Trufin
TRU · AIM · Financial Services · mcap £54m · 101.5p 5 open situations →
- EV
- £20.2m
- EV / EBIT
- –
- Net cash
- £114m
- FCF yield
- 9.3%
- Revenue
- £11.3m
- Cash returned
- 22.1%
- Share price 1y
- −7%
- Insiders 12m
- bought £387k
- Next report
- around 17 Mar
TruFin is an AIM-listed holding company that owns Oxygen Finance (early payment programmes for public sector suppliers) and Satago (invoice financing technology). It sold its Playstack games publishing stake in 2026.
Open · 5
1 director buying
- 29 Sep 2026 James van den Bergh £49k
- 25 Sep 2026 James van den Bergh £24k
- 23 Sep 2026 James van den Bergh £173k
- 21 Sep 2026 James van den Bergh £140k
Satago turnaround
Satago's costs were reset and revenue was up 140% in two months as of March 2026. The 17 September 2026 interims show H1 gross revenue up 41% to £1.0m and EBITDA profit from June 2026, as targeted. First full-year positive EBITDA is now expected for 2026, ahead of plan, with no further capital needed. The next goal is moving to Lending-as-a-Service.
- Profitability
- EBITDA profitable in June 2026; full-year 2026 EBITDA now expected positive 17 Sep 2026 ↗
- Subscriptions
- 4,621, up 260% year on year 17 Sep 2026 ↗
- Capital
- No further capital expected to be required 17 Sep 2026 ↗
- Ownership
- TruFin holds 97.70%; MIP expected in H2 2026 17 Sep 2026 ↗
- Next milestone
- Lending-as-a-Service partner launches; non-UK offering in H2 17 Sep 2026 ↗
Next: Convert LaaS pipeline; implement MIP in H2 2026
- 17 Sep 2026 EBITDA profitable since June 2026
- 18 Mar 2026 Costs reset; revenue up 140% in two months
- 15 Jan 2026 Costs cut; loss narrowing; pipeline maturing
Watrium AS towards control
Includes Watrium AS towards control – 25.01% (from 24.03%)
Watrium AS raised its stake in Trufin from 25.01% to 44.78% on 5 Aug 2026, crossing 29.9%.
Next: over 30% a holder normally has to make an offer (Rule 9)
- 5 Aug 2026 44.78%
Playstack disposal
Follows from Buyback programme – completed, closed 15 Jan 2026Led to Share buyback programme – Tender and special dividend both completed, closed 17 Sep 2026
The conditional sale of Playstack (FY25 EBITDA £13.5m) for £125m enterprise value, about £112.4m net cash, was announced on 21 May 2026. It has now completed, on 10 June 2026. Proceeds fund the shareholder return.
- Status
- Completed on 10 June 2026
- Price
- £125m enterprise value, about £112.4m net cash (21 May announcement)
- Use of money
- £80m return to shareholders; the rest to back Oxygen and Satago (21 May plan)
- 12 Jun 2026 Disposal completed 10 June 2026
- 21 May 2026 Conditionally agreed; circular published, awaiting shareholder approval
- 23 Jan 2026 Contract signed; game due H2 2026
Watrium AS towards control
Part of Watrium AS towards control – 44.78% (from 25.01%)
Watrium AS raised its stake in Trufin from 24.03% to 25.01% on 13 Feb 2026, crossing 25%.
- 13 Feb 2026 25.01%
Closed · 6
Company filings. Not investment advice.