Source - Alliance News

Cornerstone FS PLC - cloud-based payment provider - Expects revenue for 2022 of £4.8 million, more than doubled from £2.3 million in 2021 and 12% ahead of market expectations and upped from a previous estimate of £4.3 million it posted in November. Reports strong momentum that continued through to the year-end. Accordingly, says 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’. Gross margin is expected to improve to approximately 61% for 2022.

Chief Executive Officer James Hickman says: ‘We are extremely pleased to see our 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.’

In September, Cornerstone FS said in the six months ended June 30, total revenue more than doubled to £1.9 million from £837,000 a year before. Loss before tax widened to £3.0 million from £1.2 million, primarily reflecting great administrative expenses.

Current stock price: 7.43 pence, up 21% on Wednesday around midday in London

12-month change: down 77%

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