Cornerstone FS PLC (AIM:CSFS)'s share price surged 13% as the company announced that its full-year 2023 results are set to significantly exceed market expectations, marking its first year of positive adjusted EBITDA.
The foreign exchange and payments solutions specialist reported a 90% increase in revenue to £3.6 million for the first half of 2023, attributing the growth to expanded payment capabilities and investment in sales.
The company also achieved its first half-year adjusted EBITDA of £200,000, a notable turnaround from a £500,000 loss in H1-2022. Operational highlights include a rise in revenue from direct clients to 91% and an increase in active customers to 874.
CEO James Hickman cited strong trading momentum and expressed confidence in the company's funding position.
At 9.04 am, the shares were changing hands for 13.28p, up 1.53p,