James van den Bergh, TruFin CEO answers Investors Questions

James van den Bergh, TruFin #TRU CEO answers Investors Questions after releasing their Final Results for 2020

About TruFin plc:

TruFin plc is the holding company for an operating group of companies that are niche lenders and early payment providers. TruFin Group combines the benefits of both the traditional relationship banking model and developments in the fintech sector. The Company was admitted to AIM in February 2018 and trades under the ticker symbol: TRU. More information is available on the Company website www.TruFin.com

FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020
 

TruFin is pleased to announce its audited results for the year ended 31 December 2020. 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: www.Trufin.com/investors.

Financial Highlights 

·      Gross revenues from continuing operations were £14.8m for the year ended 31 December 2020, representing year-on-year growth of 102%

·      Loss Before Tax ("LBT") from continuing operations excluding share-based payment charge was £8.4m

·      In December 2020, Distribution Finance Capital Ltd ("DFC") repaid in full the outstanding loan and associated interest and costs, totalling £9.5m to TruFin. Cash and cash equivalents at year end totalled £17.7 million

Operational Highlights

·      Playstack Limited ("Playstack") launched their critically acclaimed game, Mortal Shell, which sold over 500,000 units

·      LBT at Oxygen Finance Group Limited (together with its subsidiaries, Oxygen Finance Limited, Oxygen Finance Americas, Inc. and Porge Ltd) ("Oxygen") declined from £2.1m to £1.4m, with three consecutive quarters of positive EBITDA

·      Satago Financial Solutions Limited ("Satago") launched their Lending as a Service ("LaaS") offering, announcing a six-month commercial pilot with a Tier-1 Bank during Q4 2020

Current Trading and Prospects

·      Group revenues for Q1 2020 were not less than £2.5m (unaudited), representing growth in excess of 20% over the same period in 2020

·      Oxygen recorded their fourth consecutive quarter of EBITDA profitability in Q1 2021

·      Playstack's first major release, Mortal Shell, is seeing continued growth in 'wish lists' ahead of the Summer 2021 release on the Steam Platform

·      Vertus Capital Limited ("Vertus") approved £9.6m in new loan facilities during Q1, compared to new facilities of £4.9m for the whole of 2020

 

"2020 was a significant year for the TruFin Group. Many of the investments we made in previous years started to yield fruit and we now have a clear line of sight on profitability at a number of our subsidiaries. Existing partnerships were strengthened whilst new partnerships were forged, and we remain fully funded to achieve profitability as a Group.

Much of the momentum we experienced in 2020 is continuing into 2021 and we remain optimistic about our prospects for 2021 and beyond.

I would also like to extend my thanks to the group of investors, both current and new, that recently participated in the purchase of 53.83% of TruFin Group from our largest shareholder, Arrowgrass Master Fund Limited ("Arrowgrass"). The placing, which reduced Arrowgrass' stake in the Group to 19.99%, served to further widen our investor base and leaves us with an enviable shareholder register of blue-chip institutional investors."