CSFS.L Share News (CSFS)

Cornerstone FS PLC - cloud-based payment provider - Says the strong trading momentum that was experienced in the first half of 2023 has continued into the second half, as reported last month, and to-date. Now expects to report 2023 revenue of at least GBP8 million, ahead of prior expectations and representing annual growth of at least 66% from GBP4.8 million in 2022. Says the strong growth reflects the advancements being made across the business, including growing the sales team and enhancing and expanding the group's offering by increasing the number of counterparties. This serves to broaden the range of currencies and countries where it can transact, the company says. Accordingly, says the number of active customers has increased annually and the group's average transaction value has risen.

Chief Executive Officer James Hickman says: "We are continuing to experience excellent trading momentum. We are executing higher value transactions and with a greater number of active customers, which is being driven by our enhanced sales efforts and focus on more fully commercialising our platform. At the same time, we are carefully managing our cost base as we grow. Accordingly, we look forward to reporting better than expected revenue and adjusted [earnings before interest, tax, depreciation and amortisation] for 2023, and the board continues to have great confidence in the future of the group."

Current stock price: 15.35 pence, up 9.6%

12-month change: More than doubled

By Greg Rosenvinge, Alliance News reporter

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