11th Sep 2019 10:50
(Alliance News) - Financial technology investor TruFin PLC on Wednesday reported a narrowed interim loss as well as a series of changes at the top of the company.
TruFin reported a pretax loss of GBP3.7 million for the six months to June, from GBP5.2 million a year prior. Gross revenue rose 15% to GBP3.1 million.
TruFin had GBP61.1 million of net assets at June 30, under half the GBP153.2 million reported a year before. However, during the period it demerged Distribution Capital Finance Ltd and sold its stake in Zopa Group Ltd for GBP44.5 million.
Current investments include Oxygen, which has a platform enabling companies to make early payments to suppliers. It also has invoicing system firm Satago, Vertus - which provides financing to financial advisors - and mobile gaming and console services firm PlayStack.
On Wednesday, TruFin announced the conversion of GBP3.5 million of convertible loans into PlayStack shares, and also a GBP1.5 million investment. This will give TruFin a 99% stake.
"This has been another busy period of activity for the TruFin Group resulting in a material reorganisation of the TruFin Group in terms of the nature and scale of its operations," said Chair & Chief Executive Henry Kenner.
Following this rejig, TruFin is changing leadership. Kenner is to revert to the role of non-executive chair, with current deputy CEO James van den Bergh becoming CEO.
"This planned handover further reduces head office costs, whilst enabling the TruFin Group to implement the next stage in TruFin's life cycle," said Kenner.
"The board is delighted James has accepted this exciting and challenging role and looks forward to continue working with him to ensure TruFin achieves its wider strategic goals."
TruFin shares were 5.7% higher on Wednesday at 65.00 pence each.
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Trufin Plc