TruFin (TRU ) said its performance during the year ended 31 December 202 has remained resilient as it saw gross revenues from continuing operations grow by 102% year-on-year.

The UK-based company, which is focused on FinTech and banking businesses, described 2020 as “a significant year” as previous investments the Group made started to yield fruit.

Revenues from continuing operations were £14.8m for the year ended 31 December 2020, representing year-on-year growth of 102%. Meanwhile, the Group said that loss before tax from continuing operations, excluding share-based payment charge, came to £8.4m.

In December 2020, Distribution Finance Capital Ltd ("DFC"), the Group’s former largest subsidiary, repaid in full the outstanding loan and associated interest and costs, totalling £9.5m to TruFin. Additionally, cash and cash equivalents at year end totalled £17.7m.

TruFin said existing partnerships were strengthened whilst new partnerships were forged over the period, and that going forward, it remains fully funded to achieve profitability.

The Company said its business is emerging ‘not only relatively unscathed from the pandemic but is even better placed to continue to prosper.’ In particular, the Company said this year’s highlights have been focused largely on the operational side of TruFin's subsidiaries.

The Playstack division launched its critically acclaimed game, Mortal Shell, which sold over 500,000 units while Vertus Capital experienced zero credit losses throughout the crisis which is said demonstrated ‘the efficacy of its underwriting and doubling its loan book.’ 

Shares in TruFin have nearly doubled in value since the beginning of 2021. The stock dipped 5.53% lower this morning to 80.3p following the announcement. 

In addition, Satago Financial Solutions signed a six-month commercial pilot with the invoice finance division of a Tier 1 UK Bank while Oxygen Finance recorded its first quarter of positive EBITDA in 2Q20 with two more quarters of EBITDA profitability in Q3 and Q4.

In regard to current trading, the Company said its performance has remained resilient with Group revenues for the first quarter ended 31 March 2021 reported at not less than £2.5 million (unaudited), representing growth in excess of 20% over the same period in 2020.

TruFin said technological advantages and strong partnerships which proved its value in 2020 ‘is set to continue in 2021’ as it continually strengthens the technology offering of each of its subsidiaries’ to further build their resilience and allow for expanded product offerings. 

TruFin said much of the momentum it experienced in 2020 is continuing into 2021 and that it remains optimistic for 2021 and beyond. It said it is confident that, as the pandemic abates and the UK emerges from lockdown, that it is well-placed to dominate its chosen niches. It expects 2021 to be a year of new milestones as a number of its subsidiaries move into profitability. 

"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,” commented James van den Bergh, TruFin’s Chief Executive. 

He added, “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.” 

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