TruFin H1 Results: Playstack Sale Funds £79.3 Million Shareholder Return

TruFin's first-half results are dominated by one transformative event: the sale of video games publisher Playstack.

The £125 million enterprise value deal generated net proceeds of approximately £112.4 million and allowed TruFin to return around £79.3 million to shareholders through a tender offer and special dividend.

Strip out that disposal, however, and the continuing group is still loss-making. The encouraging part is that the underlying direction improved, with revenue growing, adjusted EBITDA turning positive and Satago now expected to deliver its first full year of positive EBITDA.

Here is what investors need to know from the original company announcement.

TruFin's key H1 2026 figures

The results below relate to continuing operations following the Playstack disposal, unless otherwise stated.

Metric	H1 2026	H1 2025	Change
Gross revenue	£5.9 million	£5.3 million	11%
Net revenue	£5.3 million	£4.6 million	17%
Adjusted EBITDA	£0.5 million	£0.1 million loss	£0.6 million improvement
Statutory EBITDA	£0.3 million loss	£0.4 million loss	Improved
Loss before tax	£1.4 million	£1.9 million	24% improvement
Profit from discontinued operations	£74.9 million	£6.5 million	Primarily disposal-related
Net assets	£123.9 million	£47.8 million	159% higher

Adjusted EBITDA means earnings before interest, tax, depreciation and amortisation, excluding share-based payments and contractual payments under TruFin's Return of Value plan.

That adjustment matters. TruFin reported positive adjusted EBITDA of £483,000, but its unadjusted EBITDA remained negative at £299,000. The business is improving, although it has not yet reached statutory group profitability from continuing operations.

Playstack sale transforms the balance sheet

TruFin completed the sale of Playstack to VantageCo Limited on 10 June 2026.

The transaction valued Playstack at an enterprise value of £125 million on a cash-free, debt-free and normalised working capital basis. TruFin received net proceeds of approximately £112.4 million after transaction fees, including repayment of a £15.6 million group loan.

A £1.5 million holdback was included for potential Playstack tax liabilities that have not yet been finally determined.

The disposal produced a £76.8 million accounting profit before the results of Playstack during the period and related tax effects. Total profit from discontinued operations was £74.9 million.

This explains why TruFin reported total profit for the period of £73.8 million and basic earnings per share of 77.5p. Those headline figures should not be mistaken for the recurring earnings power of the remaining group.

The continuing operations generated a £1.1 million after-tax loss, equivalent to a basic and diluted loss per share of 1.1p.

Shareholders receive approximately £79.3 million

TruFin used most of the sale proceeds to fund a substantial return of value after the period ended.

In July, it bought 40,579,562 shares through a tender offer at 140p per share, returning approximately £56.8 million. In August, it paid a special dividend of approximately £22.5 million, equal to 43.03p per share.

Together, those transactions returned approximately £79.3 million to shareholders.

This followed a separate buyback programme launched in January. TruFin purchased 4,486,377 shares at an average price of 123.0p, spending approximately £5.5 million before terminating the programme ahead of the larger return.

Investors should also note that Return of Value and transaction bonuses were paid after the reporting date. These included £7.7 million of Return of Value bonuses, £674,000 of transaction bonuses and £432,000 previously accrued, with the first two figures excluding employer National Insurance contributions.

Despite these outflows, TruFin reported at least £24.9 million of cash and cash equivalents at 31 August 2026, alongside no more than £0.5 million of net near-term liabilities.

Oxygen remains TruFin's profit engine

Oxygen delivered another period of profitable growth.

Gross revenue increased 12% to £4.9 million, while EBITDA rose 30% to £2.1 million. The faster rate of profit growth demonstrates operating leverage, where revenue growth produces a proportionately larger increase in earnings.

Early Payment remained the core operation. UK Early Payment revenue grew 17%, while newly signed supplier spend reached £362 million, approximately 50% above H1 2025. Net signed annual supplier spend exceeded £2.1 billion at the period end, providing visibility over potential future transaction volumes.

Customer engagement also strengthened. More than 65% of Early Payment clients bought at least two products, compared with 53% a year earlier.

Oxygen returned £1.35 million of cash to TruFin during the half, up from £1.0 million. Post-period trading remained positive, with July revenue growing 14% and UK Early Payment revenue increasing 25%.

The less comfortable area is its software-as-a-service operation. TruFin said average contract values remain under pressure and competition is increasing as free procurement data and artificial intelligence tools become more widely available.

Satago reaches an important turning point

Satago delivered the most significant operational upgrade in the announcement.

Gross revenue increased 41% to £1.0 million. The business reached EBITDA profitability in June as planned, but management now expects positive EBITDA across the whole of 2026, ahead of its previous expectations.

Subscription growth has been central to the improvement. The number of subscriptions rose 260% to 4,621, compared with 1,777 in H1 2025. These subscriptions provide recurring, high-margin revenue.

Satago's loss before tax nevertheless remained £532,000 for the half, improved from £1.4 million. The June milestone therefore represents recent momentum rather than six months of sustained profitability.

TruFin says no further capital is expected to be required to support Satago. The business will now focus on converting its Lending-as-a-Service pipeline, moving away from core servicing and expanding its accounting proposition for micro-businesses and small and medium-sized enterprises.

For context, TruFin had already highlighted Playstack's progress in its earlier 2025 forecast upgrade. The investment case has now changed materially following the disposal, leaving Oxygen and Satago as the two operating businesses within TruFin PLC.

Outlook improves, but a full-year loss remains expected

TruFin said trading during the second half had started well. Aggregate gross revenue for July and August is expected to exceed £2.1 million, representing year-on-year growth of 28%.

Satago is expected to remain EBITDA profitable in the second half, while Oxygen is set to continue delivering profitable growth.

The group is trading in line with expectations, but management still expects TruFin to be loss-making for the full 2026 financial year. Its target is to achieve full-year profitability in 2027.

The remaining cash creates another strategic question. TruFin is assessing bolt-on and new platform acquisitions, but the board said it may consider returning further capital if suitable targets cannot be secured within a reasonable timeframe.

That offers potential optionality, but acquisition discipline will be important. Following a successful disposal and large shareholder return, investors will want future deals to demonstrate similarly careful capital allocation.

What matters after the Playstack exit

There is genuine operational progress beneath the exceptional disposal profit. Oxygen is generating cash and growing EBITDA, while Satago has reached break-even and upgraded its full-year outlook.

The main caution is that continuing operations still produced a statutory loss, and the remaining group is much smaller without Playstack. The £74.9 million discontinued profit, 77.5p basic earnings per share and enlarged balance sheet are not measures of recurring performance.

Attention now turns to whether Satago can sustain profitability, whether Oxygen can defend its position in increasingly competitive software markets and how TruFin allocates its remaining cash.

Sean Brennan's departure as a non-executive director follows the successful Playstack sale and appears secondary to that broader financial story. The more important milestone is clear: TruFin expects a 2026 loss, but it is aiming to turn the continuing group profitable in 2027.