Foreign exchange and payments company Cornerstone FS Plc has released a trading update for the final results of 2022.
According to the figures, the company recorded a 110% jump in revenue to £4.8 million compared to £2.3 million in 2021.
Clients that the Group serves directly increased 38% last year and generated 78% of total revenue, reaching to £3.8 million. In comparison, revenue generated through the company’s introducer network recorded £1.1 million, accounting for 22% of the Group revenue
During 2022, Cornerstone continued to deliver on its strategy, improved operationally and achieved a strong financial performance with revenues more than doubling and an increase in gross margin. 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.
Revenue from foreign exchange and payments services were key contributing factors, specifically from spot and forward transactions, which made 92% and 8% of revenue respectively. In comparison, spot brought in 89% during the prior year and forwards – 11%.
In 2022, the Group expanded its payments capabilities and the currency pairs rose from 42 to 58. 86% these transactions involving combinations of Sterling, Euros, and US Dollars, compared to 91% in 2021.
The company highlighted that the robust trading momentum observed in 2022 has carried over into the present year. It has even gained momentum in Q1 2023, exceeding expectations and leading to a strong revenue performance for the first quarter. The firm noted that it has achieved its first quarter of being EBITDA positive on an adjusted basis, as reported previously and on an unaudited basis.
Hickman added:
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.
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.
