TruFin Update: Platform Contract, £6m Buyback, Management Alignment (TRU.L)
Three announcements in one morning. The thesis is playing out.
To read our full disclaimer, click here.
TruFin dropped three announcements simultaneously this morning.
The headline: Playstack has signed a significant multi-year contract with a global technology platform, the company is launching another £6 million buyback, and management just tied their compensation to a £50 million+ exit valuation.
The stock is up 6% today to £1.22.
I don’t think the market has fully processed what just happened.
The Numbers
The January 15th trading update already set the stage:
Adjusted PBT: >£7.4 million (up 720% year-on-year)
Adjusted EBITDA: >£11.8 million
Group revenue: ~£63 million (up 15%)
Year-end cash: >£12 million (after £8 million of buybacks)
Playstack drove the outperformance, with Oxygen delivering 17% revenue growth and 48% EBITDA growth alongside. Back-catalogue revenue is expected to account for approximately 50% of Playstack’s 2026 revenues - a significant quality shift from hit-driven to recurring.
Today’s announcements build on that momentum.
Why This Matters Now
The platform contract changes Playstack’s strategic positioning. This is an internally-developed game, meaning Playstack owns the IP outright. No revenue share with a third-party studio. Full ownership, multi-year contracted payments, plus performance upside.
The £6 million buyback - following £8 million completed in 2025 - signals management’s view on valuation. That’s £14 million returned to shareholders in twelve months from a £120 million market cap company.
But it’s the management incentive plan that tells you where insiders think this is going. Playstack CEO Harvey Elliott just locked himself into a structure where he makes real money only if Playstack is valued at £50 million or more on an exit event.
The timing of all three announcements on the same morning isn’t coincidental.
In the rest of this post, I discuss:
What the platform contract means for Playstack’s first-party IP strategy
Why the MIP structure signals insider conviction - and a potential break-up
The quality shift in Playstack’s revenue composition
Updated base and bull case valuations
What I’m watching from here