Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Payment services provider Cornerstone FS said it expected to revenue an and margins to rise as increased trading momentum continued through its financial year-end.
Full-year revenue was now expected to come in at approximately £2.3 million, up from £1.7 million last year, reflecting a 'very strong second half of the financial year, with unaudited revenue approximately 75% higher than in the first six months of 2021,' the company said.
The group's new Asia team -- brought on board in the second half of 2021 -- boosted revenue from clients that the proportion of total revenue that was accounted for by clients that the group serves directly to approximately 56% compared with 12% for the previous year.
As a result, the company said it expected to report a 'substantial' improvement in gross margin to approximately 51.5% (2020: 29.8%),' the company said.