Vela Technologies #VELA – Investee company Cornerstone FS #CFCS interim results September 27, 2022 – Posted in: Blog, Vela Technologies Plc (VELA) – Tags: , , , , , ,

Cornerstone FS plc (AIM: CSFS), the cloud-based provider of international payment, currency risk management and electronic account services to SMEs, is pleased to announce its unaudited interim results for the six months ended 30 June 2022.

Highlights

·   Total revenue increased by 127% to £1.9m (H1 2021: £837k)

o  Growth driven by direct sales, which increased to £1.4m (H1 2021: £231k)

·     Gross margin improved substantially to 61.7% (H1 2021: 38.1%)

·   Acquired Capital Currencies Limited (“Capital Currencies”) and, post period, Pangea FX Limited (“Pangea FX”), two well-established FX businesses

· Commenced trading through an additional payment partner and liquidity provider, Banking Circle, strengthening and enhancing the Group’s offer

·   Post period, raised a combined total of £1.1m through a placing and issue of a convertible loan note

Gareth Edwards, Chairman of Cornerstone, said:

“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.

“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.” 

Enquiries

Cornerstone FS plc

+44 (0)203 971 4865

James Hickman , Chief Executive Officer

Judy Happe, Chief Financial Officer

SPARK Advisory Partners Limited (Nomad)

+44 (0)203 368 3550

Mark Brady, A dam Dawes

SP Angel Corporate Finance LLP (Broker)

+44 (0)203 470 0470

Jeff Keating, Harry Davies-Ball

G racechurch Group (Financial PR)

+44 (0)204 582 3500

Harry Chathli, Claire Norbury

About Cornerstone FS plc

Cornerstone FS plc is a payments focused fintech business that makes managing currency simple for SMEs. It provides international payment, currency risk management and electronic account services using a proprietary cloud-based multi-currency payments platform. These services are delivered directly and via white label partners on a SaaS basis to UK-based SMEs that engage in international trade. Cornerstone also serves some high-net worth individual clients.

Headquartered in the City of London with offices in Tunbridge Wells and Dubai, Cornerstone is admitted to trading on AIM under the trading symbol ‘CSFS’. For more information, please visit www.cornerstonefs.com