10th Dec 2021 12:07
(Alliance News) - TruFin PLC on Friday said two of its subsidiaries posted first profitable months this year but revenue for its subsidiary Satago will be delayed.
The technology investor said its subsidiary Satago Financial Solutions Ltd extended its commercial pilot Lloyds Bank. It will now continue into early 2022.
TurFin added that Satago also completed its integration with Lloyds' proprietary accounting software Business Finance Assistant. This integration is supposed to broaden digitised functionality offered to the Bank's Business Banking customers.
Nonetheless, the extension of Satago's commercial trial will result in the "financial benefits" being pushed back.
Turfin still affirmed that the extended scope of the initiative has enlarged the opportunity set for Satago.
"The extended scope of the initiative has enlarged the opportunity set for Satago and this, coupled with Satago's increasing pipeline of strategic partners, gives the board of TruFin confidence in the significant value creation opportunity at Satago," the company said.
The technology investor also said that during the first half of the year the gross revenue of Oxygen Finance Group Ltd and its subsidiaries Oxygen Finance Ltd, Oxygen Finance Americas Inc and Porge Ltd is expected to increase 30% compared to the same period in 2020.
Oxygen's client base is also expected to exceed 120 unique clients by the end of this year and this positive momentum lead to the company's first cash-flow positive month in the fourth quarter of 2021.
Furthermore, the company is expected to generate revenue in excess of 20% per year over the coming years, which should translate into increased profit, according to TruFin.
Considering that the company's organic growth is also fully funded the investor assumes that Oxygen will require no further financial assistance.
Additionally, Playstack Ltd is in ongoing conversations to extend the Mortal Shell franchise after its launch on the Steam Platform, TruFin said.
Playstack's pipeline of console games is also "strong" and the investor believes it is "well-positioned" to capitalise on its recent success with further console signings expected over the next few months.
The beta launch of the company's technology company Interact occurred in late November and the formal launch is expected in the first quarter of 2022.
Lastly, Vertus Capital Ltd maintained its record of no credit losses since its inception and is targeting a loan book of GBP22 million by the end of the first quarter in 2022.
The loan book amounted to GBP12 million as at December 31, 2020 and a three-year loan book of GBP50 million is targeted.
Vertus will be investing in technology-enabled lending solutions during 2022 to satisfy the growing pipeline and has recorded its first profitable month in the fourth quarter of 2020, TruFin said.
Shares were down 1.3% at 75.00 pence each on Friday around midday in London.
By Abby Amoakuh; [email protected]
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