Cornerstone FS Raises Earnings Guidance Again, Expands Services in More Currencies and Countries
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Cornerstone FS Raises Earnings Guidance Again, Expands Services in More Currencies and Countries

Cornerstone FS PLC (AIM:CSFS), the foreign exchange and payments group, said it expects full-year revenues and profits to be higher than previously expected as strong trading performance continues into the second half of the year.

The company said it expects revenues for the year to grow by 66% to at least £8mln, helped by an increase in the number of active clients and average transaction size.

In last month’s interim results report, the company said it expected full-year results to significantly exceed market expectations, including achieving adjusted EBITDA earnings for the first time.

In today’s statement, the company said that continued prudent management of revenue growth and the cost base meant that adjusted EBITDA for the year was also expected to be better than the Board’s previous expectations.

James Hickman, chief executive, said: ‘Our trading momentum remains strong. We are executing higher value deals and we have more active clients as a result of our enhanced sales efforts and focus on a more comprehensive commercialization platform.”

The company, which is listed on the UK’s Alternative Investment Market (AIM), said the level of growth reflected progress across all aspects of the business, including the expansion of the sales team and broadening of the product range to include more counterparties to expand the range of currencies and countries traded.

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