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James van den Bergh, Chief Executive Officer of Trufin discusses their final results up to 31st December 2022, which saw revenue grow by 26%, is forecast to grow significantly more this year as Satago & Playstack hit commercial milestones.
Financial Highlights
· Gross revenues grew 23% to £16.1m (2021: £13.1m) driven by significant revenue growth from three out of four subsidiaries
· Recurring software and licensing fees represented 84% of revenue (2021: 87%)
· Gross profit margin grew to 69% (2021: 53%)
· Loss Before Tax ("LBT") was £8.0m (2021: £8.4m)
· Cash and cash equivalents at year end totalled £10.3m (£3.9m unrestricted)
Company Highlights
· Oxygen Finance Limited ("Oxygen") EBITDA increased 62% to £1.1m (2021: £0.7m)
· Satago Financial Solutions Limited ("Satago") grew revenues by more than 350% to £2.2m (2021: £0.5m) after its platform was chosen to support invoice factoring solutions for Lloyds Bank plc ("Lloyds Bank" or the "Bank") customers
· Playstack Limited ("Playstack") acquired Magic Fuel Games Inc. ("Magic Fuel") and signed a concurrent technology contract with a global technology platform
· Vertus Capital Limited ("Vertus") grew its loan book by 38% and revenues by 61% to £2.2m (2021: £1.4m)
Current Trading and Prospects
· Group revenues in January 2023 were not less than £0.98m (unaudited), growing 26% compared to January 2022
· Oxygen Q1 revenues to date have experienced double digit growth when compared to the same period in 2022
· Satago delivered the trial phase to Lloyds Bank for a digitised end-to-end invoice finance solution
· Playstack has secured more than 5 games for release throughout 2023
· Vertus's pipeline remains strong. Despite early loan settlements dragging on loan book growth, revenues in January 2023 were up 83% versus January 2022