Business
Final Results for the year ended 31 December 2022
Final Results for the year ended 31 December 2022.
About this update from Trufin Plc
[{"type":"text","content":"\n \n \n \n 15 March 2023\n \n \n \n \n TruFin plc\n \n \n \n \n \n \n \n (\"TruFin\" or the \"Company\" or together with its subsidiaries \"TruFin Group\" or the \"Group\")\n \n \n FINAL RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2022\n \n \n \n \n Full year results highlight direction of travel\n \n \n TruFin is pleased to announce its audited results for the 12 months ended 31 December 2022. 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: \n \n www.Trufin.com/investors\n \n .\n \n \n Financial Highlights \n \n \n ·\n Gross revenues grew 23% to £16.1m (2021: £13.1m) driven by significant revenue growth from three out of four subsidiaries\n \n \n \n ·\n Recurring software and licensing fees represented 84% of revenue (2021: 87%)\n \n \n \n \n ·\n Gross profit margin grew to 69% (2021: 53%)\n \n \n \n \n ·\n Loss Before Tax (\"LBT\") was £8.0m (2021: £8.4m)\n \n \n \n ·\n Cash and cash equivalents at year end totalled £10.3m (\n £3.9m unrestricted)\n \n \n \n \nCompany Highlights\n \n \n \n ·\n Oxygen Finance Limited (\"Oxygen\") EBITDA increased 62% to £1.1m (2021: £0.7m)\n \n \n \n \n ·\n Satago Financial Solutions Limited (\"Satago\") grew revenues by more than 350% to £2.2m (2021: £0.5m) after its platform was chosen to support invoice factoring solutions for Lloyds Bank plc (\"Lloyds Bank\" or the \"Bank\") customers\n \n \n \n \n ·\n Playstack Limited (\"Playstack\") acquired Magic Fuel Games Inc. (\"Magic Fuel\") and signed a concurrent technology contract with a global technology platform\n \n \n \n \n ·\n Vertus Capital Limited (\"Vertus\") grew its loan book by 38% and revenues by 61% to £2.2m (2021: £1.4m)\n \n \n \n \n \nCurrent Trading and Prospects\n \n \n \n ·\n Group revenues in January 2023 were not less than £0.98m (unaudited), growing 26% compared to January 2022\n \n \n \n \n ·\n Oxygen Q1 revenues to date have experienced double digit growth when compared to the same period in 2022\n \n \n \n \n ·\n Satago delivered the trial phase to Lloyds Bank for a digitised end-to-end invoice finance solution\n \n \n \n \n ·\n Playstack has secured more than 5 games for release throughout 2023\n \n \n \n \n ·\n Vertus's pipeline remains strong. Despite early loan settlements ...