**Summary of TruFin PLC Half-Year Report (H1 2025)**
TruFin PLC reported strong financial performance for the six months ended 30 June 2025, highlighting significant growth across key metrics
**Revenue Growth**Gross revenue increased by 42% to £36.0 million (H1 2024: £25.3 million), driven by exceptional performance in Playstack and Oxygen, while Satagos revenue declined due to a terminated Tier-1 Bank contract.
**Net Revenue**Rose 29% to £15.4 million (H1 2024: £11.9 million).
**Adjusted EBITDA**Surged 136% to £6.9 million (H1 2024: £2.9 million).
**Profit Before Tax (PBT)**Skyrocketed 2,711% to £4.6 million (H1 2024: £0.2 million), reflecting strong operational gearing and cost reductions.
**Segment Performance**
**Playstack**Revenue grew 52% to £30.7 million, driven by strong back catalogue performance and new game releases.
**Oxygen**Revenue increased 27% to £4.4 million, with EBITDA up 151% to £1.6 million, despite public sector headwinds.
**Satago**Revenue declined 56% to £0.7 million due to the loss of a major banking contract, but credit control licence sales grew 47%.
**Key Milestones**
Launched a £4.0 million share buyback program, completing it in August 2025.
Playstack released successful titles like *Dark Water* and *Abiotic Factor*, with the latter achieving over 93% review scores.
Oxygen serviced over 30,000 suppliers and repaid £1.0 million to TruFin.
TruFin increased its stake in Satago to 97.7%.
**Post-Period Highlights**
Playstacks *Abiotic Factor* and *Void/Breaker* achieved critical acclaim and recouped invested capital.
Oxygen faced temporary growth moderation (12% in July-August) due to political changes and the Procurement Act but remains on track for record 2025 performance.
Satago is rebuilding with new contracts and strategic partnerships, aiming for break-even by June 2026.
**Outlook**
TruFin expects continued strong performance, driven by Playstacks game releases and Oxygens long-term contracts. The Board initiated a second £4.0 million buyback program, reflecting confidence in future growth.
**CEO Commentary**
James van den Bergh emphasized operational leverage, shareholder value, and the resilience of TruFins business model, despite sector challenges. He highlighted Playstacks exceptional returns and Oxygens dominance, while acknowledging Satagos restructuring progress.
**Financial Position**
As of 30 June 2025, TruFin reported net assets of £47.8 million, cash equivalents of £17.9 million, and minimal near-term liabilities (£6.7 million).
**Conclusion**
TruFins H1 2025 results demonstrate robust growth, operational efficiency, and strategic progress across its subsidiaries, positioning the Group for sustained success despite sector-specific headwinds.
| Metric | 6 months to 30 June 2025 (£'000) | 6 months to 30 June 2024 (£'000) | Change (%) |
|---|---|---|---|
| Gross Revenue | 35,950 | 25,296 | 42% |
| Net Revenue | 15,355 | 11,912 | 29% |
| Adjusted EBITDA | 6,917 | 2,936 | 136% |
| Profit Before Tax (PBT) | 4,554 | 162 | 2,711% |
| Net Assets | 47,803 | 38,532 | 24% |
| Borrowings (Current) | 949 | 4,157 | -77% |
| Borrowings (Non-Current) | 0 | 11 | -100% |
| Total Borrowings | 949 | 4,168 | -77% |