Q2 forecast: Revenues for Q2 expected to be in line with Q1
In June, TrustBuddy launched its new IT platform and new website. This investment affected loan volumes with a temporarily low level for June as a whole. Consequently, Q2 revenues are expected to be in line with Q1 revenues. TrustBuddy expects profitability to significantly improve in Q3 and Q4.
In June, TrustBuddy launched a new generation IT platform and website. The new platform provides improved user experiences as well as increasing automation and improved operational efficiencies.
“The new system rollout caused increased costs and lower earnings in Q2. The new platform is now fully operational and weekly volumes for July has already passed the volume levels that prevailed before the system launch. TrustBuddy expects profitability to significantly improve in Q3 and Q4 as lending volumes increase”, say Jens Glasø, CEO.
Earlier this month TrustBuddy announced that an institutional fund has committed to deploy up to $ 40 million (SEK 270 million) to fund loans on the TrustBuddy platform, which is expected to drive lending volume growth.
The Interim Report Q2 is made public on the 21st of August, 2014.
For more information please contact:
Jens Glasø, CEO, TrustBuddy International AB (publ)
+47 40 40 47 50,
About TrustBuddy International AB (publ)
TrustBuddy International AB (publ) is one of the first in the world to focus on arranging loans and capital provision between buddies in Scandinavia in an organised manner. The company is listed at NASDAQ OMX First North in Stockholm. Erik Penser Bankaktiebolag is TrustBuddy International AB (publ)'s Certified Adviser, phone number: +46 8 463 80 00.