FINAL RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024

TruFin is pleased to announce its audited results for the 12 months ended 31 December 2024. TruFin's complete annual report and accounts, which set out these results in full detail with accompanying commentary, are now available on TruFin's website: www.Trufin.com/investors.

Financial Highlights 

• Gross revenue grew 203% to £55.0m (2023: £18.1m)
• Gross profit margin reduced to 45% (2023: 72%)
• Adjusted EBITDA increased £11.1m to £7.6m, versus a £3.5m loss in 2023
• Adjusted Profit Before Tax (“PBT”) increased £7.5m to £0.9m, versus a £6.6m Loss Before Tax (“LBT”) in 2023
• Cash and cash equivalents at year end totalled £14.9m (£13.6m unrestricted)

Company Highlights

• Oxygen Finance Limited (“Oxygen”) EBITDA increased 81% to £2.3m (2023: £1.3m)
• Satago Financial Solutions Limited (“Satago”) saw revenues decline by 35% to £2.5m (2023: £3.8m) after the loss of its contract with a Tier-1 Bank
• Playstack Limited (“Playstack”) grew revenue by more than 455% to £44.6m (2023: £8.0m) after releasing two hit games - Balatro and Abiotic Factor. EBITDA increased 2,146% to £11.3m (2023: £0.5m)

Current Trading and Prospects

• Group revenue for the two months ended 28 February 2025 was not less than £14.8m (unaudited), up over 145% on the same period in 2024. Although it is still early in the year, this is an excellent start to 2025
• Oxygen revenue for the two months ended 28 February 2025 was not less than £1.2m (unaudited), up over 21% on the same period in 2024
• Satago has gone live with a new embedded finance solution with a Tier-1 Portuguese Bank
• Playstack, which won Ukie's "Best UK Publisher" award in March 2025, plans to release seven additional titles during 2025

James van den Bergh, TruFin CEO, said:

"A year ago, we highlighted our expectation for a step change in growth and profitability.

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.

With Vicki Sloane at the helm, it is very pleasing to be able to report that, yet again, Oxygen grew its client base, revenues and EBITDA during 2024. Oxygen’s EBITDA increased 81% in 2024 as we began to feel the benefits from investments made in previous years. Vicki has a clear set of objectives and with more than 85% of the next four years’ revenue already contracted, Oxygen’s future remains exceptionally bright. The Board expects Oxygen to deliver for shareholders yet again in 2025, with exciting targets for the future.

Despite an outstanding year for the Group as a whole, it was particularly disappointing to report in July that Lloyds Bank had given notice on its contract with Satago. 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. Since the termination, Satago has won a contract with a specialist lender and signed a three-year distribution contract with its longest-standing partner. This contract sets out fees that Satago will receive, with minimum quantities agreed, for delivering software to SMEs in the UK. With a growing pipeline of contracts and a resized cost base, Satago is ready for the future.

TruFin purchased Playstack in 2019, when annual revenues totalled £1.1m. The data on game releases was compelling. The potential to scale was obvious. But as with many investments, shareholder patience was required. That patience was rewarded in 2024. Revenue grew 455% to £44.6m and Playstack delivered its first year of profit (PBT £7.7m) with a growing cash balance.

Having delivered in 2024 the obvious question is: where can Playstack go from here? Playstack is a diversified and profitable business, with a repeatable and scalable business model. Sourcing and publishing PC and console games is partly an art and partly a science. Playstack’s artistry combined with the Board’s laser-like focus on data and consistent discipline will ensure we build on its 2024 success. We have every reason to believe that the last five years are a signpost for the future.  

Specifically, 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.

As our revenue and profitability continue to grow, there has been considerable board discussion regarding current and future excess capital. 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. I would like to thank our shareholders for their ongoing support and look forward to providing further updates during the year.”