Business
Pre-Close Trading Update
Pre-Close Trading Update.
About this update from Trufin Plc
[{"type":"text","content":"\n \n \n RNS Number : 2959H\n TruFin PLC\n 24 March 2020\n \n \n \n \n \n \n \n 24 March 2020\n \n \n \n \n \n TruFin plc\n \n \n (\"TruFin\" or the \"Company\" or together with its subsidiaries \"TruFin Group\")\n \n \n \n \n \n Pre-Close Trading Update\n \n \n \n \n \n TruFin announces an update on trading for the year ended 31 December 2019, current trading and outlook. The Company currently expects to announce its 2019 full year results in May 2020.\n \n \n \n \n \n 2019 financial highlights from continuing operations (unaudited)\n \n \n \n \n \n · \n Combined gross revenues from continuing operations were £7.3m for 2019 (£4.4m in 2018, representing 66% growth)\n \n \n · \n Loss before tax from continuing operations was £11.8m for 2019 (£9.8m in 2018)\n \n \n \n \n \n \n \n \n Balance sheet update as at 31 January 2020 (unaudited)\n \n \n \n \n \n The material tangible assets of the Company, as at 31 January 2020, were not less than:\n \n \n \n \n \n · \n £4.6m of cash or cash equivalents\n \n \n · \n £13.9m loan payable by Distribution Finance Capital Ltd. This loan is due to be repaid, in tranches, by the end of December 2020 (£5.0 million was repaid in December 2019)\n \n \n · \n £3.5m of assets within Satago Financial Solutions Limited's loan book\n \n \n · \n £2.0m share of net assets in Vertus Capital Limited\n \n \n \n \n \n The TruFin Group has no more than £3.3m in near-term liabilities.\n \n \n \n \n \n Expectations for 2020\n \n \n \n \n \n The Group's businesses are not short of opportunity, however TruFin remains capital constrained. This may continue for the short to medium term, both as a result of the COVID-19 pandemic and also as a result of ongoing uncertainty amongst potential lenders concerning the intentions of TruFin's largest shareholder, Arrowgrass Master Fund Limited (\"AMFL\"), which announced in September 2019 that it would be closing its fund, leading in due course to the divestment of its investment positions. \n \n \n \n \n \n The Group has recently been in dialogue with AMFL and AMFL has requested the appointment of a Director representative, as per the relationship agreement agreed at the time of the TruFin IPO. A further announcement will be made in due course in respect of this matter. \n \n \n \n \n ...