TruFin PLC Q3 Trading Update (7194S)
08 Novembre 2019 - 08:00AM
UK Regulatory
TIDMTRU TIDMTRU
RNS Number : 7194S
TruFin PLC
08 November 2019
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
GBP2.1m for the three months ended 30 September 2019 (three months
ended 30 September 2018: GBP1.2m), representing growth of 73%
-- TruFin Group's operating loss from continuing operations was
GBP1.3m for the three months ended 30 September 2019 (three months
ended 30 September 2018: GBP1.6m)
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:
-- GBP4.0m of cash or cash equivalents
-- GBP18.9m loan payable by Distribution Finance Capital Ltd.
This loan will be fully repaid, in tranches, by the end of December
2020
-- GBP6.2m of assets within Satago Financial Solutions Limited's loan book
-- GBP2.0m 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 GBP5.0m
return of value, announced on 17 April 2019, with an update on the
future strategy day."
For further information, please contact:
TruFin plc
James 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 Clarke
Louis 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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