LONDON - TruFin plc, a diversified financial services company, has announced an unexpected full-year profit for the 12 months ending December 31, 2024, surpassing market expectations and achieving profitability one year earlier than predicted. The Group's adjusted profit before tax (PBT) is expected to exceed £0.5 million, a significant reversal from the previous year's loss of £6.6 million. Adjusted EBITDA is also anticipated to be substantially higher than forecasts, at over £7.0 million, marking an improvement of more than £10 million year-on-year.
The Group's revenue for the year is estimated to be around £54.0 million, demonstrating a growth of more than 197% compared to £18.1 million in the prior year. This surge in financial performance has been largely attributed to the exceptional year-end results of two video games, Balatro and Abiotic Factor, developed by Playstack Limited, a subsidiary of TruFin. Balatro's success was further bolstered by its recent wins at the Game Awards, where it secured titles for 'Best Independent (LON:IOG) Game', 'Best Mobile Game', and 'Best Debut Indie Game', which significantly boosted sales in December.
Oxygen Finance Group Limited, another TruFin subsidiary, reported a consistent revenue increase of 21% to at least £7.5 million and a 65% EBITDA growth to no less than £2.1 million. The company ended the year with a record 62 Early Payment (EP) clients, having secured four new EP client wins and renewals for five-year terms.
Satago Financial Solutions Limited, also part of the TruFin Group, faced challenges after losing a contract with a Tier-1 Bank in July 2024. Despite this setback, the company is in advanced discussions with several Tier-1 Banks and other potential clients. Satago's revenues for 2024 are expected to be at least £2.4 million, with a forecasted loss before tax of no more than £4.9 million. Satago has developed a fully funded plan to reach cash flow breakeven within the next 18 months.
The Group's year-end cash position is strong, with no less than £14.0 million in cash reserves, of which £12.5 million is unrestricted. TruFin's CEO, James van den Bergh, expressed optimism for the Group's future, highlighting the disciplined approach to resource allocation and the expectation of continued growth in profitability for 2025 and beyond.
This trading update is based on a press release statement and reflects the company's performance and outlook as reported by TruFin plc.
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