Business
Final Results For The Year Ended 31 December 2019
Final Results For The Year Ended 31 December 2019.
About this update from Trufin Plc
[{"type":"text","content":"\n \n \n RNS Number : 9840M\n TruFin PLC\n 15 May 2020\n \n \n \n \n 15 May 2020\n \n \n \n TruFin plc\n \n \n \n \n (\"TruFin\" or the \"Company\" or together with its subsidiaries \"TruFin Group\" or \"the Group\")\n \n \n \n \n \n FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2019\n \n \n \n Full year results demonstrate robust growth and momentum into 2020.\n \n \n \n \n \n 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 below and on TruFin's website: \n \n www.Trufin.com/investors\n \n .\n \n \n \n Financial Highlights\n \n \n \n \n · \n Gross revenues from continuing operations were £7.3m for the year ended 31 December 2019, representing year-on-year growth of 68%\n \n \n · \n Loss before tax from continuing operations excluding share-based payment charge was £9.3m\n \n \n · \n 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\")\n \n \n \n \n \n Operational Highlights\n \n \n · \n 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\n \n \n · \n 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\n \n \n · \n Vertus secured a debt facility of £15 million with a UK high street bank, and its approved loan facilities grew to £16.5 million\n \n \n \n \n \n Current Trading and Prospects\n \n \n · \n Group revenues for Q1 2020 were £2.1m (unaudited), representing growth of 36% over the same period in 2019\n \n \n · \n 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).\n \n \n · \n Oxygen has...