Cornerstone FS Registers 110% YoY Surge in Revenue for 2022

Cornerstone FS Plc​, a foreign exchange and payments company offering multi-currency accounts to businesses and individuals, has reported its financial results for the full year of 2022 ended 31 December 2022. The company during the period has achieved strong financial performance with revenues more than doubling and an increase in gross margin.

Cornerstone has generated £4.8 million revenue in 2022, soaring 110% compared to 2021's £2.3 million. Gross margin grew to 60.9% from 51.6% in 2021.

"This growth was accelerated by two acquisitions during the year, which also supported the completion of our transition to a business that services customers directly. Through the expansion of our offer, enhancement of our platform and strengthening of our team, we took important actions to position Cornerstone for an even greater 2023," explained James Hickman, CEO of Cornerstone.

Transacted payments for 2022 totaled £584 million, 61% higher over the prior year’s £363 million. Adjusted EBITDA loss declined from 2021's £1.3 million to £0.9 million.

Cornerstone ended the year with cash and cash equivalents of £682k, compared to that of 2021 at £348k. Besides, during the year, the number of active customers at the firm increased 38% on a yearly basis to 803.

"The strong trading momentum experienced in 2022 has been sustained into the current year, and we remain on track for a significant increase in revenue for full year 2023 and are optimistic in terms of adjusted EBITDA positivity. As a result, and as we continue to broaden our partnership network and offer, we remain confident in the future and look forward to reporting on our progress," added James Hickman.