The hits keep coming for foreign exchange and payments group Cornerstone FS PLC (AIM:CSFS), which today announced that adjusted earnings for the year ending 31 December are expected to be “materially ahead of current market expectations”.
Cornerstone’s latest announcement follows a revenue forecast upgrade in October and another earnings upgrade in September.
2023 is expected to be the first full year of positive adjusted EBITDA.
“This reflects the actions that we have taken during the year to enhance our sales team and expand our offer, such as by broadening the range of currencies and countries where we can transact,” said chief executive James Hickman.
"With a highly scalable platform, along with careful management of our cost base, we are now benefitting from the operating leverage within our business as the increase in sales is driving even stronger growth in adjusted EBITDA.
“Accordingly, the board continues to have great confidence in the future of the group."