Business
FY 2023 trading above current market expectations
FY 2023 trading above current market expectations.
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 \n4 December 2023\n \nCornerstone FS plc\n(\"Cornerstone\" or \"the Company\" or \"the Group\")\n \nTrading Update\nFY 2023 revenue and adj. EBITDA to be materially above current market expectations\n \nCornerstone FS plc (AIM: CSFS), a foreign exchange and payments solutions company offering multi-currency accounts to businesses and individuals through its proprietary technology platform, is pleased to provide the following unaudited update on trading.\n \nAs noted in the Group's announcement of 24 October 2023, Cornerstone was experiencing strong trading momentum, reflecting the advancements made across the business driving year-on-year increases in active customers1 and average transaction value. The Group is pleased to report that this very strong trading has continued to date and, as a result, the Group now anticipates reporting revenue and adjusted EBITDA for the year to 31 December 2023 materially ahead of current market expectations.\n \nJames Hickman, CEO of Cornerstone, said: \"I am pleased to be able to report that we are continuing to experience excellent trading momentum. This reflects the actions that we have taken during the year to enhance our sales team and expand our offer, such as by broadening the range of currencies and countries where we can transact. With a highly scalable platform, along with careful management of our cost base, we are now benefitting from the operating leverage within our business as the increase in sales is driving even stronger growth in adj. EBITDA. Accordingly, the Board continues to have great confidence in the future of the Group.\" \n \n \n1 Defined as customers who traded through Cornerstone in the preceding 12 months\n \nEnquiries \n \n\n\n\n\nCornerstone FS plc \n\n\n+44 (0)203 971 4865\n\n\n\n\nJames Hickman, Chief Executive Officer \nJudy Happe, Chief Financial Officer \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSPARK Advisory Partners Limited (Nomad) \n\n\n+44 (0)203 368 3550\n...