13th Sep 2018 11:04
LONDON (Alliance News) - TruFin PLC on Thursday said its loss widened in the first half of 2018 due to a rise in operating expenses.
The technological & service solutions provider said pretax loss widened to GBP8.3 million in the six months to the end of June from GBP4.4 million reported for the same period a year earlier.
The result was hurt by higher staff costs, which rose year-on-year to GBP7.8 million from GBP3.6 million, while other operating expenses, which include operating lease rentals and audit fees, also grew to GBP3.1 million from GBP1.2 million.
Meanwhile, revenue more than doubled to GBP3.6 million compared to GBP1.5 million generated a year ago.
TruFin's loan book multiplied during the period to GBP73.9 million from GBP11.4 million and the company said it expects the growth to continue into the year end, targeting combined loans & advances of GBP120 million.
"This has been a pleasing first half for the TruFin group with activity levels post initial public offering continuing apace," said Chairman & Chief Executive Henry Kenner.
"We continue to invest in the businesses and confidence levels are such that we have accelerated some of these investments whether in people, systems or a small bolt-on acquisition," added Kenner.
Shares in TruFin were trading 0.7% lower on Thursday at 223.48 pence each.
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