Highlights

  • Panmure Liberum has issued a buy rating on TruFin with a target price of 200p.
  • Playstack has signed a multi-year contract for a new internally developed game due in H2 2026.
  • TruFin has announced a share buyback programme of up to GBP 6 million.

TruFin plc (LSE:TRU) has drawn renewed broker attention after Panmure Liberum issued a buy rating with a target price of 200p. Recently, multiple significant updates have been released by the company, including a new multi-year publishing agreement at its Playstack subsidiary alongside the launch of a further GBP 6 million share buyback programme.

Broker View Takes Centre Stage

Panmure Liberum has initiated coverage on TruFin with a buy rating and a target price of 200p, following a series of corporate updates that include a new publishing contract, earnings guidance upgrades and capital returns. The broker also acts as TruFin’s buyback agent under the newly announced share repurchase programme.

TruFin shares were trading at around 120p on 23 January, placing the Panmure Liberum target at a notable premium to the prevailing market price.

Playstack Signs New Publishing Agreement

TruFin confirmed that its wholly owned subsidiary, Playstack Limited, has signed a significant contract with a global technology platform for a new game scheduled for release in the second half of 2026. The title is being developed internally and will be owned exclusively by Playstack.

The agreement spans multiple years and includes a structured series of contractual payments, alongside performance-based fees payable after launch. The addition expands Playstack’s first-party intellectual property portfolio and improves revenue visibility across future periods.

Playstack has been a central contributor to TruFin’s recent financial performance, supported by releases including Balatro, Abiotic Factor, Void/Breaker and UNBEATABLE.

Share Buyback Programme Announced

Alongside the contract announcement, TruFin launched a new share buyback programme of up to GBP 6 million. This follows the completion of two earlier buyback programmes in 2025, during which GBP 8 million of shares were repurchased.

The programme will be executed by Panmure Liberum on a discretionary basis within predefined parameters. Shares acquired will be cancelled, reducing the company’s issued share capital. The buyback will run until the earlier of full utilisation of the GBP 6 million allocation or 1 June 2026.

The maximum price payable per share will be capped at 105% of the average middle market price over the five business days preceding any purchase.

Earnings Momentum Across the Group

Earlier in January, TruFin upgraded its financial guidance for 2025. Adjusted profit before tax is now expected to exceed GBP 7.4 million, compared with GBP 0.9 million in FY24. Adjusted EBITDA is forecast to be above GBP 11.8 million, with group revenue expected to reach approximately GBP 63.0 million.

Beyond Playstack, Oxygen Finance reported revenue growth to around GBP 9.0 million, while Satago is expected to narrow losses following cost reductions and a refocus on core services.

Market Performance

TruFin shares have risen by approximately 53% over the past 12 months.

Meta Information

Meta Title: Panmure Liberum Rates TruFin Buy with 200p Target
Meta Description: Panmure Liberum issues a buy rating with a 200p target on TruFin as Playstack signs a new game contract and the company announces a GBP 6m share buyback.
Meta Keywords: TruFin, TRU, Panmure Liberum, buy rating, Playstack, share buyback, AIM shares, UK gaming, broker target