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Hardman & Co Research
Hardman & Co Research on Cornerstone FS (CSFS): Strong FY22 update and Avila House divestment

16-Jan-2023 / 07:00 GMT/BST

Hardman & Co Research on Cornerstone FS (CSFS):

Strong FY22 update and Avila House divestment


The new CEO is proving to be decisive, while benefiting from continuing strong underlying momentum in the company’s end-markets. The trading update released on 11 January 2023 confirmed a strong finish to FY22, with revenue for the last two months of the year coming in £0.5m ahead of expectations, taking the FY22 outturn to £4.8m versus previous guidance of £4.3m. The Avila House disposal announced in December is timely, realising £300,000 upfront and a further similar sum during FY23 from a licensing arrangement. The e-money licence that Avila brought had been superseded by Cornerstone’s own licence. Our DCF-implied fair equity value for Cornerstone is £8.9m.


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About Hardman & Co: Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.

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End of Announcement - EQS News Service

1535239  16-Jan-2023 

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