Cornerstone FS Plc, a cloud-based provider of global payments and currency risk management services, today revealed an unaudited trading update for 2022
According to the company’s estimates, the Group’s revenue has increased 109% last year, compared to 2021, expecting the number to reach £4.8 million. Furthermore, the figures are 12% above of market expectation.
Earlier in July, Cornerstone FS reported £1.9 million in revenue for the first half of 2022, which jumped 129% compared to the previous year.
The London-listed company highlighted that the strong performance was a result of a solid trading momentum throughout 2022 across all divisions of the Group.
Cornerstone FS further revealed that around 78% of its total yearly revenue came from clients it serves directly, compared to 56% during the prior year. Additionally, the gross margin is expected to increase to 61% from 52% in 2021.
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.
Cornerstone FS Plc announced in December it has signed a share purchase agreement for the sale of its non-core subsidiary, Avila House Ltd., a registered small electronic money institution to Aspire Commerce Ltd, a provider of payment accounts and lending services.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.