A cloud-based provider of global payments and currency risk management services, Cornerstone announced its financial results for the first half of 2022 (H1 2022) today. For the reported period, the company’s total revenue came in at £1.9 million, which is 127% higher compared to the same period in 2021.
A sharp surge in direct sales played an important role in the company’s latest revenue jump. The figure climbed from £231k in H1 2021 to £1.4 million in H1 2022. Cornerstone’s gross margin also improved substantially to 61.7%. The gross margin in the first half of 2021 stood at 38.1%.
During the first week of September 2022, Cornerstone entered into an agreement to acquire Pangea FX. According to Gareth Edwards, the Chairman of Cornerstone, the addition of Pangea FX has strengthened its business.
“The first half of 2022 represents a period of significant growth – both in terms of revenue as well as the expansion of the operations with the acquisition of Capital Currencies. Our business has been strengthened further post-period with the addition of the Pangea FX team, who will help drive our sales function both in the UK and Dubai. With the arrival of James Hickman, our new CEO, on 12 September 2022, we can expect an added impetus to the growth in direct sales and, in due course, the addition of further revenue streams,” Edwards said.
Growth
In the recent press release, Edwards mentioned that the company is expecting strong revenue growth in the second half of 2022 as well.
“The strong trading momentum that was experienced in the first half of the year has been sustained through the second half, reflecting underlying growth as well as the initial contribution from Pangea FX. Accordingly, we continue to expect to achieve significant revenue growth for full-year 2022, and I look forward to reporting on our progress,” Cornerstone’s Chairman added.
