Cornerstone FS posts rise in 2022 revenue
Cornerstone FS, a Forex and payments company, announces its final results for the year ended 31 December 2022.
Cornerstone FS, a Forex and payments company, announces its final results for the year ended 31 December 2022.
Cornerstone FS Plc announces the completion of the sale of Avila House Ltd to Aspire Commerce Ltd.
Cornerstone FS forecasts unaudited revenue to be approximately £1.95 million versus £0.95 million for the same period last year.
Cornerstone FS now expects to report total revenue for 2022 of approximately £4.8 million, 12% ahead of market expectations.
Cornerstone FS has entered into a share purchase agreement for the sale of its non-core subsidiary, Avila House, to Aspire Commerce Ltd.
The growth in revenue was driven by clients that the Group serves directly, accounting for approximately 78% of total revenue.
Daniel Mackinnon has tendered his resignation from the Board of Cornerstone FS effective 1 November 2022.
Cornerstone FS saw its revenue for the six months to 30 June 2022 increase by 127% year on year to £1.9 million.
The consideration for the Pangea FX acquisition consists of £25,000 in cash on completion and up to £175,000 in loan notes.
Phil Barry has resigned from his position as Non-Executive Director of Cornerstone FS with effect from 30 November 2022.