Liberum upgrades Trufin to 'buy'. highlights opportunity from pilot with Lloyds

Key to that thesis was the extension of the commercial pilot between Lloyds and Satago, TruFin's business offering working capital finance and technology solutions for small and medium-sized enterprises.

"We believe this is positive as it significantly increases the revenue potential for Satago not only due to the Lloyds relationship but potentially extending the service to other lenders and strategic partners," they argued.

However, the extended scope of the pilot meant that it would now run into early 2022, weighing on Satago's revenues.

Furthermore, while its two other units, Oxygen and Vertus, continued to trade well, together with delays in launches at its Playstack unit, TruFin's revenues were now expected to be lower in financial years 2021 and 2022.

Como FY2023 on the other hand, sales were expected to rise to £35.6m from £20m.

Liberum also raised its target price for TruFin's shares from 80.0p to 93.0p.