TruFin Shares Fall After Lloyds Banking Group Ends Contract Early
By Ian Walker
TruFin shares fell 34% after the company said Lloyds Banking Group has terminated an agreement to use the Satago software platform two years into a five-year contract.
Shares at 1400 GMT were down 26 pence at 50.0 pence. They are currently down 24% over the past year.
The London-listed technology group said Tuesday that Satago will continue to service, support and meet the needs of those businesses which are currently using the platform as required.
It added that the decision isn't a reflection of the platform's quality or robustness which continues to generate significant value.
TruFin said the group is trading in line with market expectations and remains on track to achieve profit on an earnings before interest, taxes, depreciation and amortization level this year.
It also said that the company is fully funded to profitability.
The company hasn't provided any forecast figures. However, it is expected to report Ebitda for this year of 300,000 pounds ($389,040), based on a forecast by Panmure Liberum and taken from FactSet. This compares with a loss of GBP3 million in 2023.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
July 16, 2024 10:23 ET (14:23 GMT)
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