Earlier, the company reported a revenue of £1.9 million in the first half of last year, which also unticked 127 percent compared to the same period of the previous year. This puts the revenue of the second half at £2.9 million.
The increase in the numbers was primarily due to the strong trading momentum throughout the year that continued until the year’s end. The company also highlighted that the strong demand in the year came across all its divisions.
The London-listed company further revealed that approximately 78 percent of its total 2022 revenue came from clients it serves directly, compared to only 56 percent in the previous year. The gross margin is also expected to improve to about 61 percent from 52 percent.
“We are extremely pleased to see our unaudited revenue more than double in 2022,” said the CEO of Cornerstone, James Hickman, who took over the role last August. “This increase comes across all business areas as we continue to maintain our revenue focus. We are excited by the prospects for the Group in 2023 and beyond and look forward to updating the market on further developments during the year.”
Check out the latest FMLS session on “Risk Management for Turbulent Times.”
Other Activities of Cornerstone
Meanwhile, Cornerstone indulged in several purchases and sales last year for better positioning of its business and also expanded internationally and opened a Dubai office in 2021.
Earlier this year, Cornerstone acquired London-based Capital Currencies, a foreign exchange broker specializing in the provision of currency exchange and international payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term, and also Pangea FX, a specialist FX & Treasury consulting firm. Most recently, the Group decided to sell its non-core subsidiary Avila House, an electronic money institute, to Aspire Commerce (trading as MulootMoney.com) for £300,000 in cash. The deal came as Cornerstone obtained the Financial Conduct Authority’s approval as an Authorized Electronic Money Institution, thus supplanting the limited license of Avila.
Earlier, the company reported a revenue of £1.9 million in the first half of last year, which also unticked 127 percent compared to the same period of the previous year. This puts the revenue of the second half at £2.9 million.
The increase in the numbers was primarily due to the strong trading momentum throughout the year that continued until the year’s end. The company also highlighted that the strong demand in the year came across all its divisions.
The London-listed company further revealed that approximately 78 percent of its total 2022 revenue came from clients it serves directly, compared to only 56 percent in the previous year. The gross margin is also expected to improve to about 61 percent from 52 percent.
“We are extremely pleased to see our unaudited revenue more than double in 2022,” said the CEO of Cornerstone, James Hickman, who took over the role last August. “This increase comes across all business areas as we continue to maintain our revenue focus. We are excited by the prospects for the Group in 2023 and beyond and look forward to updating the market on further developments during the year.”
Check out the latest FMLS session on “Risk Management for Turbulent Times.”
Other Activities of Cornerstone
Meanwhile, Cornerstone indulged in several purchases and sales last year for better positioning of its business and also expanded internationally and opened a Dubai office in 2021.
Earlier this year, Cornerstone acquired London-based Capital Currencies, a foreign exchange broker specializing in the provision of currency exchange and international payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term, and also Pangea FX, a specialist FX & Treasury consulting firm. Most recently, the Group decided to sell its non-core subsidiary Avila House, an electronic money institute, to Aspire Commerce (trading as MulootMoney.com) for £300,000 in cash. The deal came as Cornerstone obtained the Financial Conduct Authority’s approval as an Authorized Electronic Money Institution, thus supplanting the limited license of Avila.
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