TruFin has announced that it expects its profit before tax to be "significantly ahead" of market expectations, resulting in its first full year profit a year earlier than forecast.

In the 12 months to 31 December, the finance software firm reported in its latest trading update that it now expects a profit before tax of more than £500,000, after reporting a loss of £6.6m in the 2023 financial year.

The group’s revenue is also expected to grow by over 197% year-on-year, increasing from £18.1m to £54m.

Furthermore, TruFin, which owns Oxygen Finance Group and Satago Financial Solutions, expects its EBITDA to be “significantly ahead” of prior expectation at more than £7m. This would represent an improvement in excess of £10m year-on-year.

Chief executive officer at TruFin, James van den Bergh, said: "This is the first time we have grown revenues by more than 190%. It is the first year we have recorded an EBITDA profit and the first year we have achieved a profit before tax - a year ahead of schedule.

"Most importantly our newly minted profitability status is not a one off. Although we expect 2025 to be a year of consolidation, we will maintain our disciplined approach to allocating internal resources and expect the Group to grow all the profitability lines in 2025 and beyond.

"After years of considered investment and planning, Playstack has come of age. The standout financial achievements this year are the remarkable revenue growth of over 440% with an exceptional EBITDA growth of over 2,000%.

"These achievements would not have been possible without our extremely disciplined and careful approach to building a robust and scalable games publisher."

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