London-based forex broker Cornerstone has confirmed its latest strong financial results more than two months ago.。The company's revenue surged 90% to £3.6m in the first half of 2023。In addition, the company also claimed that due to the strong performance in the first half, the company will exceed analysts' full-year forecasts for 2023.。

First Half 2023 Results Report Announced

Cornerstone's revenue soared 90% to £3.6m, up from £1.9m in the first half of 2022。This growth is driven by the expansion of the company's ability to pay and its strategic focus on sales.。The company's gross margin is reported to be stable at around 61%, with effective cost management.。

Adjusted EBITDA for the first half was £200,000, a significant turnaround from a loss of £500,000 in the same period last year, the report said.。Operating profit was £100,000 compared to a loss of £3m in the first half of 2022。Pre-tax profit was £23,000 and operations received £100,000。

James Hickman, CEO of Cornerstone, said: "Cornerstone was excellent in the first half of 2023, with significant revenue growth, achieving first-half profitability and operating cash generation.。This is driven by our increased sales efforts, focus on more fully commercializing the platform, and important actions to carefully manage our cost base as we grow.。"

Cornerstone shares have reacted positively to recent reports, with shares surging 14 per cent to 14 per cent when the London Stock Exchange opened on Tuesday..9p, the highest level in more than a year。

Business strategy and future outlook adjustments

Cornerstone has made a strategic shift to focus more on direct customers, which now account for 91% of the company's revenue, up from 74% in the first half of 2022, and the number of active customers has increased from 697 in the previous year to 874.。The company has also expanded its global reach with new counterparty partnerships, supporting trading in more than 150 countries and 58 currencies.。

Preparations for a consumer tax regulation that will take effect in July 2023 have been completed, and this regulatory compliance is expected to further strengthen Cornerstone's market position.。

The company's first-half results are expected to continue。With the business progressing and a clear focus on strategic growth, Cornerstone expects full-year 2023 results to be significantly ahead of market expectations, including achieving its first full-year Adjusted EBITDA.。

"Combined with a large and supportive market backdrop, the Board is confident in the future of the Group as the value of digital payments transactions expands globally and as payments transactions continue to shift from banks to specialist companies," the company's CEO said.。