Cornerstone FS PLC (AIM:CSFS) said the trading momentum seen earlier in the year has continued, meaning first-half revenues will be in the order of £1.9mln, up 129% year-on-year.
The provider of cloud-based payment and currency services said revenues generated by clients it serves directly now make up 75% of total turnover, up from 28% in the opening six months of last year.
This trend will have a positive impact on the gross profit margin, which is expected to improve to 61% from 38.1% 12 months ago and 51.6% at the end of 2021.
“A key contributor to this was the group's Asia team that was brought on board in the second half of 2021,” investors were told.
In the same announcement, Cornerstone said it had £280,000 of cash as of the date of approval of its prelims, published last month. It also has access to a £450,000 loan note facility.
“As a result, and with the group carefully managing its cash resources, with the support of its professional advisers and its key stakeholders, who are creditors of the business, the board believes that the group has sufficient access to funding to continue as a going concern until the end of the current year,” the company said.