Business
Trading & Company Update
Trading & Company Update.
About this update from Trufin Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0978M\n TruFin PLC\n 19 January 2021\n \n \n \n \n 19 January 2021\n \n \n TruFin plc\n \n(\"TruFin\" or the \"Company\" or together with its subsidiaries the \"Group\")\n \n Trading & Company Update\n \n TruFin is pleased to announce that revenues for the 12 months ended 31 December 2020 are expected to be significantly ahead of market expectations at approximately £14.6m (FY19: £7.3m), representing year-on-year growth in excess of 100%. This has predominantly been driven by strong performance from the console division of Playstack Ltd (\"Playstack\") which, despite the further national lockdowns, has been supported by robust performance across the rest of the Group.\n \n As a result, the Adjusted Loss Before Tax ('LBT') is also expected to be ahead of market expectations at no more than £8.4m (FY19: LBT of £9.3m).\n \n Oxygen\n \n Oxygen Finance Group Limited (together with its subsidiaries, Oxygen Finance Limited, Oxygen Finance Americas, Inc. and Porge Limited) (\"Oxygen\") continued to make considerable progress. The client portfolio has been strengthened with five new Early Payment (\"EP\") clients, three multi-year renewals by existing clients and four existing clients went live, all achieved despite the economic restrictions.\n \n The second half of 2020 saw strong growth in suppliers signing up to Oxygen's Early Payment programmes. This, combined with cost control measures, resulted in EBITDA profitability in Q2, Q3 and Q4 of 2020. This positive momentum highlights Oxygen's dominance in its niche market.\n \n Satago\n \n \n Satago Financial Solutions Limited's (\"Satago\") has continued to develop its core technology and lending as a service (\"LaaS\") solution and remains well positioned notwithstanding reduced lending activity due to the Covid-19 pandemic. In December 2020, TruFin announced that Satago had entered into a six-month commercial pilot with a Tier-1 Bank which, if successful, is expected to lead to a five-year commercial agreement.\n \n Playstack\n \n During the year Playstack secured two significant contracts with major technology platforms, and successfully launched the console game 'Mortal Shell', which has made a material contribution to the Group's full year revenue. During 2021, Playstack w...