Cornerstone FS plc, one of the prominent cloud-based providers of international payment, currency risk management and electronic account services to SMEs, released its unaudited trading update today for the first quarter ended 31 March 2022 (Q1 2022).
For the reported period, the company achieved underlying revenue growth across the business and received the first contribution to revenue from Capital Currencies, which Cornerstone recently acquired. As far as unaudited revenue is concerned, the number touched approximately £946k in Q1 2022, which is the highest ever unaudited quarterly revenue for the Group.
“Excluding the contribution from acquisitions, the Group's three-month Q1 2022 unaudited revenue of approximately £888k has surpassed the six-month revenue reported by the Group for H1 2021 of £837k,” Cornerstone noted.
To enter new markets, Cornerstone has expanded its operations significantly in the past 12 months. Last year, the company enhanced its geographical reach in the Middle East through the opening of a new office in Dubai. Since the start of 2021, Cornerstone has witnessed a consistent rise in revenues.
Revenues
According to Cornerstone, revenues generated by clients that Cornerstone served directly increased substantially in the first quarter of 2022 to nearly 77%, compared to 28% for the first half of the previous year.
“A key contributor to this was the Group's Asia team that was brought on board in the second half of 2021. As announced in its trading update on 14 January 2022, this change to majority direct revenue has had a positive impact on the Group's gross margin, increasing to approximately 51.5% for the full year 2021 (unaudited) from 29.8% for the full year 2020. The Board remains confident in the Group's prospects and looks forward to updating the market on further progress in its audited results for the year ended 31 December 2021, which it intends to announce in June 2022,” Cornerstone added.
