (the largest consumer lending peer-to-peer platform in the UK), and completed investments in Playstack and Vertus. Given these transactions, we executed a significant restructuring of the Group’s Head Office to reflect the reduced size of the TruFin Group. Despite these changes, I am pleased to say that each of our underlying businesses continued to perform well over 2019.

More recently, whilst the Covid-19 pandemic has inevitably led to changes in the way that we have had to do business, and there is greater uncertainty in our markets, our businesses operate in sectors that should be resilient in comparison to many others. Much of the momentum we experienced in 2019 is continuing into 2020 and we remain cautiously optimistic about our prospects for 2020 and beyond. We will keep shareholders updated as the current year progresses.”

 Full RNS can be found here.