TruFin FY revenues 'significantly ahead' of market expectations

Financial services firm TruFin said on Tuesday that full-year revenues were expected to be "significantly ahead" of market expectations at approximately £14.6m.

TruFin said its 2020 revenues, which represents a year-on-year growth of more than 100%, was predominantly driven by a strong performance from the console division of its Playstack subsidiary which, despite national lockdowns to curb the spread of the Covid-19 pandemic, was supported by a "robust performance" across the rest of the group.

The AIM-listed firm now anticipates an adjusted pre-tax loss of no more than £8.4m, an improvement on last year's £9.3m loss.

TruFin also highlighted that it had formally engaged advisers to explore options for its Oxygen and Vertus subsidiaries, which may result in their sale and the further return of capital to shareholders. However, TruFin added there was "no certainty" that such sales would occur.

Chief executive James van den Bergh said: "Given the continued momentum within all the subsidiaries, the board looks to the future with confidence.

"Each of the subsidiaries is considerably de-risked compared to twelve months ago and the group is fully funded to achieve profitability."

As of 0955 GMT, TruFin shares had shot up 14.73% to 77.44p.