Source - Alliance News

Cornerstone FS PLC on Tuesday celebrated an ‘excellent six months’, as it expects to report maiden positive earnings before interest, tax, depreciation and amortisation for the first time.

For the six months ended June 30, the cloud-based payment provider expects to report total revenue of £3.6 million, up around 89% from a year prior. It added that, as a result of strong revenue growth, it now also expects to report a maiden positive Ebitda for the half.

This would represent a significant uplift for the company which, in its most recent annual earnings, reported a pretax loss of £5.8 million in 2022, widened from £4.2 million in 2021.

Cornerstone attributed this new growth over the first half of this year to its increased focus on revenue generation with the introduction of a new sales team at the end of last year.

‘This has been an excellent six months for Cornerstone with substantial revenue growth, and I’m delighted that we have achieved our first half-year period of being adjusted Ebitda positive. This has been driven by our enhanced sales efforts as we realise the benefits of the actions that we took at the end of last year to strengthen our team. As a result, we remain on track to deliver significant growth for the full year and look to the future with confidence,’ said Chief Executive Officer James Hickman.

Cornerstone FS shares were trading 7.3% higher at 11.00 pence each in London on Tuesday morning.

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