TruFin (LSE:TRU) reported an increase in first-half revenue and a return to positive adjusted EBITDA from continuing operations, alongside the completion of its Playstack disposal and subsequent capital returns to shareholders.
For the six months ended 30 June 2026, group gross revenue from continuing operations increased 11% to £5.9 million, while net revenue rose 17% to £5.3 million.
Adjusted EBITDA reached a profit of £0.5 million, compared with a small loss in the corresponding period last year. The group’s loss before tax narrowed to £1.5 million.
Oxygen, TruFin’s public sector early payment business, reported revenue growth of 12% and a 30% increase in EBITDA.
Satago, which provides invoice finance and subscription-based financial tools, recorded a 41% rise in revenue and achieved monthly EBITDA profitability in June.
During the period, TruFin completed the sale of its gaming subsidiary Playstack to VantageCo at an enterprise value of £125 million.
The transaction generated net proceeds of approximately £112.4 million and a profit from discontinued operations of £74.9 million. Group net assets increased to £123.9 million following the disposal.
TruFin has subsequently undertaken several capital return initiatives, including a share buyback programme, a tender offer completed in July that returned approximately £56.8 million to shareholders, and a special dividend of around £22.5 million paid in August.
Within Oxygen, UK early payment revenue increased 17%, while signed supplier spend exceeded £2.1 billion.
More than 65% of the business’s early payment clients now use multiple products. Its FreePay service facilitated £454 million in early payments to more than 22,000 suppliers.
Satago reported a 260% increase in subscription users to 4,621, supported by growth in its subscription business and cost management measures.
The company expects Satago to deliver its first full year of positive EBITDA in 2026.
Following the period-end, TruFin said trading had continued in line with its operational progress. Gross revenue for July and August is expected to exceed £2.1 million, representing year-on-year growth of 28%.
Management expects Oxygen and Satago to deliver profitable or improving performance during the second half and is targeting full-year group profitability in 2027.
The board is also evaluating potential bolt-on acquisitions and investments in new business platforms. TruFin said it may return additional capital to shareholders if suitable acquisition opportunities are not identified.
The AIM-listed financial technology group now focuses on its two operating businesses, Oxygen and Satago, which provide early payment, procurement intelligence, invoice finance and working capital services to public sector organisations and small and medium-sized enterprises.
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