Significantly, the revenue stemming from direct client services experienced a growth of around 121%, accounting for 87% of the total revenue. This figure marks a substantial increase compared to the previous year's first half, where it constituted 74% of the overall revenue. James Hickman, CEO of Cornerstone, said: This has been an excellent six months…
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Revenue from foreign exchange and payments services were key contributing factors, specifically from spot and forward transactions, which made 92% and 8% of revenue respectively. In comparison, spot brought in 89% during the prior year and forwards - 11%. In 2022, the Group expanded its payments capabilities and the currency pairs rose from 42 to…
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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…
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The Group acquired Avila in October 2020 to secure a Small Electronic Money Institution. The company’s primary operating subsidiary, Cornerstone Payment Solutions Ltd. (formerly FXPress Payment Services Ltd.) gained approval from the Financial Conduct Authority (FCA) as Authorised Electronic Money Institution in August 2021, which replaced the more limited license of Avila. According to the…
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Elliott Mannis, said: James brings a wealth of industry experience and excellent strategic and leadership skills to Cornerstone, and I am delighted that he will be our new Chief Executive Officer. He has impressed the Board with his clarity of vision, breadth of knowledge and his strong client-centric mindset. The Board believes he is a…
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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…
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Cornerstone noted that excluding the contribution from acquisitions, the unaudited revenue stood at £888,000. This figure has surpassed the six-month revenue reported by the Group of £837,000 for the first half of 2021. Additionally, revenues generated by clients that Cornerstone served directly increased in the first quarter of 2022 to 77%, compared to 28% for…
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FXPress Cornerstone established the COO position of FXPress position to strengthen its operation during its expansion. The Board is currently searching for someone to permanently take up the role of COO. Julian Wheatland, Chief Executive Officer of Cornerstone, said: As our business continues to expand, the establishment of the FXPress COO position will strengthen our…
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Julian Wheatland, Chief Executive Officer of Cornerstone, said: Dubai is a major destination for foreign investment in real estate, particularly with funds from Asia, and its appeal has been enhanced during the pandemic. Dubai also serves as a gateway to the Middle East, Africa and South Asia, making it an increasingly important centre for global…
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