Hardman & Co Research on Cornerstone FS (CS...

Hardman & Co Research Hardman & Co Research on Cornerstone FS (CSFS): Strong FY22 update and Avila House divestment 16-Jan-2023 / 07:00 GMT/BST Hardman & Co Research on Cornerstone FS (CSFS): Strong FY22 update and Avila House divestment The new CEO is proving to be decisive, while benefiting from continuing strong underlying momentum in the company’s end-markets. The trading update released on 11 January 2023 confirmed a strong finish to FY22, with revenue for the last two months of the year coming in £0.5m ahead of expectations, taking the FY22 outturn to £4.8m versus previous guidance of £4.3m. The Avila House disposal announced in December is timely, realising £300,000 upfront and a further similar sum during FY23 from a licensing arrangement. The e-money licence that Avila brought had been superseded by Cornerstone’s own licence. Our DCF-implied fair equity value for Cornerstone is £8.9m. Please click on the link below for the full report: https://hardmanandco.com/research/corporate-research/strong-fy22-update-and-avila-house-divestment/ If you are interested in meeting the company, you can register your interest by clicking on the above link To contact us: Hardman & Co 1 Frederick’s Place London EC2R 8AE www.hardmanandco.com Follow us on Twitter @HardmanandCo Contact: Milan Radia [phone] [e-mail]   Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement. About Hardman & Co: Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report. Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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