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Cornerstone FS PLC (AIM:CSFS) expects full-year revenues and potential profits to be higher than previously expected, driven by strong trading in the second half of the year.

The foreign exchange and payments group said it now expects calendar year revenues to grow by 66% to at least £8mln this year, driven by an increase in the number of active clients and average transaction size.

In last month’s interim results report, the company said it believed full-year results would significantly exceed market expectations, including a positive adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for the first time in a full year.

Cornerstone FS Earnings Guidance Increased Again, Product Range Expanded to More Currencies and Countries

In today’s statement, the company said that revenue growth and continued prudent management of the cost base meant that the company expects adjusted EBITDA for the year to also be higher than the Board’s previous expectations.

James Hickman, chief executive, said: ‘We continue to trade well. We are executing higher value deals and have more active clients as a result of our enhanced sales efforts and increased focus on the full commercialization of the platform.

The company, which is listed on the UK’s Alternative Investment Market (AIM), said the level of growth reflected progress on all fronts, including expanding the sales team and broadening the product range to include a wider range of tradable currencies and countries.

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