TruFin plc has turned a full-year profit a year earlier than expected.
The FinTech investor provides software and niche lending solutions to thousands of businesses across the UK via its companies Oxygen and Satago, while it also has a significant interest in gaming company Playstack.
For the 12 months ended 31st December 2024, it reported expected profit before tax of more than £500,000, compared with a loss of £6.6m in FY23.
Adjusted EBITDA is also expected to be significantly ahead of prior expectations at more than £7m, representing a year-on-year improvement in excess of £10m.
Group revenue is expected to be approximately £54m, representing growth in excess of 197% (FY23: £18.1m).
The significantly better than expected financial performance was driven by Balatro and Abiotic Factor – two of Playstack’s games launched during 2024. The former, a mash-up of solitaire and poker, has won several awards.
Oxygen Finance Group saw a 21% increase in revenues to £7.5m, with EBITDA growing 65% to £2.1m.
Revenues at Satago Financial Solutions dropped to £2.4m from £3.8m in the prior year following Lloyds Bank’s decision to terminate its partnership with the FinTech last summer, just two years into a five-year agreement. Loss before tax is expected to be £4.9m, compared with £4.2m in FY23.
Liverpool FinTech secures £600m facility for strategic expansion
“What a year for the group. A year of many firsts,” said TruFin 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.
“The success of Balatro should not be underestimated and it has been a joy to watch it build throughout the year. However, it is important to also praise the team for the exceptional performances of Abiotic Factor and The Rise of the Golden Idol. Success breeds success and with eight game releases due in 2025 and a growing pipeline of game releases for 2026, we are closer than ever to monetising shareholder value from Playstack.
“Following Vicki Sloane’s appointment as CEO of Oxygen it is very pleasing to see her team deliver new highs across the board.
“Satago’s loss of a Tier-1 Bank contract in July 2024 was an enormous shock. However, the team have realigned the cost base and are poised for a year of growth, with a clear business plan to achieve cash breakeven within 18 months. We are focused on rebuilding shareholder value and the recent share recapitalisation at Satago is the first step to achieving that.”