Business
Final Results for the year ended 31 December 2018
Final Results for the year ended 31 December 2018.
About this update from Trufin Plc
[{"type":"text","content":"\n \nRNS Number : 5286W TruFin PLC 17 April 2019 \n\n17 April 2019\nTruFin plc \n \n(\"TruFin\" or the \"Company\" or together with its subsidiaries \"TruFin Group\" or \"the Group\")\n \nFINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2018,\n \nFull year results demonstrate robust demand from customers in the niche market segments that the Group is targeting.\n \n \nFinancial Highlights \n· Combined gross revenues were £9.5m for the twelve months ended 31 December 2018, representing growth in excess of over 150% over the same twelve-month period to 31 December 2017\n· Operating loss excluding the share-based payment charge for the year was £12.8m\n· Consolidated net assets as at 31 December 2018 of £153m\n· The investment in Zopa was revalued upwards by £8m to £44.5m\n \nOperational Highlights\n· Combined loans and advances to customers of DFC and Satago were approximately £129m as at 31 December 2018, representing growth of 290% over 31 December 2017\n· Oxygen's clients total procurement spend was £19.7bn as at 31 December 2018, representing growth of 74% over the previous year\n· Satago gained market traction, won several industry awards and saw a marked increase in general activity levels albeit from nascent levels \n· Satago saw revenues grow in excess of 400% during 2018 compared to 2017\n \nCurrent trading and prospects\nTruFin\n· 2019 has commenced well with revenues (including DFC) for the first quarter ended 31 March 2019 of £3.9m (unaudited)\n· Oxygen continues to win customers and the sales pipeline for 2019 remains robust\n \n· Satago is experiencing strong demand year-to-date from the partnerships it has formed, with capital being the constraining factor\n· The proposed sale of TruFin's investment in Zopa will release further financial resources to the Group\n \nDFC\n· DFC's application for a UK banking licence continues. The TruFin Board believes that the proposal to demerge DFC ...