Cornerstone Expects 109% Revenue Uptick in 2022
- The company witnessed a strong trading momentum throughout the year across businesses.
- Its gross margin is expected to increase to about 61 percent from 52 percent.
Cornerstone FS Plc (AIM: CSFS), a cloud-based provider of global payments and currency risk management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term services, revealed an unaudited trading update on Wednesday, revealing its expectation of generating £4.8 million in revenue for 2022. The figure is 109 percent higher than the revenue of the previous year and 12 percent above market expectations.
Cornerstone Expects Solid 2022 Revenue
Earlier, the company reported a revenue of £1.9 million in the first half of last year, which unticked 127 percent compared to the same period of the previous year. This puts the revenue of the second half at £2.9 million.
The increase in the numbers was primarily due to the strong trading momentum throughout the year that continued until the year's end. Additionally, the company highlighted that the strong demand in the year came across all its divisions.
Moreover, the London-listed company revealed that approximately 78 percent of its total 2022 revenue came from clients it serves directly, compared to only 56 percent in the previous year. in addition, the gross margin is expected to improve to about 61 percent from 52 percent.
"We are extremely pleased to see our unaudited revenue more than double in 2022," said the CEO of Cornerstone, James Hickman, who took over the role last August. "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."
Check out the latest FMLS session on "Risk Management for Turbulent Times."
Other Activities of Cornerstone
Meanwhile, Cornerstone indulged in several purchases and sales last year for better positioning of its business and expanded internationally opening a Dubai office in 2021.
Earlier this year, Cornerstone acquired London-based Capital Currencies, a foreign exchange broker specializing in the provision of currency exchange and international payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, and Pangea FX, a specialist FX & Treasury consulting firm. Most recently, the Group decided to sell its non-core subsidiary Avila House, an electronic money institute, to Aspire Commerce (trading as MulootMoney.com) for £300,000 in cash. The deal came as Cornerstone obtained the Financial Conduct Authority's approval as an Authorized Electronic Money Institution, thus supplanting the limited license of Avila.
Cornerstone FS Plc (AIM: CSFS), a cloud-based provider of global payments and currency risk management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term services, revealed an unaudited trading update on Wednesday, revealing its expectation of generating £4.8 million in revenue for 2022. The figure is 109 percent higher than the revenue of the previous year and 12 percent above market expectations.
Cornerstone Expects Solid 2022 Revenue
Earlier, the company reported a revenue of £1.9 million in the first half of last year, which unticked 127 percent compared to the same period of the previous year. This puts the revenue of the second half at £2.9 million.
The increase in the numbers was primarily due to the strong trading momentum throughout the year that continued until the year's end. Additionally, the company highlighted that the strong demand in the year came across all its divisions.
Moreover, the London-listed company revealed that approximately 78 percent of its total 2022 revenue came from clients it serves directly, compared to only 56 percent in the previous year. in addition, the gross margin is expected to improve to about 61 percent from 52 percent.
"We are extremely pleased to see our unaudited revenue more than double in 2022," said the CEO of Cornerstone, James Hickman, who took over the role last August. "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."
Check out the latest FMLS session on "Risk Management for Turbulent Times."
Other Activities of Cornerstone
Meanwhile, Cornerstone indulged in several purchases and sales last year for better positioning of its business and expanded internationally opening a Dubai office in 2021.
Earlier this year, Cornerstone acquired London-based Capital Currencies, a foreign exchange broker specializing in the provision of currency exchange and international payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, and Pangea FX, a specialist FX & Treasury consulting firm. Most recently, the Group decided to sell its non-core subsidiary Avila House, an electronic money institute, to Aspire Commerce (trading as MulootMoney.com) for £300,000 in cash. The deal came as Cornerstone obtained the Financial Conduct Authority's approval as an Authorized Electronic Money Institution, thus supplanting the limited license of Avila.