Home Featured Cornerstone FS’s revenue grows 110% by 2022

Cornerstone FS’s revenue grows 110% by 2022

Cornerstone FS’s revenue grows 110% by 2022

Foreign exchange and payment services revenue was the key contributor. Spot and forward transactions accounted for 92% of revenue and 8% respectively. In comparison, spot brought in 89% during the prior year and forwards – 11%.

In 2022 the Group will expand its payment capabilities, and currency pairs will increase from 42 to 58. These transactions involve 86% Sterling, Euros and US dollars, as opposed to 91% in the year 2021.

The company noted that the robust momentum in trading observed in 2022 carried into this year. The company has also gained momentum in the first quarter of 2023, outperforming expectations and resulting in a strong revenue performance. The company reported that its EBITDA was positive for the first time in Q1 2023, both on a previously reported and unaudited adjusted basis.

Hickman added

We are confident in the future and look forward to… We remain optimistic about the future as we expand our partner network and product offering.

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