Foreign exchange and payments company Cornerstone FS Plc has released a trading update for the first half of 2023.
The Group saw a great uptick in revenue in the first quarter of the year and the strong trading momentum was sustained in the second one, contributing to the substantial increase in revenue in the first half of the year.
Cornerstone’s notable expansion demonstrates the company’s heightened focus on generating revenue, primarily driven by the introduction of a new sales team in late 2022.
Significantly, the revenue stemming from direct client services experienced a growth of around 121%, accounting for 87% of the total revenue. This figure marks a substantial increase compared to the previous year’s first half, where it constituted 74% of the overall revenue.
This has been an excellent six months for Cornerstone with substantial revenue growth, and I’m delighted that we have achieved our first half-year period of being adjusted EBITDA positive. This has been driven by our enhanced sales efforts as we realise the benefits of the actions that we took at the end of last year to strengthen our team. As a result, we remain on track to deliver significant growth for the full year and look to the future with confidence.
According to the company’s latest trading update, Cornerstone anticipates sustaining this growth momentum in the latter half of the year and expect substantial revenue expansion throughout 2023. Further insights into the company’s financial status will be disclosed in the interim report, scheduled for publication on 12 September 2023.
The company achieved a revenue surge in 2022, with an increase of 110%, reaching £4.8 million compared to £2.3 million in the previous year.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
