Cornerstone FS PLC (AIM:CSFS) said revenue for 2022 was more than double the previous year and 12% ahead of market expectations as strong trading momentum continued through to the end of the year.
The international payments and currency risk specialist provider to SMEs said its turnover totalled £4.8mln, which was also higher than it had expected in a bullish update in November.
The strong finish was across the business, the AIM-listed company said, with 78% of revenue from direct clients compared to 56% the year before.
This also benefits profit margins, with gross margin expected to improve to roughly 61% from 52% in 2021.
Chief executive James Hickman said the increase “comes across all business areas as we continue to maintain our revenue focus.
“We are excited by the prospects for the group in 2023 and beyond and look forward to updating the market on further developments during the year.”