TruFin plc (LON: TRU), a specialist lender operating through its Oxygen and Satago invoice-finance businesses, reported interim results dominated by the June sale of games publisher Playstack for £125m enterprise value, which booked a £74.9m profit on disposal and swamped the underlying trading result.
TruFin shares closed at 93p yesterday and were trading at 91p in early trade today, down 2.15%. The move should not be read as a clean verdict on the results, since the share count and price series have already been reshaped by a 140p tender offer and a 43.03p-per-share special dividend paid over the summer.
The Playstack sale completed on 10 June, generating net proceeds of roughly £112.4m. TruFin used the cash to fund a £56.8m tender offer at 140p in July, buying back 40,579,562 shares, followed by a £22.5m special dividend in August. Together the two returns cut shares in issue from around 104 million to 94.2 million, and pushed net assets up to £123.9m from £48.2m at the end of last year.
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Stripped of Playstack, continuing operations at Oxygen and Satago grew net revenue 17% to £5.3m, but still posted a loss before tax of £1.45m, an improvement of 24% on the £1.9m loss a year earlier. Adjusted EBITDA turned positive at £0.5m, up from a £0.1m loss, as Satago reached EBITDA breakeven in June, ahead of its previous target, with subscriptions up 260% to 4,621.
Chief executive James van den Bergh said the Playstack disposal had been the focus of the period.
Much of the first half was devoted to the sale of Playstack. The excellent outcome achieved for shareholders is a testament to the culture we have built at TruFin.
James van den Bergh, TruFin plc
The group still expects to be loss-making for the full 2026 year overall, with management targeting full-year profitability only in 2027, tempering the boost from Satago’s early EBITDA breakeven. TruFin held at least £24.9m in cash as at the end of August.
