Investor presentation
January 2021
STRICTLY CONFIDENTIAL
2020 FY unaudited results
Financial highlights from continuing operations:
⚫ Revenues (unaudited): | approximately £14.6m (£7.3m FY19, 100% |
growth) | |
⚫ Loss before tax (unaudited): | not more than £8.4m (£9.3m FY19) |
Commentary on current trading
•
•
•
All subsidiaries performing robustly within their niches
Substantially de-risked over the last year, despite the global pandemic and lockdown
Group is fully funded to achieve profitability
STRICTLY CONFIDENTIAL | 1 |
TruFin: integrated financial solutions
Government bodies - £95bn of annual spend¹
Games | Accountants | |||
- £58bn | ||||
developers | ||||
invoice | ||||
- $149bn | ||||
finance | ||||
market4 | ||||
market² | ||||
Financial advisors - £470bn market³
Sources: ¹ LGiU, 2017-18; ² ABFA, quarterly issuance in the UK; ³ Platforum, as of 2017; 4 Newzoo Global games Market Report
STRICTLY CONFIDENTIAL | 2 |
Oxygen is positioned to dominate a vast market
Huge market
Market leader
Scalable solution
Resilient revenue
- £74bn total local government spend1
- £178bn total other public sector2
- >£1trn spend in adjacent markets3
- c.100 clients, 35 local govt. clients
- c.20% share of local government market
- £27m invoice discounts achieved to date
- >£22bn spend in Oxygen's client base
- >3,000 onboarded suppliers
- 4.6m invoices transacted in 2020
- 5 year contracts
- 94% client retention
- c.90% contracted recurring revenue
Source: 1 Local Authority Transparency Data; 2 Central Government Public Sector spend, 'Gowling WLG 'Institute for Government' report 2018'; 3 UK Infrastructure, UK Utilities and US public sector markets
STRICTLY CONFIDENTIAL | 3 |
Oxygen: demand continues to build
Oxygen contracted procurement spend (£bn) and annual net transaction | |||||
25 | spend (£m) | Dec-20: Contracted | 700 | ||
procurement spend of £22.6bn | |||||
600 | |||||
20 | |||||
500 | |||||
15 | 400 | ||||
10 | 300 | ||||
200 | |||||
5 | |||||
Q1-16: Acquisition of | 100 | ||||
Oxygen | |||||
0 | 0 | ||||
Dec-15 | Dec-16 | Dec-17 | Dec-18 | Dec-19 | Dec-20 |
Contracted procurement spend | Annual net transaction spend | |
STRICTLY CONFIDENTIAL | 4 |
Oxygen's growth underpinned by existing clients
Oxygen's expected revenue by client cohort
c.80%
of revenue over the next | |
five years is expected to | |
be contributed by | Post-2021 |
existing clients | |
2021 |
2020
2016-19
Clients transacting pre-2016
2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
Expected revenues from clients already signed
STRICTLY CONFIDENTIAL | 5 |
Satago software gets SMEs paid faster
Unpaid invoices (#)
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Number of unpaid invoices by days overdue
78%
reduction in unpaid invoices over a month after being due
0 | 15 | 30 | 45 | 60 | 75 | 90 | 105 | 120 |
Days overdue (#) | ||||||||
Without Satago software enabled | With Satago software enabled | |||||||
STRICTLY CONFIDENTIAL | 6 |
Satago software subscribers continue to grow
Satago subscriber growth (#) and annualised revenue from
those subscriptions (£k)
£700k | 5,000 | |||
4,500 | ||||
£600k | ||||
4,000 | ||||
£500k | 3,500 | |||
£400k | 3,000 | |||
2,500 | ||||
£300k | 2,000 | |||
£200k | 1,500 | |||
1,000 | ||||
£100k | ||||
500 | ||||
£0k | 0 | |||
Dec-19 | Mar-20 | Jun-20 | Sep-20 | Dec-20 |
Annualised revenue (£k) | Subscribers (#) |
STRICTLY CONFIDENTIAL | 7 |
Satago opens up new lending avenues with Lloyds
Lloyds SME customers
Lloyds working capital
division
Satago's technology enables Lloyds' working capital division to more efficiently
serve a large roster of SME clients
STRICTLY CONFIDENTIAL | 8 |
Vertus' loan book growth has been supported by TruFin
14 | 12% | |||||
(£m) | 12 | 10% | ||||
Vertus loan book growth | 10 | Sep-19 | Vertus asset yield | |||
8% | ||||||
Bank facility | ||||||
closed | ||||||
8 | ||||||
6% | ||||||
6 | April-18 | |||||
TruFin invests | ||||||
4% | ||||||
4 | ||||||
2 | 2% | |||||
0 | 0% | |||||
Dec-16 | Dec-17 | Dec-18 | Dec-19 | Dec-20 |
STRICTLY CONFIDENTIAL | 9 |
Vertus is building momentum in spite of Covid-19
Vertus' near term pipeline (£m)
16 | 15.6 |
1.8 Negotiation
14
12.4
12
5.0 | Term sheet offered |
10
8 | |||||
6 | 3.9 | Term sheet accepted | |||
4 | 3.0 | Submitted to credit | |||
2 | |||||
1.9 | Awaiting draw | ||||
0 | |||||
Current loan book | Near term pipeline | ||||
STRICTLY CONFIDENTIAL | 10 |
Playstack revenue growth
- TruFin's recent revenue upgrade predominantly due to Playstack
- Powered by Mortal Shell, Playstack has surpassed revenue forecasts for 2020
- Won two significant contracts with major technology platforms
- Playstack's investment beginning to bear fruit
STRICTLY CONFIDENTIAL | 11 |
Playstack's Interact Platform: game sponsorship
Brands are looking to
Games are looking for
marketing revenues in a
acquire customers
non-intrusive manner
Brand 1 | Game 1 | |
Brand 2 | Game 1 | Game 2 |
sponsored | ||
by Brand 1 | ||
Brand 3 | Game 3 |
The Interact Platform integrates a brand into a game, resulting in non-intrusive marketing
STRICTLY CONFIDENTIAL | 12 |
TruFin's Vision: dominate niches through partnerships
Trusted adviser of UK county councils and
conduit for services to them
Platform for
Leading
brands and
technology
games to
provider for
working capital
partner
provision
First choice source of
lending services to the IFA market
STRICTLY CONFIDENTIAL | 13 |
Strategic priorities
Realise potential
Profitable growth
Fully funded
⚫
⚫
⚫
Provide stable environment for subsidiaries
Growth, but not at all costs
Group fully funded to reach profitability
STRICTLY CONFIDENTIAL | 14 |
Disclaimer
THIS PRESENTATION AND ITS CONTENTS ARE STRICTLY CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND DEPENDENCIES, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), CANADA, AUSTRALIA, NEW ZEALAND, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR TO ANY RESIDENT THEREOF, OR ANY OTHER JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. THIS PRESENTATION IS NOT AN OFFER OR INVITATION TO BUY OR SELL SECURITIES.
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STRICTLY CONFIDENTIAL | 15 |
Disclaimer
This Presentation is being distributed only to and is directed only at: (a) in member states of the European Economic Area and the United Kingdom, persons who are "qualified investors" within
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STRICTLY CONFIDENTIAL | 16 |
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TruFin plc published this content on 27 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 February 2021 08:38:03 UTC.