Trading Update - Continued strong trading momentum

Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.

24 October 2023

Cornerstone FS plc

("Cornerstone" or "the Company" or "the Group")

Trading Update

Continued strong trading momentum - full year revenue and adjusted EBITDA to be above previous Board expectations

Cornerstone FS plc (AIM: CSFS), a foreign exchange and payments solutions company offering multi-currency accounts to businesses and individuals through its proprietary technology platform, is pleased to provide the following unaudited update on trading.

As noted in the Group's interim results announcement on 12 September 2023, the strong trading momentum that was experienced in the first half of the year continued into the second half. The Group is pleased to confirm that this strong trading has continued to date. Accordingly, the Group now expects to report revenue for the year to 31 December 2023 ("FY 2023") of at least £8m, ahead of its prior expectations and representing an annual growth rate of at least 66%. With the increase in revenue and continued careful management of the cost base, the Group now also expects adjusted EBITDA for FY 2023 will be ahead of the Board's prior expectations.

The strong growth reflects the advancements being made across the business. Key elements of this have been growing the sales team and enhancing and expanding the Group's offering, particularly by increasing the number of counterparties to broaden the range of currencies and countries where it can transact. As a result of this ongoing strategic and operational progress, the number of active customers¹ has increased year-on-year and the Group's average transaction value has risen.

James Hickman, CEO of Cornerstone, said: "We are continuing to experience excellent trading momentum. We are executing higher value transactions and with a greater number of active customers, which is being driven by our enhanced sales efforts and focus on more fully commercialising our platform. At the same time, we are carefully managing our cost base as we grow. Accordingly, we look forward to reporting better than expected revenue and adjusted EBITDA for FY 2023, and the Board continues to have great confidence in the future of the Group."  

¹ Defined as customers who traded through Cornerstone in the preceding 12 months

Enquiries 

About Cornerstone FS plc

Cornerstone FS plc (AIM: CSFS) is a foreign exchange and payments company offering multi-currency accounts and payment solutions to businesses and individuals. Headquartered in the City of London, Cornerstone combines a proprietary technology platform with a high level of personalised service to support clients with payments in over 150 countries in 58 currencies. With a track record of over 12 years, Cornerstone has the expertise, experience and expanding global partner network to be able to execute complex cross-border payments. It is fully regulated by the Financial Conduct Authority as an Electronic Money Institution. www.cornerstonefs.com