FY 2023 trading above current market expectations

Cornerstone FS plc (AIM: CSFS), a foreign exchange and payments solutions company offering multi-currency accounts to businesses and individuals through its proprietary technology platform, is pleased to provide the following unaudited update on trading.

As noted in the Group's announcement of 24 October 2023, Cornerstone was experiencing strong trading momentum, reflecting the advancements made across the business driving year-on-year increases in active customers1 and average transaction value. The Group is pleased to report that this very strong trading has continued to date and, as a result, the Group now anticipates reporting revenue and adjusted EBITDA for the year to 31 December 2023 materially ahead of current market expectations.

James Hickman, CEO of Cornerstone, said: "I am pleased to be able to report that we are continuing to experience excellent trading momentum. 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."

1 Defined as customers who traded through Cornerstone in the preceding 12 months