Cornerstone FS sees strong revenue growth in H1 2022

Cornerstone FS plc today released its unaudited trading update for the first half of the year.

According to the announcement shared with LeapRate, Cornerstone FS sustained its momentum from the first quarter of the year. Moreover, the second quarter revenue exceeded the fintech firm’s first quarter.

The Group stated that it expects a total unaudited revenue for the first six months of the year to reach approximately £1.9 million. This represents a 129% increase compared to the first half of the previous year. Cornerstone FS noted that it is on track to deliver substantial revenue growth for the full year.

According to the numbers reported by the company, clients that the Group serves directly generated 75% of total revenue. In comparison, this was 28% during the first half of 2021.

Cornerstone revenue

Much of the gains were attributed to the Group’s Asia team that was brought on board in the second half of 2021. This change to majority direct revenue has had a positive impact on the Group’s gross margin. This is expected to rise 61% for the first half of 2022 from 38.1% for the same period the previous year and 51.6% for the full year 2021.

Cornerstone FS stated:

The Group had bank balances of approximately £0.28m at the date of the approval of the financial statements and convertible loan note facilities of a further £0.45m that are available to be called on 20-days’ notice (£0.1m of which cannot be called until 13 January 2023).

Cornerstone highlighted that the group remains confident of its prospects for the full year 2022.

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