Cornerstone FS Reports Record Quarterly Revenue of £946K in Q1 2022
Cornerstone FS, the cloud-based provider of currency risk management and international payments, has released its financial results for the quarter ended 31 March 2022. The Group's total unaudited revenue for Q1 2022 was approximately £946k, the highest ever unaudited quarterly revenue.
According to the press release, Cornerstone FS achieved underlying revenue growth across the business and received the first contribution to revenue from Capital Currencies, which the Group acquired during the period.
Excluding the contribution from acquisitions, the Group's three month Q1 2022 unaudited revenue of approximately £888k has surpassed the six month revenue reported by the Group for H1 2021 of £837k.
Additionally, the company disclosed that the revenue generated by clients that the group serves directly continued to increase significantly during Q1 2022 to approximately 77% compared with 28% for the first half of the previous year.
Earlier this year, Cornerstone FS has agreed to buy Capital Currencies Ltd. for up to 3 million pounds ($4.1 million). The company's Chief Executive Julian Wheatland said that the acquisition is expected to accelerate their growth, being earnings accretive from the current year, and expand Cornerstone's presence in their core target market.
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