11th Jul 2022 10:04
(Alliance News) - Shares in Cornerstone FS PLC leapt on Monday as it expects revenue for the first half of 2022 to more than double, giving the group confidence in achieving significant revenue growth for the year as a whole, in line with market expectations.
Shares in the London-based cloud-based payment services provider were 69% higher at 12.67 pence on Monday morning in London.
For the six months ended June 30, Cornerstone FS expects to report revenue of GBP1.9 million, more than doubled from GBP837,000 the same period a year prior.
The group noted that strong momentum from the first quarter had carried over into the second, with revenue generated by direct clients making up 75% of group revenue, compared to 28% a year prior.
The change to direct revenue also had a positive effect on Cornerstone's margin, which is on-track to improve to 61% from 38% a year before.
Looking ahead, Cornerstone FS is on-track to deliver substantial revenue growth for 2022 as a whole, in line with expectations.
By Dayo Laniyan; [email protected]
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