TruFin narrows losses on improved revenues
By Iain Gilbert
Date: Friday 08 Nov 2019
(Sharecast News) - Lending business TruFin narrowed losses during the third quarter thanks to a marked increase in revenues.
Revenues from continuing operations rose 73% to £2.1m in the three months ended 30 September, helping the group cut losses 18.7% to £1.3m.
The AIM-listed group said following the significant restructuring that occurred during the quarter, cash and equivalents was £4m.
Chief executive James van den Bergh said: "I am pleased to report that following the significant restructuring and personnel changes that have occurred over the last six months the group is experiencing pleasing growth.
"There is increasing demand for the financial solutions our subsidiaries offer and discussions with a number of partners, both debt funders and origination partners, are progressing."
Van den Bergh added that losses were in line with expectations and said the group would benefit further from a period of "corporate stability".
As of 0915 GMT, TruFin shares had lost 5.81% to 43.80p.
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