Cornerstone FS posted its maiden profit in the year just ended as the payment and currency group’s revenues doubled and margins improved.
James Hickman, chief executive, hailed the numbers and cited a bolstering of the sales team alongside the expansion of the global payments network to over 150 countries in 58 currencies as drivers.
Since the year-end, Cornerstone, which is changing its name to Finseta, has also received regulatory approval in Canada.
"Looking ahead, the strong trading momentum that was experienced during 2023 has been sustained into the current year and we are on track to report significant growth for the full year 2024,” he added.
In the year ending December 2023, revenues rose 100% to £9.6 million, underlying profits were £1.7 million (£0.9 million loss) while pre-tax profits came in at £1.3 million.
Hickman added that the number of active customers rose to 906 (2022: 803), average transaction value increased by 33% while the proportion of revenue accounted for by direct clients increased to 95%.
Cash and equivalents rose to £2.3 million from £0.7 million.
House broker Shore Capital said it would put through cautious upgrades to its forecasts for 2024 following the numbers with adjusted EPS up 9% and 2025 broadly unchanged.
“The valuation is attractive despite share price strength over the past year,” said the broker.
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