TruFin is announcing an unaudited trading update for the three months ended 30 September 2019.
· 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.“