Financial services company Trufin is poised to report an adjusted profit before tax that is "significantly ahead of market expectations" buoyed by the success of its video gaming division's release of the indie sensation Balatro.
The firm is on track to announce its first-ever full-year profit, achieving this milestone a year sooner than anticipated, as reported by .
While Trufin is predominantly recognised for its financial services, its subsidiary Playstack has carved out a niche in mobile game publishing. This year, Playstack launched Balatro, an independent title that quickly became a hit, clinching the titles of ‘Best Independent Game’ and ‘Best Mobile Game’ at the 2024 Game Awards, contributing to an "exceptional year-end performance" for Trufin.
The poker rogue-like game generated over $1 million in revenue within its initial week on iOS and Android platforms, and reports suggest it amassed upwards of $4 million within two months post-launch. Playstack's operating profit is expected to have surged by over 20-fold, with revenues increasing by more than 440 percent.
"The success of Balatro should not be underestimated and it has been a joy to watch it build throughout the year," commented Trufin CEO James van den Bergh. He added, "These achievements would not have been possible without our extremely disciplined and careful approach to building a robust and scalable games publisher."
Thanks to Balatro's impressive performance, Trufin anticipates its adjusted operating profit for 2024 to exceed £7 million, a significant turnaround from the £3.5 million loss recorded in 2023.
Meanwhile, Trufin, the specialist finance provider which debuted on the London Stock Exchange in 2018, has predicted its profit before tax to surpass £500,000—a striking shift from the £6.6 million loss seen the previous year. Revenue is also anticipated to have climbed significantly to around £54 million, almost tripling from £18.1 million reported in 2021.
However, Trufin faced a substantial hiccup in July as shares tumbled over one-third following an early termination of an agreement with Lloyds by its subsidiary Satago Financial Solutions, leading to a marked drop in revenue projections—from £3.8 million to an estimated £2.4 million in 2024 for Satago. Despite this setback, the group's share price has rallied robustly, increasing 83 per cent over the past year.
Oxygen Finance Group, another arm of the Trufin business, is set to report a 21 per cent increase in revenue and a sizeable 65 per cent surge in operating profits to £2.1 million.
"I look forward to providing a more detailed update during Trufin’s annual results statement," said van den Bergh. "In the meantime, I would like to again thank our shareholders for their ongoing support."
