20th Jan 2023 11:48
(Alliance news) - TruFin PLC on Friday said it expects annual revenue to rise by 22% and adjusted pretax loss to narrow.
Shares were down 7.7% at 57.22 pence each on Friday in London.
TruFin is a London-based financial technology holding company for niche lenders and early payment providers.
Revenue in 2022 is expected to be no less than GBP16.0 million, up 22% from GBP13.1 million the year before. This has predominantly been driven by revenue growth at Oxygen Finance Group Ltd and Satago.
At Satago, revenue jumped to GBP2.1 million from GBP500,000, driven by Satago's "successful pivot towards lending as a service which, combined with its targeted proprietary lending book, make it increasingly attractive to other commercial partners," TruFin explained.
Total adjusted pretax loss is expected to be in line with market expectations at no more than GBP8.1 million, narrowed from GBP8.4 million a year earlier.
Chief Executive Officer James van den Bergh said: "Despite a tough macroeconomic backdrop, 2022 was another year of significant progress for TruFin. Numerous internal records at Oxygen culminated in their inaugural dividend to TruFin - highlighting their position as a financially independent subsidiary. Satago's two partnerships with FTSE-100 companies were particularly pleasing to conclude and with revenue growth of more than 350% the direction of travel is clear."
In October, Satago signed a deal with Newcastle, England-based accounting software firm Sage Group PLC to include a subscription to Satago within certain Sage 50 subscription packages.
By Xindi Wei, Alliance News reporter
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