Cornerstone FS plc today released its unaudited trading update for the first quarter of the year.
According to the numbers reported by the company, Cornerstone registered underlying revenue growth across the business and received the first contribution to revenue from Capital Currencies, which the Group acquired during the first three months of the year.
The total unaudited revenue from January to March reached £946,000. Cornerstone FS highlighted that this is the highest ever unaudited quarterly revenue for the Group.
Cornerstone noted that excluding the contribution from acquisitions, the unaudited revenue stood at £888,000. This figure has surpassed the six-month revenue reported by the Group of £837,000 for the first half of 2021.
Additionally, revenues generated by clients that Cornerstone served directly increased in the first quarter of 2022 to 77%, compared to 28% for the first half of the previous year.
Cornerstone said in the official announcement:
A key contributor to this was the Group’s Asia team that was brought on board in the second half of 2021. As announced in its trading update on 14 January 2022, this change to majority direct revenue has had a positive impact on the Group’s gross margin, increasing to approximately 51.5% for the full year 2021 (unaudited) from 29.8% for the full year 2020. The Board remains confident in the Group’s prospects and looks forward to updating the market on further progress in its audited results for the year ended 31 December 2021, which it intends to announce in June 2022.
In the past 12 months, Cornerstone has expanded its operations significantly to enter new markets. In 2021, the company expanded its presence in the Middle East with a new office in Dubai.
