TruFin PLC on Wednesday said it swung to a pretax profit as revenue surged, supported by success at its mobile games subsidiary.

TruFin is a London-based holding company of three growth-focused technology businesses operating in early payment provision, invoice finance and mobile games publishing.

The firm swung to a pretax profit of £15,000 in 2024 from a loss of £7.3 million in 2023.

Revenue tripled to £55.0 million from £18.1 million.

Adjusted earnings before interest, tax, depreciation and amortisation increased to £7.6 million from a £3.5 million loss in 2023.

Chief Executive Officer James van den Bergh said: ‘Having significantly outperformed market expectations in 2024, including several upgrades to our numbers throughout the year, it is with great pleasure that I can present these exceptional annual results in full.

‘The headline figures speak for themselves. The group is scaling profitably and will be highly cash generative in years to come due to the high return on invested capital inherent in the subsidiaries.’

Revenue at mobile games subsidiary Playstack Ltd multiplied to £44.6 million from £8.0 million on the back of the release of two ‘hit games’ - Balatro and Abiotic Factor.

CEO James van den Bergh said: ‘Playstack’s games ’hit ratio’ (games resulting in a positive return on external development costs) remains above 90%, with initial pre-launch data for the next seven games due for release giving us confidence that we will maintain this ratio during 2025 and beyond.’

TruFin said Ebitda in its early payment programme subsidiary Oxygen Finance Ltd increased 81% to £2.3 million from £1.3 million.

Revenue in the invoice finance subsidiary Satago Financial Solutions Ltd fell 35% to £2.5 million from £3.8 million after the loss of its contract with Lloyds Banking Group PLC.

‘Having signed the initial commercial agreement in 2022, the termination came out of the blue. However, this idiosyncratic issue has not impacted interest in Satago’s platform; industry participants are well aware of shifting strategic interests within large organisations,’ said van den Bergh.

No dividend was proposed for 2024, unchanged from 2023.

‘As our revenue and profitability continue to grow, there has been considerable board discussion regarding current and future excess capital,’ said van den Bergh.

‘TruFin will continue to allocate capital in the best interests of our shareholders - investing in its subsidiaries, making targeted acquisitions, and exploring other ways to maximise shareholder returns as we work towards scaling our profits.’

TruFin said it has made an ‘excellent start’ to 2025, with group revenue for the first two months of the year not less than £14.8 million, more than double the same period in 2024.

Shares in TruFin were down 1.5% to 77.80 pence in London on Wednesday morning.

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