AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Early Profit Achievement: TruFin announces its first full-year profit ahead of forecasts, with adjusted profit before tax exceeding £0.5m.
- Revenue Surge: Group revenue reaches £54.0m, marking a staggering 197% growth compared to FY23.
- Strong Segment Contributions: Playstack's successful game launches and Oxygen's steady growth fuel financial performance.
TruFin (LSE:TRU) has reported a groundbreaking financial year in 2024, with results significantly exceeding market expectations. The company now anticipates an adjusted profit before tax (PBT) of more than £0.5 million for the year ending December 31, 2024. This milestone represents its first full-year profit, achieved a year earlier than previously forecasted. In comparison, the PBT for FY23 stood at a loss of £(6.6)m. Additionally, adjusted EBITDA is projected to surpass £7.0 million, reflecting a remarkable year-on-year improvement of over £10 million (FY23: £(3.5)m).
Revenue Growth Driven by Strong Performances
Group revenue for 2024 is expected to reach approximately £54.0 million, representing an extraordinary growth rate of over 197% compared to £18.1 million in FY23. This surge is largely attributed to the stellar performances of Playstack Limited's titles, Balatro and Abiotic Factor, launched during the year. Balatro, in particular, gained significant traction following its recognition at the Game Awards, where it won in three categories: 'Best Independent Game,' 'Best Mobile Game,' and 'Best Debut Indie Game.' These accolades drove a surge in sales during December, propelling Playstack’s contributions to TruFin's outstanding financial results.
Oxygen Finance’s Consistent Growth
Oxygen Finance Group Limited also made notable contributions, achieving a 21% increase in revenue to no less than £7.5 million (FY23: £6.2m). Its EBITDA grew by an impressive 65%, reaching no less than £2.1 million (FY23: £1.3m). With four new Early Payment (EP) clients added in 2024 and all existing contracts successfully renewed for another five years, Oxygen concluded the year with a record 62 EP clients. This steady performance underlines Oxygen’s pivotal role in TruFin’s broader growth trajectory.
Satago’s Resilience Amid Challenges
Satago Financial Solutions Limited faced challenges in 2024, including the loss of a Tier-1 Bank contract in July. Despite this, Satago strategically realigned its cost base and engaged in advanced negotiations with multiple Tier-1 banks and other potential clients. While revenue for the year is expected to decrease to no less than £2.4 million (FY23: £3.8m), the company has outlined a fully funded plan to achieve cash flow breakeven within 18 months. Losses before tax are projected to be no more than £(4.9)m, a slight increase from FY23’s £(4.2)m.
Strong Cash Position
TruFin concludes 2024 with a robust cash position of no less than £14.0 million, including unrestricted cash of at least £12.5 million. This solid financial foundation underscores the company’s focus on delivering value to its shareholders while pursuing long-term growth strategies.
