Cornerstone FS, a cloud-based software-services provider, has announced that it is well-positioned to report impressive results for 2023. The company has experienced a significant swing in pretax profit during the first half of the year, marking a promising turnaround.
In the same period last year, Cornerstone FS reported a pretax loss of GBP3.0 million. However, this year, the company has successfully achieved a pretax profit of GBP23,000 ($28,768).
Moreover, Cornerstone FS has exceeded expectations in terms of revenue, which increased from GBP1.9 million to GBP3.6 million.
The positive momentum established during the first half of the year has continued into the second half as well. Cornerstone FS anticipates reporting its first full year of positive adjusted earnings before interest, taxes, depreciation, and amortization.
Chief Executive James Hickman expressed great confidence in the future growth of the company. He emphasized the supportive market backdrop, especially as digital payment transaction values expand globally and there is a steady shift of payment transactions from banks to specialist firms.
Cornerstone FS is poised for success as it capitalizes on these trends. With a robust outlook and a strong foundation, the company is optimistic about its future.