TruFin Shares Jump as Pre-Tax Profit to Be ‘Significantly Ahead’ of Expectations

TruFin (LON: TRU) shares jumped by more than 8% in early Monday trading after the company announced it expects its adjusted profit before tax (PBT) for 2024 to significantly exceed market expectations, marking its first full-year profit a year earlier than anticipated.

For the year ended 31 December 2024, TruFin projects a PBT of over £0.5 million. The number represents a strong turnaround from a loss of £6.6 million in 2023.

The company, which focuses on growing fintech and banking businesses,  added that adjusted EBITDA is also expected to be ahead of previous expectations, exceeding £7 million, reflecting a year-on-year improvement of more than £10 million.

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Group revenue is forecasted at approximately £54 million, representing a substantial 197% increase from £18.1 million in 2023.

The strong financial performance is attributed to exceptional year-end results from Playstack Limited’s games, particularly Balatro, which won multiple awards at the Game Awards, boosting December sales.

Playstack’s revenue growth surpassed 440%, with EBITDA increasing by over 2,000%.

Oxygen Finance Group is also said to have delivered robust results, with revenue growth of 21% to at least £7.5 million and EBITDA rising by 65% to no less than £2.1 million. The company secured four new Early Payment clients in 2024, ending the year with a record 62 clients.

Although Satago Financial Solutions faced challenges, including the loss of a Tier-1 Bank contract, TruFin said it realigned its cost base and is in advanced talks with potential clients. Satago aims to achieve cash flow breakeven within 18 months.

“What a year for the Group. A year of many firsts,” said CEO James van den Bergh. “This is the first time we have grown revenues by more than 190%. It is the first year we have recorded an EBITDA profit and the first year we have achieved a profit before tax – a year ahead of schedule.”

He added that “after years of considered investment and planning, Playstack has come of age.”