14th Jan 2022 10:40
(Alliance News) - Shares rose in Cornerstone FS PLC on Friday as it said it expects to report revenue growth for 2021, driven by a strong performance in the second half from its new team in Asia.
Shares in the Newry, Northern Ireland-based payments provider were 14% higher at 37.70 pence on Friday morning in London.
Also on Friday, Cornerstone FS announced an agreement to amend a convertible loan note facility signed with shareholder Robert Lee in March 2021.
Under the new agreement, the company may draw down on the loan under the facility from January 13, 2023 until December 31, 2023. The loan notes from such a drawdown issued to Lee can be converted at a subscription price which is the lesser of 61p and the mid-market price of shares for the five dealing days immediately before the drawdown.
For 2021, Cornerstone FS said it expects revenue to increase 38% year-on-year to GBP2.3 million from GBP1.7 million, driven by a sharp rise in revenue generated by clients, particularly in the second half of the year.
The proportion of revenue accounted for by clients rose to 56% from 12% the prior year, while revenue generated from the introducer network accounted for 44%, down from 88%.
By Dayo Laniyan; [email protected]
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