TruFin PLC on Thursday said it expects a narrowed loss in 2023, alongside a jump in revenue thanks to strong results from several subsidiaries.
TruFin is a London-based financial technology holding company focused on fintech and banking services in the UK.
The company expects to report £20.2 million in revenue for the year that ended December 31, up 32% from £15.3 million in 2022.
TruFin expects its annual adjusted loss before interest, tax, depreciation and amortisation to narrow to £3.0 million from £5.7 million a year prior.
The company anticipates reporting an adjusted pretax loss of £6.3 million for 2023, in line with market expectations and narrowed from £8.2 million in 2022.
TruFin’s subsidiary Oxygen Finance Group Ltd grew its revenue 18% to £6.2 million from £5.3 million in the year.
In November, Oxygen agreed to acquire public sector tender information portal bidstats.uk for £500,000 from Axiom P1 Ltd. TruFin said that Oxygen has now successfully integrated bidstats.uk into its operations.
By the end of the year, 4,922 suppliers had chosen to participate in Oxygen’s early payment programmes, bringing in around £1 billion worth of invoices during 2023.
Looking ahead, TruFin described the subsidiary’s outlook as ‘enviable’, with a pipeline of over 100 potential early payment clients.
Another TruFin subsidiary, Satago Financial Solutions Ltd, posted £3.8 million in revenue in 2023, up 72% from £2.2 million a year prior.
TruFin expects Playstack Ltd, a game development and marketing company, to be Ebitda profitable for 2023, thanks to the successful launch of The Last Faith in November.
The company estimates its cash to be no less than £9 million as at December 31, and said that it remains fully funded to profitability.
Shares in TruFin were flat at 48.00 pence each in London on Thursday morning.
Copyright 2024 Alliance News Ltd. All Rights Reserved.
