Cornerstone FS Plc (AIM: CSFS), a cloud-based provider of global payments and currency risk management 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."

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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 , 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.