10th Jan 2024 13:53
Cornerstone FS PLC - London-based cloud-based payment services provider - Says revenue doubled in 2023 to GBP9.6 million from GBP4.8 million the year before, driven by an increases in active customers2 to 906 from 803 in 2022. "Key elements of this have been growth in the sales team and enhancing and expanding the Group's offering, in particular increasing the number of counterparties to broaden the range of currencies and countries where it can transact," it says. Expects an adjusted earnings before interest, tax, depreciation and amortisation of not less than around GBP1.4 million, up from GBP900,000 in 2022. Gross margin improved to around 63% for 2023 from 60.9% the previous year. Chief Executive Officer James Hickman says: "It has been an excellent year for Cornerstone as we made substantial strategic progress culminating in a set of strong financial results which significantly exceeded the board's expectations this time last year... With a highly scalable platform, along with careful management of our cost base, we are also benefitting from the operating leverage within our business and 2023 has seen us report our maiden full year adjusted Ebitda."
Current stock price: 30.69 pence, up 16%
12-month change: more than tripled from 6.13 pence
By Sabrina Penty, Alliance News reporter
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