In a remarkable financial performance, UK-based fintech firm Cornerstone FS plc (LSE: CSFS) has projected a hundred percent increase in its 2023 revenue. The company’s revenue doubled from GBP 4.8 million to GBP 9.6 Million, a significant year-on-year business dictionary growth.
Cornerstone FS Touched Strong Improvement in 2023
The rapid growth of Cornerstone FS is mainly due to the improvements made within the business that resulted in higher active customers. 2023 was not only marked by an increase in the revenue level but also saw improved gross margins of around 63% compared to the 60.9% reported for last year.
The good financial outcomes brought about a nearly 35% jump in Cornerstone’s share prices on the London Stock Exchange. Apart from the company’s successful trading update, it has also revealed an impressive improvement in gross margin, which they attribute to this achievement.
However, the company’s forecast for the fiscal years 2023 and 2024 projects a slightly different picture, with revenue expectations of £6.5m and £8.6m, respectively. EBITDA is anticipated to be £0.1m and £1.1m, with PBT of £(0.7)m and £0.03m. Despite these projections, Cornerstone continues to roar into the new year after its incredible performance in 2023.
Official statement from Cornerstone FS
About Cornerstone FS
Cornerstone is a UK-based fintech company with headquarters in London that focuses on international payments and currency services. The company operates under the trading name Cornerstone Payment Solutions Ltd and is a subsidiary fully owned by Cornerstone FS PLC. In 2010, it was first introduced as PlutusFX LTD; afterward, the name changed to FXPress and then Cornerstone Payment Solutions.
The company specializes in making business easy across borders through cloud-based solutions of payment, currency risk management, and electronic account services. Cornerstone FS serves more than 1400 companies and individual customers, but it is primarily oriented to meeting the needs of SMEs for convenient operations with foreign currency. Today, Cornerstone’s robust platform is dedicated to delivering value to shareholders and assisting its clients in conducting business effectively.