REG - Cornerstone FS PLC - Trading Update - Continued strong trading momentum

Cornerstone FSAnnouncement

24/10/2023 07:00

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RNS Number : 0254R  Cornerstone FS PLC  24 October 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.

 

24 October 2023

 

Cornerstone FS plc

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

 

Trading Update

 

Continued strong trading momentum - full year revenue and adjusted EBITDA to
be above previous Board 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 interim results announcement on 12 September 2023, the
strong trading momentum that was experienced in the first half of the year
continued into the second half. The Group is pleased to confirm that this
strong trading has continued to date. Accordingly, the Group now expects to
report revenue for the year to 31 December 2023 ("FY 2023") of at least £8m,
ahead of its prior expectations and representing an annual growth rate of at
least 66%. With the increase in revenue and continued careful management of
the cost base, the Group now also expects adjusted EBITDA for FY 2023 will be
ahead of the Board's prior expectations.

 

The strong growth reflects the advancements being made across the business.
Key elements of this have been growing the sales team and enhancing and
expanding the Group's offering, particularly by increasing the number of
counterparties to broaden the range of currencies and countries where it can
transact. As a result of this ongoing strategic and operational progress, the
number of active customers(1) has increased year-on-year and the Group's
average transaction value has risen.

 

James Hickman, CEO of Cornerstone, said: "We are continuing to experience
excellent trading momentum. We are executing higher value transactions and
with a greater number of active customers, which is being driven by our
enhanced sales efforts and focus on more fully commercialising our platform.
At the same time, we are carefully managing our cost base as we grow.
Accordingly, we look forward to reporting better than expected revenue and
adjusted EBITDA for FY 2023, and 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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