Trading Update - Ahead of Expectations

Certain 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.

 

11 January 2023

 

Cornerstone FS Plc

("Cornerstone" or "the Company" or "the Group")

 

Trading Update - Ahead of Expectations

 

Cornerstone FS Plc (AIM: CSFS), the cloud-based provider of international payment, currency risk management and electronic account services to SMEs, is pleased to provide the following unaudited update on trading for the year ended 31 December 2022.

 

As noted in the trading update announcement on 17 November 2022, the Group had experienced strong trading momentum through the year and expected total revenue for 2022 of £4.3m. The Group is pleased to report that this strong momentum continued through to the year end. As a result, the Group now expects to report total revenue for 2022 of approximately £4.8m, representing 109% growth over 2021 and being 12% ahead of market expectations.

 

The strong trading at the end of the year was across the Group's business. Accordingly, the growth in revenue for the year continues to be driven by clients that the Group serves directly, which is expected to account for approximately 78% of total revenue (2021: 56%) , and gross margin is expected to improve to approximately 61% for 2022 compared with 52% for 2021.

 

James Hickman, CEO of Cornerstone, said: "We are extremely pleased to see our unaudited revenue more than double in 2022. This increase comes across all business areas as we continue to maintain our revenue focus. We are excited by the prospects for the Group in 2023 and beyond and look forward to updating the market on further developments during the year." .

 

 

 

 

Enquiries  

 

Cornerstone FS Plc	+44 (0)203 971 4865
James Hickman, Chief Executive Officer   Judy Happe, Chief Financial Officer
SPARK Advisory Partners Limited (Nomad)	+44 (0)203 368 3550
Mark Brady, A dam Dawes
SP Angel Corporate Finance LLP (Broker)	+44 (0)203 470 0470
Jeff Keating, Harry Davies-Ball
G racechurch Group (Financial PR)	+44 (0)204 582 3500
Harry Chathli, Claire Norbury

 

About Cornerstone FS PLC

Cornerstone FS Plc is a payments focused fintech business that makes managing currency simple for SMEs. It provides international payment, currency risk management and electronic account services using a proprietary cloud-based multi-currency payments platform. These services are delivered directly and via white label partners on a SaaS basis to UK-based SMEs that engage in international trade. Cornerstone also serves some high-net worth individual clients.

 

Headquartered in the City of London and with offices in Tunbridge Wells and Dubai, Cornerstone is listed on AIM under the trading symbol 'CSFS'. For more information, please visit www.cornerstonefs.com .