Trufin

TRU · AIM · Financial Services · mcap £54m · 100.0p

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.

Target	Promise	Said	Status
2023
2023	Playstack to deliver EBITDA profitability for 2023.	4 Jan 2024	✓ Kept
	“Playstack expects to deliver EBITDA profitability for 2023 as previously targeted” Result Playstack FY24 EBITDA £0.5m was prior-year comparative; Playstack was reported EBITDA profitable in March 2024 results ('two of three now EBITDA profitable'). “It is especially pleasing to note that Playstack achieved its major goal for the year of achieving EBITDA profitability for the first time.”26 Mar 2024 · Final Results
2024
2 May 2024	Release Abiotic Factor worldwide on 2 May 2024.	22 Feb 2024	✓ Kept
	“Abiotic Factor, lined up for worldwide release on 2 May” Result Abiotic Factor had sold 600,000 units by August 2024. “Playstack's commercial results have gone from strength to strength in 2024, with the survival crafting game Abiotic Factor releasing in May and selling 600,000 units to date”7 Aug 2024 · Playstack announces 2m unit sales for Balatro
2024	Playstack to become meaningfully EBITDA profitable and cash generative in 2024 and beyond.	8 Feb 2024	✓ Kept
	“Playstack is set to deliver positive EBITDA and operating cash generation in 2024 and beyond.” Also stated 17 Sep 2024 Result Playstack EBITDA was £11.3m in 2024 on revenue of £44.6m. “Playstack is set to deliver positive EBITDA and operating cash generation in 2024 and beyond.”17 Sep 2024 · Half-year Results “Playstack Limited ("Playstack") grew revenue by more than 455% to £44.6m (2023: £8.0m) after releasing two hit games - Balatro and Abiotic Factor. EBITDA increased 2,146% to £11.3m (2023: £0.5m)”26 Mar 2025 · Final Results
31 Dec 2024	Group EBITDA positive for full year 2024.	13 May 2024	✓ Kept
	“remains on track to achieve EBITDA profitability in 2024” Also stated 16 Jul 2024 Result FY24 adjusted EBITDA was £7.6m. “Adjusted EBITDA increased £11.1m to £7.6m, versus a £3.5m loss in 2023”26 Mar 2025 · Final Results
2025
2025	Group EBITDA to stay sustainably positive in 2025 and beyond.	18 Nov 2024	✓ Kept
	“the Board expects Group EBITDA to remain on a sustainably positive trajectory during 2025 and beyond” Result 2025 adjusted EBITDA was £12.6m, up 66%. 18 Mar 2026 · Final Results
2025	Record first annual Profit Before Tax in 2025.	18 Nov 2024	✓ Kept
	“The Group also expects to record its first annual Profit Before Tax in 2025” Result FY24 adjusted PBT was already £0.9m, and FY25 adjusted PBT was £8.4m. “Adjusted Profit Before Tax ("PBT") increased £7.5m to £0.9m, versus a £6.6m Loss Before Tax ("LBT") in 2023”26 Mar 2025 · Final Results “Adjusted Profit Before Tax1 ("PBT") was £8.4m (2024: PBT of £0.9m), an 848% year-on-year improvement”18 Mar 2026 · Final Results
2025	Group to grow all profitability lines in 2025 and beyond.	6 Jan 2025	✓ Kept
	“we will maintain our disciplined approach to allocating internal resources and expect the Group to grow all the profitability lines in 2025 and beyond” Result 2025 adjusted EBITDA £12.6m (prior £7.6m) and adjusted PBT £8.4m (prior £0.9m). “Adjusted EBITDA increased 66% to £12.6m and adjusted PBT increased 848% to £8.4m. Cash generation remained robust, further strengthening the balance sheet and providing the Board with increased flexibility in capital allocation decisions.”18 Mar 2026 · Final Results “Once again, every key line item - from revenue to EBITDA, EBIT and dividends received from subsidiaries - has grown.”18 Mar 2026 · Final Results
31 Dec 2025	Buy back up to £4m of shares by 31 December 2025.	17 Sep 2025	✓ Kept
	“up to a maximum aggregate consideration of £4 million” Result The January 2026 announcement says prior 2025 buybacks totalled £8m in aggregate. “Following completion of two share buyback programmes to repurchase £8 million in aggregate during the course of 2025”23 Jan 2026 · Share Buyback Programme
2026
28 Aug 2026	Return £80m to shareholders by tender offer and special dividend after Playstack sale.	21 May 2026	✓ Kept
	“proposed return of capital of £80 million, by way of tender offer and special dividend, to Shareholders” Also stated 9 Jul 2026 Result Raised from £70m to £80m; tender of 40.6m shares at 140p completed and special dividend of £22.5m payable 28 August 2026. 28 Jul 2026 · Special Dividend