Trading Update
19/04/2023 07:00
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RNS Number : 6670W Cornerstone FS PLC 19 April 2023
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19 April 2023
Cornerstone FS Plc
("Cornerstone" or "the Company" or "the Group")
Trading Update
Q1 revenue ahead of expectations
Cornerstone FS Plc (AIM: CSFS), a foreign exchange and payments company
offering multi-currency accounts to businesses and individuals, is pleased to
provide the following unaudited update on trading for the first quarter to 31
March 2023.
As noted in the trading update announcement on 11 January 2023, the Group
experienced strong trading momentum through FY 2022 and expects to report
total revenue for the year ended 31 December 2022 of approximately £4.8m.
This momentum increased in Q1 2023 beating management's expectations with
unaudited revenue expected to be approximately £1.95m versus £0.95m for the
same period last year. This better-than-expected performance reflects growth
across the Group's business and the progress being made as a result of the
increased focus on revenue generation with the sales team that was introduced
at the end of last year and an expanding partnership network. Additionally the
Group achieved its first, unaudited, quarter of being EBITDA positive.
The Board is extremely pleased with the exceptional performance for Q1 2023,
but do not expect this exceptional Q1 trading to continue at the same rate in
Q2 2023, with management expecting revenues to revert to its original budgeted
levels for the period. However, the Board remains cautiously optimistic for
rest of the financial year.
The Group will provide further details on progress in its final results
announcement, for the year ended 31 December 2022, which is expected to be
issued during May 2023.
James Hickman, CEO of Cornerstone, said: "This has been an exceptionally
strong quarter for Cornerstone. We have generated substantial revenue growth,
compared to the same quarter last year, driven by our enhanced sales efforts
as we focus on commercialising our existing platform. I am delighted that we
achieved our first EBITDA positive quarter. We are cautiously optimistic both
in terms of revenue performance and EBITDA positivity for the 2023 financial
year. We look forward to providing a further update at the time of our full
year results."
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
SP Angel Corporate Finance LLP (Broker) +44 (0)203 470 0470
Jeff Keating, Harry Davies-Ball
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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