Cornerstone FS PLC on Tuesday reported a return to profit in the first half of 2023, as revenue surged.
The cloud-based payment provider said it swung to a profit of £23,247 from a loss of £3.0 million a year prior.
Revenue climbed 90% to £3.6 million from £1.9 million a year prior. Cost of sales increased 93% to £1.4 million from £727,081. However, share-based compensation costs decreased to £172,679 from £2.2 million.
Administrative costs were also 46% lower at £2.2 million compared to £4.1 million.
Looking ahead, the company said the strong trading momentum continued in the second half of 2023. It expects results for the year to be ‘significantly’ ahead of market expectations, including achieving its first full year of positive adjusted earnings before interest, tax, depreciation and amortisation, compared to an adjusted Ebitda loss of £869,319 in 2022.
Chief Executive Officer James Hickman said: ‘When combined with a large and supportive market backdrop, as global digital payment transaction values expand and the on-going shift of payment transactions away from banks to specialist firms continues, the board has great confidence in the future of the group.’
Cornerstone FS shares rose 5.5% to 12.40 pence each on Tuesday morning in London.
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