TrustBuddy: Q2 shows continued strong growth despite previous market update
TrustBuddy continues its strong growth announcing its best quarter ever with a positive deviation from the Q2 forecast update announced on June 18. Internal revenue showed more than 30% year-on-year increase, lending volumes came in at SEK 207 million (Q1-14: SEK 189m, Q2-13: SEK 128 m), and with the record issue of close to 70,000 loans representing 77% year-on-year growth.
At the time of the Q2 forecast update, the company made an assessment indicating that Q2 would correspond to the levels of Q1. TrustBuddy is now pleased to report a growth stronger than expected. As previously announced, however, the group earnings was negatively affected as a result of the successful but highly intense efforts to launch the all-new platform and website.
The Net operating income, EBITDA, reported at SEK -2.5 million, should be read in light of the significant investment and costs taken during the period in connection with the launch of the new platform and website, as well as for costs due to the changing legislative environment. TrustBuddy expects profitability to improve in Q3 and Q4, driven by the commencement of institutional funding of loans on the platform under the €40 million commitment announced last month.
For complete financial overview, see the separate press release with financial report for the second quarter.
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.