16th May 2018 14:19
LONDON (Alliance News) - Payment provider TruFin PLC said on Wednesday its loss widened in 2017 due to a substantial rise in expenses, following its listing on AIM in late February.
For the year, pretax loss widened to GBP10.0 million from GBP8.0 million the year before, due to higher costs, mainly in staff which more than doubled to GBP8.2 million from GBP4.0 million.
This was on top of revenue which nearly doubled to GBP3.7 million from GBP1.5 million, with growth in both the Short Term Finance and Payment Services segments.
For the three months to the end of March, revenue came up to around GBP1.5 million, up 27% from the quarter before.
In February TruFin raised GBP70 million at a price of 190.00 pence per share, giving it a market capitalisation of GBP185.0 million.
Shares in Trufin were quoted at 212.50 pence on Wednesday, up 12% from the IPO price in February.
"This has been a momentous period for TruFin group, beginning with the formation of the group during the year and culminating in the successful stock market listing in February 2018. The management and their respective teams are to be congratulated for their extensive efforts in making this happen. Moreover, while these events were in process, the underlying operations of the businesses continued in earnest. With robust customer demand, the group has seen strong growth across the businesses throughout the year and this is continuing in 2018," said Chairman and Chief Executive Officer Henry Kenner.
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Trufin Plc