TruFin Posts Stellar 2025 Results: Revenue Up 20%, Adjusted PBT Soars 848%

Oxygen: resilient growth, predictable cash

Oxygen delivered revenue of £9.1m (2024: £7.7m) and EBITDA of £3.8m, with EBIT rising to £2.1m. The business renewed 100% of client contracts due, finished the year with a record 65 Early Payment clients and an average client tenure of 7.7 years. That depth of relationship is gold dust.

Activity did wobble as the UK Procurement Act bedded in, but underlying demand held. Early Payment Programme volumes reached £1.4bn across 5,862 suppliers, generating £16.2m of rebates for public sector clients. Cross-sell momentum is real too: over 60% of local government Early Payment clients now buy at least one other product, with cross-sell revenues up 200%.

SaaS Insights remains the market leader in public sector procurement intelligence, boosted by AI-enabled data capture; the 2023 BidStats acquisition achieved full cash payback within two years. Looking ahead, more than 98% of forecast 2026 Early Payment revenue is expected to come from existing clients – unusually high visibility for a software-and-services business.

Satago: reset largely complete, now back to growth

Satago’s top line halved to £1.2m after the 2024 loss of a Tier‑1 bank contract, but the team took out 45% of operating costs to £3.6m and cut net losses by 47% to £2.6m. Importantly, the pivot away from own-book lending towards Lending-as-a-Service (LaaS) is gaining traction. Subscription revenue rose 69% to £0.7m and servicing revenue increased 236% to £0.2m.

Into early 2026, the trend has accelerated: revenue to 28 February 2026 grew 140% year-on-year, driven by technology and servicing fees. Satago expects to onboard several new strategic partners in 2026 and is targeting monthly EBITDA profitability this year. Execution still matters here, but the heavy lifting on cost and focus looks done.

Cash, capital allocation and buybacks: disciplined and shareholder-friendly

TruFin ended the year with £12.4m in cash and effectively no debt (£3k). With profitability bedded in, the Board sharpened its capital allocation approach: fully fund high-return organic investment, keep adequate liquidity, and return excess capital when the shares trade below internally assessed intrinsic value.

That framework translated into two buybacks totalling £8m in 2025, repurchasing 7.5m shares at an average 106p. Post year end, a further £6m programme was announced on 23 January 2026. Buybacks reduce the share count, which can lift EPS and future ownership per share – provided the company continues to compound earnings, which it is.

Current trading and 2026 outlook: momentum intact

• Group revenue for the two months to 28 February 2026 is tracking at not less than £9.3m (unaudited), in line with Board expectations.
• Playstack again won UK Publisher of the Year in March 2026 and plans eight releases, including Mortal Shell II.
• Oxygen’s revenue to 28 February 2026 grew 16% versus the same period last year as procurement activity normalises.
• Satago’s revenue to 28 February 2026 grew 140% year-on-year thanks to recurring technology and servicing fees.

Management’s tone is confident: the Group is scaling profitably, cash-generative and fully funded, with opportunities to keep investing organically and to return more capital where it makes sense.

What this means for investors and why it matters

• Higher-quality revenue mix: 99% recurring income reduces volatility and supports margin resilience.
• Operating leverage now visible: EBITDA up 66% on 20% revenue growth shows prior investment is paying off.
• Shareholder returns: £8m bought back in 2025 and a further £6m authorised in January 2026 signal confidence and valuation discipline.
• Segment strength: Playstack provides growth and cash; Oxygen offers predictability and cash returns; Satago is emerging from the rebuild with a lean cost base and partner-led model.
• Balance sheet: £12.4m cash and minimal borrowings provide flexibility for both growth and further returns.

Balanced view: the positives and the watch‑outs

Positives

• Playstack’s 2026 slate, plus strong catalogue performance, underpins revenue visibility.
• Oxygen’s 100% renewals, 7.7‑year average tenure and >98% 2026 revenue visibility from existing clients are rare assets.
• Group tax asset recognition and strong cash conversion support ongoing investment and buybacks.

Watch‑outs

• Games remain a “hit‑driven” sector despite Playstack’s high hit ratio – new titles still need to land well.
• Public sector procurement disruption from the Procurement Act appears to be easing, but onboarding cadence remains a dependency.
• Satago must complete partner onboarding and hit its monthly EBITDA profitability goal in 2026.

The bottom line

TruFin has turned a good 2024 into a great 2025. Revenue up 20%, adjusted PBT up to £8.4m, EPS of 11.3p, solid cash, and buybacks that meaningfully shrink the share count. With Playstack’s pipeline, Oxygen’s predictability and Satago’s turnaround gaining traction, this is a business compounding in the right way – disciplined growth, rising margins and thoughtful capital returns. One to keep on the watchlist as 2026 releases roll out and partner wins convert to revenue.