TruFin losses deepen as restructuring costs offset revenue improvement

Fri, 15th May 2020

Fintech group TruFin booked a deeper annual loss after rising sales were more than offset by higher staff costs related to a restructure. Net losses for the year through December, including from discontinued operations, amounted to £18.4m, compared to losses of £15.1m on-year. Revenue from continuing operations rose 68% to £7.3m. In the first quarter of 2020, revenue had risen 36% to £2.1m, while in April it had risen by at least 45%, despite the Covid-19 pandemic. '2019 was a year of meaningful change for TruFin at group level; we completed the demerger and listing of our largest subsidiary, the sale of our stake in Zop and completed investments in Playstack and Vertus,' chief executive James van den Bergh said. 'Given these transactions, we executed a significant restructuring of the group's head office to reflect the reduced size of the TruFin group.' 'Despite these changes, I am pleased to say that each of our underlying businesses continued to perform well over 2019.' 'More recently, whilst the Covid-19 pandemic has inevitably led to changes in the way that we have had to do business, and there is greater uncertainty in our markets, our businesses operate in sectors that should be resilient in comparison to many others.' 'Much of the momentum we experienced in 2019 is continuing into 2020 and we remain cautiously optimistic about our prospects for 2020 and beyond.' At 9:38am: (LON:TRU) Trufin Plc Ord Npv share price was -0.5p at 16p Story provided by StockMarketWire.com

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