25th Sep 2020 14:32
(Alliance News) - Financial technology investor TruFin PLC on Friday posted a first-half revenue rise and a narrowed loss and hailed unit Playstack, its first foray into the mobile game lending space.
Revenue in the six months to June 30 was 34% higher year-on-year at GBP4.2 million from GBP3.1 million. TruFin's pretax loss stretched, however, to GBP5.5 million from GBP3.7 million.
TruFin recorded staff costs of GBP6.2 million, a 28% annual rise.
Chief Executive Officer James van den Bergh said: "I am pleased with the progress during 2020, which is particularly impressive given the global health crisis which has inevitably impacted the group.
"Given the ongoing uncertainty around the pandemic we remain cautious. However, as a result of Playstack's contract wins and recent console game launch and the group's attractive market positioning, strong partnerships and cost control initiatives, I am pleased to be able to report that the group is expected to exceed revenue expectations for the full year, and as a result, our net loss for the full year is expected to beat market expectations."
Playstack expects "significant growth in 2020", a year mired by stay at home measures across the globe which has boosted demand for gaming.
"Playstack is a gaming technology business providing publishing and financing services to the mobile game and console sector. Playstack, as previously announced, is the Group's entry point into the highly attractive growth market of mobile game lending and is a niche player in the gaming ecosystem," TruFin explained.
TruFin shares were 3.2% higher at 27.34 pence each in London on Friday afternoon.
By Eric Cunha; [email protected]
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