Cornerstone FS PLC (AIM:CSFS) said its latest six months continued to see “exceptionally high trading momentum”, with interim revenues 89% higher than a year earlier.
In total, the FX and payments specialist expects interim revenues to the end of June 2023 will be approximately £3.6mln.
This has meant a first-ever underlying profit [adjusted EBITDA], it said, as gross margins are being maintained.
A new sales team was appointed at the end of last year and revenue generated by clients served directly is up by approximately 121%.
Direct revenues now account for 87% of total revenue compared with 74% in the comparable half.
Overall, Cornerstone FS said it is “comfortably on track to deliver significant growth for the full year 2023”.
James Hickman, chief executive, commented: "This has been an excellent six months for Cornerstone with substantial revenue growth, and I'm delighted that we have achieved our first half-year period of being adjusted EBITDA positive.
“This has been driven by our enhanced sales efforts as we realise the benefits of the actions that we took at the end of last year to strengthen our team.”