29.09.21

Interim Results


 

29 September 2021

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


INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2021 (UNAUDITED)

•  Combined gross revenue for the Group increased 18% to £4.9m (H1 2020: £4.2m).  H1 2020 benefited from interest income from Distribution Finance Capital Ltd ("DFC"). Excluding this income, H1 2021 gross revenue rose by 28% over H1 2020

 • Gross revenue at Playstack Ltd ("Playstack") increased 79% to £2.2m (H1 2020: £1.2m)

 • Gross revenue at Oxygen Finance Group Limited (together with its subsidiaries, Oxygen Finance Limited, Oxygen Finance Americas Inc. and Porge Limited) ("Oxygen") increased by 6% to £1.8m (H1 2020: £1.7m)

 • Gross interest income and fee income at Satago Financial Solutions Limited's ("Satago") core invoice financing division was £0.3m (H1 2020: £0.4m) as Satago focused on Lending-as-a-Service ("LaaS") solutions with Lloyds Bank plc ("Lloyds Bank" or the "Bank") and other potential strategic partners

 • Gross interest income and fee income at Vertus Capital Limited ("Vertus") increased 26% to £0.6m (H1 2020: £0.5m)

 • TruFin Group's loss before tax improved to £5.2m (H1 2020: £5.5m)


 

6 months to 
30 June 2021

6 months to
30 June 2020

6 months to
31 December 2020

Financials and KPIs (Unaudited)

£'000

£'000

£'000

Gross Revenue

4,941

4,191

10,641

Loss before tax

(5,173)

(5,459)

(3,468)

Loss before tax includes:
share‚Äźbased payment charge

(70)

(273)

(272)

Net Assets

34,655

45,198

39,736*

*Audited figures

 

 

 

 Post period end developments and outlook

•  Playstack signed two further contracts with global technology platforms during September 2021, underpinning the company's confidence in its gaming IP and go-to-market strategy. Playstack's new brand offering introducing real world brands into the gaming space, is expected to launch in Q4 2021.  

 • Oxygen's Q3 2021 revenue is expected to be 20% ahead of the same period in 2020. Having maintained consecutive positive quarterly EBITDA throughout 2021, Oxygen will post its first cash flow positive month during 2021.

 • Alongside positive momentum with its existing trial partner, Lloyds Bank, Satago is in discussions with several other potentially significant partners.

 • After a £0.5m capital injection into Vertus by TruFin and another existing shareholder, Vertus has successfully renegotiated the terms of its collaboration with IntegraFin Holdings plc ("IntegraFin") and renewed terms of finance with the high street bank it partners with. These multi-year renewals are expected to position Vertus for meaningful growth in profitability in the coming years.

James van den Bergh, Chief Executive Officer commented:

“Notwithstanding the challenges posed by the pandemic, I am pleased with the Group’s progress. TruFin invests at the early stage of a company’s life cycle, guiding the company towards sustainable growth, profitability and ultimately an exit. As such, it is pleasing to report that during 2021 both Oxygen and Vertus will record their first cash generative months. This underscores the Group’s strategy and supports the Board’s decision not to divest either of these subsidiaries earlier in the year.
Alongside Satago’s trial with Lloyds Bank, which continues apace, management continue to work on further potentially significant strategic partnerships.
Given the progress made at every level of the Group we believe there remains significant scope for value creation in the near and medium term and I look forward to updating shareholders on our continued progress before year end.
With a significantly reconstituted institutional shareholder base and meaningful progress across all the subsidiaries, we can look to the future with confidence.”

Full Results can be found here.

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