Cornerstone FS PLC (AIM:CSFS) said the strong trading momentum seen in the first half has continued in the second six months of the financial year.
The international payments specialist said total revenues jumped 127% year-over-year to £1.9mln in the period to June 30, driven by direct sales, which jumped from £231,000 a year ago to £1.4mln.
While its gross profit margin improved significantly – 61.7% from 38.1% - the company, which is in the formative stages of commercial life, was loss-making. The deficit before tax was £3mln.
Cash at the period-end was £283,000, which was supplemented last month by the £1.1mln raised via a share placing and convertible loan note issue.
Cornerstone said current trading was in line with management’s expectations, aided by the recent acquisitions of Capital Currencies and Pangea FX.
Chairman Gareth Edwards told investors: "The strong trading momentum that was experienced in the first half of the year has been sustained through the second half, reflecting underlying growth as well as the initial contribution from Pangea FX.
“Accordingly, we continue to expect to achieve significant revenue growth for full-year 2022 and I look forward to reporting on our progress."