Trading Statement RNS18 Nov 2024 07:11
Amazing results - 132% growth from £18.1m to £42m. ATB
TruFin is pleased to announce that it expects revenues for the 12 months ending 31 December 2024 to be significantly ahead of market expectations at more than £42m (FY23: £18.1m), representing year-on-year growth in excess of 132%. This has predominately been driven by a strong performance from the console and mobile divisions of Playstack Ltd ("Playstack").
As a result the Group is on track to record its first year of positive EBITDA, at no less than £3.5m (FY23: £(3.5)m), materially ahead of market expectations. Despite absorbing the financial impact from the termination of a Tier-1 Bank's contract at Satago Financial Solutions Limited ("Satago"), the Group's Adjusted Loss Before Tax ("LBT") is also anticipated to show a material improvement year on year at a loss of no more than £(2.5)m (FY23: £(6.6)m).
The Group's cash position is also stronger than originally expected, with unrestricted cash or cash equivalents of no less than £10m as at 31 October 2024.
2024 has been a transformational year for the Group. Playstack and Oxygen Finance Group Limited ("Oxygen") are now profitable, and both remain on track to grow significantly over the coming years.
Playstack's proprietary discovery technology, Magnitude, continues to identify games which deliver exceptional returns on invested capital. Following this year's highly successful launches of Balatro, Abiotic Factor and Rise of the Golden Idol, Playstack has already secured an exciting lineup of 10 games for release in 2025 and 2026.
Oxygen has once again performed consistently and predictably. With its large, embedded client base and significant operational leverage, the Board expects Oxygen's EBITDA to continue to grow at highly attractive rates during 2025 and beyond.