Business
Final Results for the Year Ended 31 December 2022
Final Results for the Year Ended 31 December 2022.
About this update from Finseta Plc
[{"type":"text","content":"\n\nCertain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 (\"MAR\") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.\n \n16 May 2023\n \nCornerstone FS Plc\n(\"Cornerstone\" or \"the Company\" or \"the Group\")\n \nFinal Results\nNotice of AGM and Publication of Annual Report\n \nCornerstone FS Plc (AIM: CSFS), a foreign exchange and payments company offering multi-currency accounts to businesses and individuals, announces its final results for the year ended 31 December 2022. In addition, the Company gives notices of its annual general meeting (\"AGM\") and publication of its annual report and accounts, both of which are being posted on the Company's website at: https://investors.cornerstonefs.com/document-centre/.\n \nHighlights\n· Revenue increased 110% to £4.8m (2021: £2.3m)\n· Gross margin improved to 60.9% (2021: 51.6%)\n· Adjusted* EBITDA loss reduced to £0.9m (2021: £1.3m loss)\n· Transacted payments totalling £584m (2021: £363m), up 61%\n· Number of active customers increased by 38% to 803 (2021: 583)\n· Acquired Capital Currencies, a well-established foreign exchange broker, and Pangea FX, a specialist FX and treasury consultancy\n· Expanded the Group's partnerships to increase the number of currencies, countries and sectors that it services, and, post period, introduce new products\n· Entered an agreement to sell Avila House Ltd, a non-core subsidiary, for £300k and licence the Group's platform to the buyer, which completed post period\n· Cash and cash equivalents at 31 December 2022 were £682k (31 December 2021: £348k)\n* Excluding share-based compensation, transaction costs and depreciation & amortisation charges (see the Financial Review for further detail)\n \nJames Hickman, CEO of Cornerstone, said:\n \n\"During 2022, Cornerstone continued to deliver on its strategy, improved operationally and achieved a strong financial performance with revenues more than doubling and an increase in gross margin. This growth ...