Cornerstone FS Posts 127% YoY Jump in H1 Total Revenue

Cornerstone FS plc, the cloud-based provider of international payment, currency risk management and electronic account services to SMEs, has announced its unaudited interim results for the six months ended 30 June 2022.

Highlights

• ​Total revenue increased by 127% to £1.9m (H1 2021: £837k)

• ​Gross margin improved substantially to 61.7% (H1 2021: 38.1%)

• ​Acquired Capital Currencies Limited ("Capital Currencies") and, post period, Pangea FX Limited ("Pangea FX"), two well-established FX businesses

• ​Commenced trading through an additional payment partner and liquidity provider, Banking Circle, strengthening and enhancing the Group's offer

• ​Post period, raised a combined total of £1.1m through a placing and issue of a convertible loan note

Gareth Edwards, Chairman of Cornerstone, said:"The first half of 2022 represents a period of significant growth - both in terms of revenue as well as the expansion of the operations with the acquisition of Capital Currencies. Our business has been strengthened further post period with the addition of the Pangea FX team, who will help drive our sales function both in the UK and Dubai. With the arrival of James Hickman, our new CEO, on 12 September 2022, we can expect an added impetus to the growth in direct sales and, in due course, the addition of further revenue streams.

"The strong trading momentum that was experienced in the first half of the year has been sustained through the second half, reflecting underlying growth as well as the initial contribution from Pangea FX. Accordingly, we continue to expect to achieve significant revenue growth for full year 2022 and I look forward to reporting on our progress."