Cornerstone FS PLC (AIM:CSFS) hailed a first profitable quarter as strong momentum from last year has increased in 2023.
After the foreign exchange and payments specialist confirmed that revenue for the past calendar year is expected to have more than doubled to roughly £4.8mln, it said the first three months of 2023 have seen a continuation of that trend.
Revenue in the first quarter increased to around £1.95mln from £0.95mln at the same point last year, with it being the first quarter of positive underlying earnings (EBITDA).
This performance was better than expected and the company said it reflects growth across the business, helped by an increased focus on revenue generation and a growing partnership network, with chief executive James Hickman adding that it was “driven by our enhanced sales efforts as we focus on commercialising our existing platform”.
He added: “We are cautiously optimistic both in terms of revenue performance and EBITDA positivity for the 2023 financial year.”
Final results are scheduled to be published next month.