Cornerstone FS trading well ahead of market forecasts

Foreign exchange and payment solutions company Cornerstone FS reported significant progress in its financial performance in an update on Monday.

The AIM-traded firm said that building on the momentum it highlighted in its October announcement, it had continued to experience robust trading activity.

It put the positive trend down to advancements made across the business, which led to year-on-year growth in active customers and average transaction value.

The group said that as a result, its expectations of revenue and adjusted EBITDA for the year ending 31 December now surpassed current market forecasts by a substantial margin.

“I am pleased to be able to report that we are continuing to experience excellent trading momentum,” said chief executive officer James Hickman.

“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.

“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 adj. EBITDA.

“Accordingly, the board continues to have great confidence in the future of the group.”

At 1119 GMT, shares in Cornerstone FS were up 23.57% at 14.21p.

Reporting by Josh White for Sharecast.com.