Cornerstone FS Plc reported trading results for FY 2023 that exceed market expectations.
The current growth continues a trend observed in previous financial periods.
Shares of
Cornerstone, a foreign exchange and payments solution provider, surged nearly
35% today (Monday) on the London Stock Exchange following a trading update that
suggested their revenue and EBITDA for the fiscal year 2023 (FY23) will be
"materially above current market expectations." Although the company
did not provide specific figures, this information was sufficient to spark
optimism among investors.
Cornerstone's Revenue
Expected to Exceed £8 Million
The latest
trading update came after an announcement at the end of October, when the
company reported that its full revenue for FY23 is expected to be at least £8
million, marking an increase of 66% year-over-year.
Now, the
company hints that the final results will be higher than previously
anticipated as it continues to experience "strong trading momentum,"
reflecting changes made in its operations over the past year.
"Very
strong trading has continued to date and, as a result, the Group now
anticipates reporting revenue and adjusted EBITDA for the year to 31 December
2023 materially ahead of current market expectations," the company
commented.
These
developments led Cornerstone's shares to rise 34.8% to 16.3 pence on Monday,
testing over-monthly highs.
Source: Tradingview.com
Continued Strong
Performance for Cornerstone
In the first half of 2023, Cornerstone announced an increase of 90% in
revenue, reaching £3.6 million. The company was optimistic about maintaining
this positive trend in the latter half of FY23, anticipating
results that surpass expectations.
Should Cornerstone achieve or exceed its projected outcomes for 2023, it
would mark a continuation of the impressive growth seen in 2022. Last year, the
company saw its revenue soar 110% to £4.8 million, up from £2.3 million the
year before.
A significant portion of Cornerstone's revenue is attributed to its core
services in foreign exchange and payments, especially from spot and forward
transactions. These services accounted for 92% and 8% of the total revenue,
respectively.
Shares of
Cornerstone, a foreign exchange and payments solution provider, surged nearly
35% today (Monday) on the London Stock Exchange following a trading update that
suggested their revenue and EBITDA for the fiscal year 2023 (FY23) will be
"materially above current market expectations." Although the company
did not provide specific figures, this information was sufficient to spark
optimism among investors.
Cornerstone's Revenue
Expected to Exceed £8 Million
The latest
trading update came after an announcement at the end of October, when the
company reported that its full revenue for FY23 is expected to be at least £8
million, marking an increase of 66% year-over-year.
Now, the
company hints that the final results will be higher than previously
anticipated as it continues to experience "strong trading momentum,"
reflecting changes made in its operations over the past year.
"Very
strong trading has continued to date and, as a result, the Group now
anticipates reporting revenue and adjusted EBITDA for the year to 31 December
2023 materially ahead of current market expectations," the company
commented.
These
developments led Cornerstone's shares to rise 34.8% to 16.3 pence on Monday,
testing over-monthly highs.
Source: Tradingview.com
Continued Strong
Performance for Cornerstone
In the first half of 2023, Cornerstone announced an increase of 90% in
revenue, reaching £3.6 million. The company was optimistic about maintaining
this positive trend in the latter half of FY23, anticipating
results that surpass expectations.
Should Cornerstone achieve or exceed its projected outcomes for 2023, it
would mark a continuation of the impressive growth seen in 2022. Last year, the
company saw its revenue soar 110% to £4.8 million, up from £2.3 million the
year before.
A significant portion of Cornerstone's revenue is attributed to its core
services in foreign exchange and payments, especially from spot and forward
transactions. These services accounted for 92% and 8% of the total revenue,
respectively.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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FMLS:24 | Shaping the Next Era of Financial Evolution
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FMLS:24 | Shaping the Next Era of Financial Evolution
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
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