Cornerstone FS Plc (AIM: CSFS), the cloud-based provider of international payment, currency risk management and electronic account services to SMEs, is pleased to provide the following unaudited update on trading for the year ended 31 December 2022.
As noted in the trading update announcement on 17 November 2022, the Group had experienced strong trading momentum through the year and expected total revenue for 2022 of £4.3m. The Group is pleased to report that this strong momentum continued through to the year end. As a result, the Group now expects to report total revenue for 2022 of approximately £4.8m, representing 109% growth over 2021 and being 12% ahead of market expectations.
The strong trading at the end of the year was across the Group’s business. Accordingly, the growth in revenue for the year continues to be driven by clients that the Group serves directly, which is expected to account for approximately 78% of total revenue (2021: 56%), and gross margin is expected to improve to approximately 61% for 2022 compared with 52% for 2021.
James Hickman, CEO of Cornerstone, said:
“We are extremely pleased to see our unaudited revenue more than double in 2022. This increase comes across all business areas as we continue to maintain our revenue focus. We are excited by the prospects for the Group in 2023 and beyond and look forward to updating the market on further developments during the year.”.