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UK-based financial services company Cornerstone FS plc (LSE: CSFS) has announced significant growth in its financial results for 2023, posting a 100% increase in revenue to £9.6 million. The company supplies abroad exchange
Exchange
An exchange is known as a market that supports the trading of derivatives, commodities, securities, and other financial instruments. Typically, an exchange is accessible through a digital platform or sometimes at a tangible address where investors arrange to transact. One of the main responsibilities of an exchange would be to maintain honest and fair trading practices. These play a key role in ensuring that the distribution of security rates supported on this exchange is efficient.
An exchange is known as a market that supports the trading of derivatives, commodities, securities, and other financial instruments. Typically, an exchange is accessible through a digital platform or sometimes at a tangible address where investors arrange to transact. One of the main responsibilities of an exchange would be to maintain honest and fair trading practices. These play a key role in ensuring that the distribution of security rates supported on this exchange is efficient.
and payment solutions for businesses and individuals.
Cornerstone said its full-year 2023 revenue almost doubled to around £9.6 million, up from £4.8 million in 2022. The company said the strong Growth was due to its increased active customer base and higher average transaction values.
“It was a great year for Cornerstone as we made substantial strategic progress that resulted in a series of strong financial results that far exceeded the board’s expectations at this time last year,” said James Hickman, CEO of Cornerstone.
The financial results also showed that Cornerstone improved its gross profit margin to around 63% in 2023, up from 61% in 2022. It generated positive adjusted EBITDA of at least £1.4m, compared to a loss of ‘Adjusted EBITDA of £0.9 million in 2022.
Additionally, Cornerstone generated positive operating cash flow of approximately £1.4 million in 2023, compared to a cash outflow in 2022. The company ended 2023 with approximately £2.3 million in cash and cash equivalents.
“We have strengthened our sales team and expanded our offering, allowing us to execute higher value transactions and with a greater number of active clients,” added Hickman. “With a highly scalable platform and rigorous management of our cost base, we also benefit from the ability to operate leverage
Leverage
In financial trading, leverage is a loan provided by a broker, which allows a trader to control a relatively large amount of money with a significantly smaller initial investment. Leverage therefore allows traders to achieve a much higher return on investment than trading without any leverage. Traders seek to profit from movements in financial markets, such as stocks and currencies. Trading without any leverage would significantly decrease the potential rewards.
In financial trading, leverage is a loan provided by a broker, which allows a trader to control a relatively large amount of money with a significantly smaller initial investment. Leverage therefore allows traders to achieve a much higher return on investment than trading without any leverage. Traders seek to profit from movements in financial markets, such as stocks and currencies. Trading without any leverage would significantly decrease the potential rewards.
within our company.
Cornerstone shares double in value
The latest results confirm the report published by Cornerstone more than a month ago, according to which revenues for 2023 will be “significantly higher than current market expectations.”
On October 24, 2023, we announced strong sales momentum alongside an increase in the number of active customers and average transaction value. We are pleased to announce that these very strong exchanges have continued until now, as explained by our CEO, @jameshickman below: pic.twitter.com/rG2OfI2vFo
– Cornerstone FS (@cornerstonefs_) December 4, 2023
Although the company did not provide details at the time, this led to a significant rise in the value of its shares on the London Stock Exchange. This also sparked a rally, which has since led to a more than 100% increase in the company’s stock price.
Previously, the company announced in October that its revenue for the latest financial year would be at least £8 million. In September, results for the first half of 2023 were published, showing a 90% rise in revenue to £3.6m.
This marks another consecutive year of growth for the foreign exchange and payments company. Based on data from May, when Cornerstone released a full report for 2022, we know that revenue during this period also grew dynamically, increasing by 110%.
UK-based financial services company Cornerstone FS plc (LSE: CSFS) has announced significant growth in its financial results for 2023, posting a 100% increase in revenue to £9.6 million. The company supplies abroad exchange
Exchange
An exchange is known as a market that supports the trading of derivatives, commodities, securities, and other financial instruments. Typically, an exchange is accessible through a digital platform or sometimes at a tangible address where investors arrange to transact. One of the main responsibilities of an exchange would be to maintain honest and fair trading practices. These play a key role in ensuring that the distribution of security rates supported on this exchange is efficient.
An exchange is known as a market that supports the trading of derivatives, commodities, securities, and other financial instruments. Typically, an exchange is accessible through a digital platform or sometimes at a tangible address where investors arrange to transact. One of the main responsibilities of an exchange would be to maintain honest and fair trading practices. These play a key role in ensuring that the distribution of security rates supported on this exchange is efficient.
and payment solutions for businesses and individuals.
Cornerstone said its full-year 2023 revenue almost doubled to around £9.6 million, up from £4.8 million in 2022. The company said the strong Growth was due to its increased active customer base and higher average transaction values.
“It was a great year for Cornerstone as we made substantial strategic progress that resulted in a series of strong financial results that far exceeded the board’s expectations at this time last year,” said James Hickman, CEO of Cornerstone.
The financial results also showed that Cornerstone improved its gross profit margin to around 63% in 2023, up from 61% in 2022. It generated positive adjusted EBITDA of at least £1.4m, compared to a loss of ‘Adjusted EBITDA of £0.9 million in 2022.
Additionally, Cornerstone generated positive operating cash flow of approximately £1.4 million in 2023, compared to a cash outflow in 2022. The company ended 2023 with approximately £2.3 million in cash and cash equivalents.
“We have strengthened our sales team and expanded our offering, allowing us to execute higher value transactions and with a greater number of active clients,” added Hickman. “With a highly scalable platform and rigorous management of our cost base, we also benefit from the ability to operate leverage
Leverage
In financial trading, leverage is a loan provided by a broker, which allows a trader to control a relatively large amount of money with a significantly smaller initial investment. Leverage therefore allows traders to achieve a much higher return on investment than trading without any leverage. Traders seek to profit from movements in financial markets, such as stocks and currencies. Trading without any leverage would significantly decrease the potential rewards.
In financial trading, leverage is a loan provided by a broker, which allows a trader to control a relatively large amount of money with a significantly smaller initial investment. Leverage therefore allows traders to achieve a much higher return on investment than trading without any leverage. Traders seek to profit from movements in financial markets, such as stocks and currencies. Trading without any leverage would significantly decrease the potential rewards.
within our company.
Cornerstone shares double in value
The latest results confirm the report published by Cornerstone more than a month ago, according to which revenues for 2023 will be “significantly higher than current market expectations.”
On October 24, 2023, we announced strong sales momentum alongside an increase in the number of active customers and average transaction value. We are pleased to announce that these very strong exchanges have continued until now, as explained by our CEO, @jameshickman below: pic.twitter.com/rG2OfI2vFo
– Cornerstone FS (@cornerstonefs_) December 4, 2023
Although the company did not provide details at the time, this led to a significant rise in the value of its shares on the London Stock Exchange. This also sparked a rally, which has since led to a more than 100% increase in the company’s stock price.
Previously, the company announced in October that its revenue for the latest financial year would be at least £8 million. In September, results for the first half of 2023 were published, showing a 90% rise in revenue to £3.6m.
This marks another consecutive year of growth for the foreign exchange and payments company. Based on data from May, when Cornerstone released a full report for 2022, we know that revenue during this period also grew dynamically, increasing by 110%.
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