Cornerstone FS touts margin growth amid Dubai expansion after H1 losses widen

Mon, 27th Sep 2021

Payment and currency risk management services group Cornerstone FS said it expected its expansion to Dubai to deliver 'substantial improvement in revenue after losses widened in the first half of the year. For the six months ended 30 June 2021, pre-tax losses widened to £1.2 million from £542,000, while revenue fell to £837,000 from £872,000. The wider losses, primarily 'reflects the greater administrative expenses,' the company said. Gross margin improved to 38.1% from 26.8%. In a separate statement, the company said it had opened an office in Dubai. 'With the appointment of the Asia team and the establishment of the Dubai office under Robert O'Brien, the group expects a significant increase in revenue from customers that it services directly, which will account for a greater proportion of total revenue,' the company said. 'Accordingly, the group expects to deliver substantial improvement in gross margin for the full year,' it added. Story provided by StockMarketWire.com

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