REG - Cornerstone FS PLC - FY 2023 trading above current market expectations

Cornerstone FSAnnouncement

04/12/2023 07:00

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RNS Number : 4806V  Cornerstone FS PLC  04 December 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.

 

4 December 2023

 

Cornerstone FS plc

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

 

Trading Update

FY 2023 revenue and adj. EBITDA to be materially above current market
expectations

 

Cornerstone FS plc (AIM: CSFS), a foreign exchange and payments solutions
company offering multi-currency accounts to businesses and individuals through
its proprietary technology platform, is pleased to provide the following
unaudited update on trading.

 

As noted in the Group's announcement of 24 October 2023, Cornerstone was
experiencing strong trading momentum, reflecting the advancements made across
the business driving year-on-year increases in active customers(1) and average
transaction value. The Group is pleased to report that this very strong
trading has continued to date and, as a result, the Group now anticipates
reporting revenue and adjusted EBITDA for the year to 31 December 2023
materially ahead of current market expectations.

 

James Hickman, CEO of Cornerstone, said: "I am pleased to be able to report
that we are continuing to experience excellent trading momentum. This reflects
the actions that we have taken during the year to enhance our sales team and
expand our offer, such as by broadening the range of currencies and countries
where we can transact. With a highly scalable platform, along with careful
management of our cost base, we are now benefitting from the operating
leverage within our business as the increase in sales is driving even stronger
growth in adj. EBITDA. Accordingly, the Board continues to have great
confidence in the future of the Group."

 

 

(1) Defined as customers who traded through Cornerstone in the preceding 12
months

 

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 and payment solutions 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 150 countries in 58 currencies. 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
(http://www.cornerstonefs.com/)

 

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