Last checked at 8 Nov 2019 07:00
8 November 2019
TruFin plc
("TruFin" or the "Company" or together with its subsidiaries "TruFin Group")
Q3 Trading Update
TruFin is announcing an unaudited trading update for the three months ended 30 September 2019.
Trading Update
·; Combined gross revenues from continuing operations were £2.1m for the three months ended 30 September 2019 (three months ended 30 September 2018: £1.2m), representing growth of 73%
·; TruFin Group's operating loss from continuing operations was £1.3m for the three months ended 30 September 2019 (three months ended 30 September 2018: £1.6m)
Balance Sheet Update as at 7 November 2019
As a result of the previously announced investments made in the third quarter and the significant restructuring that has occurred within the TruFin Group, the Company has decided to release information relating to the material tangible assets of the Company. The unaudited values of these assets, as at 7 November 2019, are not less than:
·; £4.0m of cash or cash equivalents
·; £18.9m loan payable by Distribution Finance Capital Ltd. This loan will be fully repaid, in tranches, by the end of December 2020
·; £6.2m of assets within Satago Financial Solutions Limited's loan book
·; £2.0m share of net assets in Vertus Capital Limited
James van den Bergh, TruFin CEO, said:
"I am pleased to report that following the significant restructuring and personnel changes that have occurred over the last six months the Group is experiencing pleasing growth. There is increasing demand for the financial solutions our subsidiaries offer and discussions with a number of partners, both debt funders and origination partners, are progressing. Losses are in line with expectations and the Group will benefit further from a period of corporate stability, allowing the TruFin subsidiaries to focus on realising their full potential.
Later this month we will be updating shareholders on the £5.0m return of value, announced on 17 April 2019, with an update on the future strategy day."
For further information, please contact:
TruFin plcJames van den Bergh, Chief Executive Officer | 0203 743 1340 |
Macquarie Capital (Europe) Limited (NOMAD and joint broker)Alex Reynolds | 0203 037 2000 |
Liberum Capital Limited (Joint broker) Chris ClarkeLouis Davies | 0203 100 2000 |
About TruFin plc:
TruFin plc is the holding company for an operating group of companies that are niche lenders and early payment providers. TruFin Group combines the benefits of both the traditional relationship banking model and developments in the fintech sector. The Company was admitted to AIM in February 2018 and trades under the ticker symbol: TRU. More information is available on the Company website www.TruFin.com
Forward looking statements
This announcement contains forward looking statements with respect to the business, strategy and plans of the company and its current goals and expectations relating to its future financial condition and performance. Statements that are not historical facts, including statements about the TruFin Group or management's beliefs and expectations, are forward looking statements. By their nature, forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. TruFin's actual future results may differ materially from the results expressed or implied in these forward-looking statements as a result of a variety of factors. These include UK domestic and global economy and business conditions, risks concerning borrower credit quality, market related risks including interest rate risk, inherent risks regarding market conditions and similar contingencies outside TruFin's control, any adverse experience in inherent operational risks, any unexpected developments in regulation or regulatory and other factors.