Cornerstone FS PLC Revenue growth & adj. EBITDA positive for H1 23 (5673F)
July 11 2023 - 2:00AM
UK Regulatory
TIDMCSFS
RNS Number : 5673F
Cornerstone FS PLC
11 July 2023
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 July 2023
Cornerstone FS Plc
("Cornerstone" or "the Company" or "the Group")
Trading Update
Substantial revenue growth and adj. EBITDA positive for H1
2023
Cornerstone FS Plc (AIM: CSFS), a foreign exchange and payments
company offering multi-currency accounts to businesses and
individuals through its proprietary technology platform, is pleased
to provide the following unaudited update on trading for the six
months ended 30 June 2023 ("H1 2023").
As announced on 19 April 2023, the Group generated exceptionally
high levels of revenue growth in the first quarter of 2023, and
entered the second quarter with strong trading momentum. This
strong momentum was sustained through to the end of Q2 2023 and
accordingly, the Group expects to report total revenue for H1 2023
of approximately GBP3.6m, representing an increase of 89% over the
first half of 2022. As a result of the strong revenue growth,
combined with gross margin being maintained, the Group expects to
report a maiden positive adjusted EBITDA for the H1 2023 six-month
period.
The growth during the first half reflects the Group's increased
focus on revenue generation with the introduction of a new sales
team at the end of last year. In particular, r evenue generated by
clients that the Group serves directly grew by approximately 121%
and accounted for 87% of total revenue compared with 74% for the
first half of the previous year.
Accordingly, the Group remains comfortably on track to deliver
significant growth for full year 2023, and will provide further
detail in its interim results statement, which is expected to be
issued on 12 September 2023.
James Hickman, CEO of Cornerstone, said: "This has been an
excellent six months for Cornerstone with substantial revenue
growth, and I'm delighted that we have achieved our first half-year
period of being adjusted EBITDA positive. This has been driven by
our enhanced sales efforts as we realise the benefits of the
actions that we took at the end of last year to strengthen our
team. As a result, we remain on track to deliver significant growth
for the full year and look to the future with confidence."
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, Adam Dawes
Shore Capital (Broker) +44 (0)207 408 4090
Daniel Bush, Tom Knibbs (Corporate
Advisory)
Guy Wiehahn (Corporate Broking)
Gracechurch Group (Financial PR) +44 (0)204 582 3500
Harry Chathli, Claire Norbury
About Cornerstone FS Plc
Cornerstone FS Plc (AIM: CSFS) is a foreign exchange and
payments company offering multi-currency accounts to businesses and
individuals. Headquartered in the City of London, Cornerstone
combines a proprietary technology platform with a high level of
personalised service to support clients with payments in over 35
currencies in more than 100 countries. With a track record of over
12 years, Cornerstone has the expertise, experience and expanding
global partner network to be able to execute complex cross-border
payments. It is fully regulated by
the Financial Conduct Authority as an Electronic Money Institution. www.cornerstonefs.com
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END
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