Cornerstone FS PLC on Monday said its adjusted earnings will beat current market expectations for 2023.

Cornerstone shares jumped 31% to 15.09 pence each on Monday morning in London.

The cloud-based payment services provider predicts 2023 adjusted earnings before interest, tax, depreciation and amortisation ‘materially above current market expectations’. For 2022, it had reported an adjusted Ebitda loss of £869,319 of 2022, narrowed from £1.3 million in 2021.

Chief Executive Officer James Hickman said: ‘I am pleased to be able to report that we are continuing to experience excellent trading momentum. This reflects the actions that we have taken during the year to enhance our sales team and expand our offer, such as by broadening the range of currencies and countries where we can transact.’

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