Foreign exchange solutions provider Cornerstone FS PLC (AIM:CSFS) posted a strapping full-year trading update on Wednesday, with revenues doubling year on year to £9.6 million and gross margins improving 210 basis points to 63%.
Underlying earnings for 2023 came to £1.4 million with a 100% cash-conversion rate, marking a significant turnaround from a loss-making prior year.
Profits were driven by an expanded sales team and wider offering, in particular the increased number of counterparties to broaden the range of currencies and countries where it can transact.
Cornerstone’s margins were bolstered by the decision to manage down its historic white-label business.
Chief executive James Hickman commented: "It has been an excellent year for Cornerstone as we made substantial strategic progress culminating in a set of strong financial results which significantly exceeded the board's expectations this time last year.
“We have enhanced our sales team and expanded our offering, which has resulted in us executing higher value transactions and with a greater number of active customers.
“With a highly scalable platform, along with careful management of our cost base, we are also benefitting from the operating leverage within our business and 2023 has seen us report our maiden full-year adjusted EBITDA.”