Cornerstone FS raises full-year guidance as momentum continues to build
London, UK
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October 24, 2023 08:23 AM Eastern Daylight Time
Cornerstone FS PLC chief executive James Hickman joined Proactive's Stephen Gunnion to discuss a positive trading update from the foreign exchange and payments group.
The company has raised its revenue and underlying profit forecasts, maintaining strong momentum throughout its fiscal year. It attributed the strong performance to enhanced sales strategies, which involved a shift from selling as a software-as-a-service (SaaS) product to other FX firms to directly targeting markets.
With an expanded sales team and strategic hires, the company has seen significant growth in its UK sales sector. Despite these investments, Hickman emphasized the company's dedication to controlling costs, ensuring funds are allocated to areas promising substantial returns.
The AIM-listed company has prioritized investments in operational systems, compliance, and regulatory aspects, particularly focusing on streamlining the onboarding process. It also reported an increase in average transaction values and expects this trend to continue incrementally.
Cornerstone is expanding its reach, adding more currencies and countries to its offerings, and leveraging partnerships for cost-effective implementations. Hickman remains optimistic about the company's future, emphasizing its commitment to providing customers with diverse currency options.
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