Cornerstone FS plc (AIM: CSFS), the cloud-based provider of international payment, currency risk management and electronic account services to SMEs, announces its final results for the year ended 31 December 2021. In addition, the Company gives notices of its annual general meeting (“AGM”) and publication of its annual report and accounts, both of which are now available to download from the Company’s website at https://investors.cornerstonefs.com/document-centre/.
· Admitted to trading on AIM and raised gross proceeds of £2.7m through the placing of ordinary shares and convertible loan note facilities
· Total revenue increased by 38% to £2.3m (2020: £1.7m)
· Gross margin improved substantially to 51.6% (2020: 29.8%)
· Onboarded 416 new clients (2020: 328)
· Strong strategic progress:
o Significant growth in revenue generated by direct clients, which accounted for the majority of Group revenue
o Appointed a new team to market the Group’s services to businesses located in Asia that support high net worth individuals (“HNWIs”) invest in the UK
o Obtained authorisation as an Authorised Electronic Money Institution (“AEMI”) to enable expansion of service offering
o Expanded internationally with the opening of an office in Dubai
o Post period, acquired Capital Currencies Limited (“Capital Currencies”), a well-established foreign exchange broker specialising in the provision of currency exchange and international payments
Julian Wheatland, Chief Executive Officer of Cornerstone, said:
“We have made excellent progress in delivering the strategic objectives that we outlined at the time of our IPO last year and also achieving a strong increase in revenue. In particular, we have significantly grown sales to direct clients, brought the majority of our white label business in-house, delivered substantial product enhancements and made acquisitions of other FX businesses. While we are still at the relative beginning of our journey, I am proud of what we have achieved to date.
“The strong trading momentum of 2021 has been sustained into the current year and through the first half. The investments made last year into enhancing our product offering and strengthening our team are continuing to drive an increase in trading and expansion of our customer base. As a result, and combined with the contribution from the acquisition this year of Capital Currencies, the Board continues to expect to achieve significant revenue growth for full year 2022, in line with market expectations.”
You can find out more about investment in Cornerstone FS PLC at our Online Investor Centre.