Cornerstone FS PLC FY 2023 trading above current market expectations (4806V)

TIDMCSFS

RNS Number : 4806V

Cornerstone FS PLC

04 December 2023

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.

4 December 2023

Cornerstone FS plc

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

Trading Update

FY 2023 revenue and adj. EBITDA to be materially above current market expectations

Cornerstone FS plc (AIM: CSFS), a foreign exchange and payments solutions company offering multi-currency accounts to businesses and individuals through its proprietary technology platform, is pleased to provide the following unaudited update on trading.

As noted in the Group's announcement of 24 October 2023, Cornerstone was experiencing strong trading momentum, reflecting the advancements made across the business driving year-on-year increases in active customers(1) and average transaction value. The Group is pleased to report that this very strong trading has continued to date and, as a result, the Group now anticipates reporting revenue and adjusted EBITDA for the year to 31 December 2023 materially ahead of current market expectations.

James Hickman, CEO of Cornerstone, said: "I am pleased to be able to report that we are continuing to experience excellent trading momentum. This reflects the actions that we have taken during the year to enhance our sales team and expand our offer, such as by broadening the range of currencies and countries where we can transact. With a highly scalable platform, along with careful management of our cost base, we are now benefitting from the operating leverage within our business as the increase in sales is driving even stronger growth in adj. EBITDA. Accordingly, the Board continues to have great confidence in the future of the Group."

(1) Defined as customers who traded through Cornerstone in the preceding 12 months

Enquiries

 
Cornerstone FS plc                        +44 (0)203 971 4865 
James Hickman, Chief Executive Officer 
 Judy Happe, Chief Financial Officer 
 
SPARK Advisory Partners Limited (Nomad)   +44 (0)203 368 3550 
Mark Brady, Adam Dawes 
 
Shore Capital (Broker)                    +44 (0)207 408 4090 
Daniel Bush, Tom Knibbs (Corporate 
 Advisory) 
 Guy Wiehahn (Corporate Broking) 
 
Gracechurch Group (Financial PR)          +44 (0)204 582 3500 
Harry Chathli, Claire Norbury

About Cornerstone FS plc

Cornerstone FS plc (AIM: CSFS) is a foreign exchange and payments company offering multi-currency accounts and payment solutions to businesses and individuals. Headquartered in the City of London, Cornerstone combines a proprietary technology platform with a high level of personalised service to support clients with payments in over 150 countries in 58 currencies. With a track record of over 12 years, Cornerstone has the expertise, experience and expanding global partner network to be able to execute complex cross-border payments. It is fully regulated by the Financial Conduct Authority as an Electronic Money Institution. www.cornerstonefs.com

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