Cornerstone FS Reports Impressive 89% Revenue Growth in H1 2023

Cornerstone FS, a forex and payments company based in the UK, recently announced its estimated total revenue for the first half of 2023. According to the company, the estimated figure sits at around £3.6 million. While it represents a major achievement in its own right, it is also an 89% increase compared to the first half of 2022.

The company is set to report an extremely positive adjusted EBITDA for the first half of this year, thanks to its strong revenue growth and the maintained gross margin.

Cornerstone’s revenue blows up in Q1, leading to a successful H1 2023

Cornerstone FS’ H1 2023 ended on a strong momentum, which started with major revenue growth recorded in Q1. With a strong start of the year, the company continued with an equally strong, positive momentum which was mirrored by the second quarter. The powerful performance resulted in a major revenue increase throughout the year’s first half.

According to Cornerstone, the growth reflects its intensified focus on generating revenue, attributed to introducing a new sales team. The new team emerged at the end of 2022, and due to its efforts, the revenue generated by direct client services skyrocketed by over 120%.

The firm’s CEO, James Hickman, stated that he was satisfied with the results. More than that, he described the company and its performance in the last six months as ‘excellent.’ He noted: “I’m delighted that we have achieved our first half-year period of being adjusted EBITDA positive. Our enhanced sales efforts have driven this as we realized the benefits of our actions at the end of last year to strengthen our team. As a result, we remain on track to deliver significant growth for the full year and look to the future with confidence-”

Last year, the company managed to boost its revenue by 110%, which allowed it to make 4.8 million GBP. This was already a significant improvement compared to the year before when its revenue ended up being 2.3 million GBP.

Cornerstone forecast predicts further gains in H2 2023

The big question is whether or not the firm would be able to maintain this growth in the foreseeable future. In its recent trading update, the firm said that its forecast is positive and that the year’s second half should continue with an uninterrupted momentum.

The firm intends to publish additional details regarding its financial situation later this year, specifically in its next report, scheduled to come out on September 12th.

At the end of last year, Cornerstone decided to sell Avila House, its subsidiary that acts al an electronic money institute. Aspire Commerce acquired the subsidiary and bought it for 300,000 GBP. However, as part of the agreement, Aspire also obtained a 12-month license for using Cornerstone’s platform, which ensured a minimum revenue of £290,000 for the company.