Five directors of Cornerstone FS PLC, a cloud-based provider of global payments and currency risk management services, have secured a total of 1.89% shares in the company via the London Stock Exchange (LSE). The transaction was sealed on January 20th.
According to a press statement shared with Finance Magnates, the five directors are Gareth Edwards (Non-Executive Chairman), James Hickman (Chief Executive Officer), Judy Happe (Chief Financial Officer), John Burns (Non-Executive Director) and Simon Bullock (Non-Executive Director).
These directors, respectively, bought shares worth the following percentages of total voting rights: 1.49%, 0.14%, 0.05%, 0.01% and 0.20%. In total, they acquired a total of 223,500 ordinary shares in the capital of Cornerstone, the statement said.
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The development comes only weeks after Cornerstone disclosed that it expects its revenue for fiscal year 2022 to surge by 109% to £4.8 million, powered by strong trading momentum throughout the year. Finance Magnates reports that this is 12% above market expectations. Similarly, the company saw its half-year revenue skyrocket by 127% year-over-year in 2022.
Hickman, who assumed the CEO position in August last year, has previously noted that the expected increase in revenue cuts across all areas of the firm’s businesses.
Cornerstone Strengthens Business
Cornerstone, which was admitted to the Alternative Investment Market of the London Stock Exchange in April 2021, has taken a number of steps in recent months to strengthen its business.
In December last year, the company agreed to sell its electronic money institution, Avila House, to Aspire Commerce for £300,000 to boost its cash reserves. The transaction is expected to be closed during the first quarter of this year. The deal comes less than a year after the company’s primary operating subsidiary, FXPress, was granted the Authorized Electronic Money Institution (AEMI) license by the UK's Financial Conduct Authority.
Furthermore, Cornerstone in September acquired Pangea FX Limited, a specialist FX and treasury consulting company. Hickman explained that the move will help the company to drive its growth.
