Trading Update

RNS Number : 2869R

Cornerstone FS PLC

04 November 2021

 

4 November 2021

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.

Cornerstone FS plc

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

Trading Update

Cornerstone FS plc (AIM: CSFS), the cloud-based provider of international payment, currency risk management and electronic account services to SMEs, provides an update on current trading and the outlook for the year to 31 December 2021.

As noted in Cornerstone's interim results announcement on 27 September 2021, the Group had seen improved gross margins in H1 and had been experiencing increased trading momentum during the first nine months of 2021, which we are pleased to report has been sustained into the fourth quarter of the year. This growth in revenue is being driven by the expansion of the Group's direct client base, which now makes up the majority of Group revenue, together with the contribution of its new Asia team since they came on board in August.   As a result, the Directors now expect revenue for the year ended 31 December 2021, to be significantly ahead of last year.

Enquiries

Cornerstone FS plc	[phone]
Julian Wheatland, Chief Executive Officer Judy Happe, Chief Financial Officer
SPARK Advisory Partners Limited (Nomad)	[phone]
Mark Brady
Peterhouse Capital Limited (Broker)	[phone]
Eran Zucker, Lucy Williams
Luther Pendragon (Financial PR)	[phone]
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 SMEs that engage in international trade. Cornerstone also serves some high-net worth individual clients.

Headquartered in the City of London, UK and with an office in Dubai, Cornerstone is listed on AIM under the trading symbol 'CSFS'. For more information, please visit www.cornerstonefs.com.

 

END

 

 

TSTDKQBBKBDKKDK