Business
Final Results for the 12 months ended 31 Dec 2024
Final Results for the 12 months ended 31 Dec 2024.
About this update from Trufin Plc
[{"type":"text","content":"\n\n26 March 2025\nTruFin plc \n \n(\"TruFin\" or the \"Company\" or together with its subsidiaries \"TruFin Group\" or the \"Group\")\nFINAL RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024\n\nTruFin is pleased to announce its audited results for the 12 months ended 31 December 2024. TruFin's complete annual report and accounts, which set out these results in full detail with accompanying commentary, are now available on TruFin's website: www.Trufin.com/investors.\nFinancial Highlights \n· Gross revenue grew 203% to £55.0m (2023: £18.1m)\n· Gross profit margin reduced to 45% (2023: 72%)\n· Adjusted EBITDA increased £11.1m to £7.6m, versus a £3.5m loss in 2023\n· Adjusted Profit Before Tax (\"PBT\") increased £7.5m to £0.9m, versus a £6.6m Loss Before Tax (\"LBT\") in 2023\n· Cash and cash equivalents at year end totalled £14.9m (£13.6m unrestricted)\n\nCompany Highlights\n· Oxygen Finance Limited (\"Oxygen\") EBITDA increased 81% to £2.3m (2023: £1.3m)\n· Satago Financial Solutions Limited (\"Satago\") saw revenues decline by 35% to £2.5m (2023: £3.8m) after the loss of its contract with a Tier-1 Bank\n· Playstack Limited (\"Playstack\") grew revenue by more than 455% to £44.6m (2023: £8.0m) after releasing two hit games - Balatro and Abiotic Factor. EBITDA increased 2,146% to £11.3m (2023: £0.5m)\n\nCurrent Trading and Prospects\n· Group revenue for the two months ended 28 February 2025 was not less than £14.8m (unaudited), up over 145% on the same period in 2024. Although it is still early in the year, this is an excellent start to 2025\n· Oxygen revenue for the two months ended 28 February 2025 was not less than £1.2m (unaudited), up over 21% on the same period in 2024\n· Satago has gone live with a new embedded finance solution with a Tier-1 Portuguese Bank\n· Playstack, which won Ukie's \"Best UK Publisher\" award in March 2025, plans to release seven additional titles during 2025\n \nJames van den Bergh, TruFin CEO, said:\n\"A year ago, we highlighted our expectation for a step change in growth and profitability.\nHaving significantly outperformed market expectations in ...