REG - Cornerstone FS PLC - Revenue growth & adj. EBITDA positive for H1 23

Cornerstone FSAnnouncement

11/07/2023 07:00

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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 £3.6m, 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, revenue 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 (http://www.cornerstonefs.com/)

 

 

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