TruFin PLC shares fell on Thursday, after it lowered revenue growth expectations.

TruFin is a London-based financial technology holding company for niche lenders and early payment providers. Its shares were down 6.0% to 47.00 pence each in London on Thursday around midday.

TruFin said in 2023 its expects adjusted its pretax loss excluding the exceptional loss on the sale of Vertus Capital Ltd to be in line with expectations, at no more than £6.3 million. In 2022, TruFin recorded a loss of £8.2 million.

Its adjusted loss before interest, tax, depreciation and amortisation is expected to be ahead of expectations at no more than £3.0 million, narrowing from a loss of GP5.7 million a year ago.

Revenue is expected to be no less than £20.2 million. This represents growth of 32% from £15.3 million.

TruFin explained that revenue is below expectations due to certain significant platform deals at Playstack Ltd taking longer to negotiate and conclude than anticipated.

However, it noted that due to its ‘refocused and streamlined strategy’, Playstack expects to deliver Ebitda profitability for 2023 as previously targeted.

TruFin added that Satago Financial Solutions Ltd and Oxygen Finance Group Ltd performed in line with expectations for 2023 and continue their operational and financial progress.

Looking ahead, TruFin is reiterating market expectations for 2024 and beyond.

Chief Executive Officer James van den Bergh said: ‘Whilst a delay in finalising Playstack’s platform deals and the associated financial impact is frustrating to report, the board is confident that the group is well placed to deliver significant value for shareholders.

‘TruFin made significant progress in 2023. Having disposed of Vertus, we have invested in Oxygen, Satago and Playstack in order to maximise the value of these entities ahead of possible value realisations.’

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