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TruFin posts first-half loss amid higher staff costs

By BFN News | 09:07 AM | Friday 25 September, 2020


Fintech group TruFin posted a first-half after staff costs rose, though said it expected to exceed revenue expectations for the full year. Pre-tax losses for the six months through June amounted £5.5 million, compared to losses of £9.5 million year-on-year, which included a £4.0 million loss from discontinued operations. Gross revenue rose 34% to £4.2 million, while staff costs rose 28% to £6.2 million. Chief executive James van den Bergh said net losses for the full year were expected to beat market expectations due to a stronger revenue performance. Sales, he said, had been boosted by contract wins, a recent game console launch, while earnings would be supported by cost cutting. 'I am pleased with the progress during 2020, which is particularly impressive given the global health crisis which has inevitably impacted the group,' chief executive James van den Bergh said. 'Given the ongoing uncertainty around the pandemic we remain cautious.' 'We maintain a constructive dialogue with our major shareholder, Arrowgrass, and we continue to be focussed on maximising value for all shareholders.' 'We believe there is significant scope for value creation in the near and medium term, and I look forward to updating shareholders on our continued progress.' At 9:07am: (LON:TRU) Trufin Plc Ord Npv share price was 0p at 26.5p Story provided by StockMarketWire.com

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