4 January 2024

TruFin plc
("TruFin" or the "Group")

Trading Update

TruFin announces that for the 12 months ended 31 December 2023 it expects adjusted loss before tax¹ excluding the exceptional loss on the sale of Vertus Capital Ltd ("Vertus") to be in line with expectations, at no more than £(6.3)m (FY22²: £(8.2)m). Adjusted EBITDA loss¹ is expected to be ahead of expectations at no more than £(3.0)m, representing an improvement of more than 47% year-on-year (FY22²: £(5.7)m).

Group revenue is expected to be no less than £20.2m. This represents growth in excess of 32% (FY22²: £15.3m). Group revenue is below expectations due to certain significant platform deals at Playstack Limited ("Playstack") taking longer to negotiate and conclude than anticipated. However, due to its refocused and streamlined strategy, Playstack expects to deliver EBITDA profitability for 2023 as previously targeted, supported by the successful launch of The Last Faith in the fourth quarter.

Satago Financial Solutions Limited ("Satago") and Oxygen Finance Group Limited ("Oxygen") performed in line with expectations for 2023 and continue their operational and financial progress. TruFin will provide a fuller trading update with further details on all three subsidiaries in due course.

TruFin is reiterating market expectations for 2024 and beyond. Cash at year end is no less than £9m, of which unrestricted cash is no less than £5.5m, and the Group is fully funded to profitability.

James van den Bergh, Chief Executive Officer, commented:

"Whilst a delay in finalising Playstack's platform deals and the associated financial impact is frustrating to report, the Board is confident that the Group is well placed to deliver significant value for shareholders.

TruFin made significant progress in 2023. Having disposed of Vertus, we have invested in Oxygen, Satago and Playstack in order to maximise the value of these entities ahead of possible value realisations.

Following this year's planned investment programme and the recent acquisition of bidstats.uk, Oxygen is solidifying its leading market position and is perfectly positioned to accelerate profitability in the years ahead.

Satago is successfully migrating existing Lloyds Bank factoring clients onto its platform and attracting significant interest in its critical infrastructure from a growing list of UK and overseas banks.

Playstack has focused its strategy and capital on its proven strengths: sourcing, publishing and distributing award-winning PC and console games."

Notes

¹ loss adjusted to remove share-based payment charges implemented during 2023

² adjusted as if Vertus was sold on the corresponding date in 2022 i.e. 4 October

The information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No.596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019. By the publication of this Announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this Announcement on behalf of the Company is Annie Styler.

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TruFin plc is the holding company of an operating group comprising three growth-focused technology businesses operating in niche markets: early payment provision, invoice finance and mobile games publishing. 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.