Cornerstone FS announced landmark 2023 full-year results on Wednesday in which the company produced record revenue and its first year of profitability.
Revenues during the period grew 100% to £9.6m, leading to £1.3m in profit before tax.
Growing customer numbers and increased transaction sizes helped Cornerstone’s revenue higher. The group’s active customer numbers grew to 906, and average transaction sizes jumped 33%.
The foreign exchange and payments company generated £2m cash from operations during the year and ended the period with £2.3m in cash on the balance sheet.
Cornerstone FS shares had staged a spectacular rally going into the results, gaining around 400% from 2023 lows so the minor bout of profit-taking on Wednesday will do nothing to upset long term holders.
Cornerstone FS announced that it will change its name to Finseta to reflect changes in its business and the launch of new services for complex clients.
“This has been an excellent year for our business, resulting in 100% revenue growth and our maiden full year of profitability and positive cashflow,” said James Hickman, CEO of newly named Finseta.
“This has been driven by the expansion of our sales team, which achieved an increase in client numbers as well as average transaction value. At the same time, we advanced key strategic initiatives that will be drivers of our future growth in the near term. We continued to expand our global payments network, and are now able to pay out to over 150 countries in 58 currencies, and we were thrilled to receive, post year end, regulatory approval to operate a payments business in Canada.
“Since the year-end, we also signed an agreement with Mastercard to launch a commercial card scheme, which will enable us to offer an additional payment method to corporate clients. In reflection of this progress, we were delighted to select ‘Finseta’ as our new company name to better align our brand identity with our mission, values and the comprehensive range of services we provide.
“Looking ahead, the strong trading momentum that was experienced during 2023 has been sustained into the current year and we are on track to report significant growth for full year 2024, in line with the Board’s expectations. With the excellent progress made during the year and to date in executing on our strategic priorities, we have strengthened our operations and established the foundations to deliver long-term, sustainable growth. As a result, the Board continues to look to the future with great confidence.”