Cornerstone FS shares jump 30% on bullish 2023 earnings outlook

Cornerstone FS shares (LSE: CSFS) ended the day 30% higher, marking a significant surge as the fintech company revealed its adjusted earnings would surpass current market expectations for 2023. The stock closed at 15.09 pence during Monday’s trading in London.

The payment services provider, listed on the FTSE AIM All-Share, is anticipating 2023 adjusted earnings before interest, tax, depreciation, and amortisation to exceed existing market predictions. Notably, in 2022, Cornerstone reported an improved adjusted EBITDA loss of £869,319 compared to £1.3 million in 2021.

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James Hickman, the CEO, expressed satisfaction with the positive trading momentum, attributing it to strategic measures implemented throughout the year. These measures include strengthening the sales team and expanding the company’s reach, including diversifying the range of currencies and countries available for transactions.

Despite a strong year-to-date performance, with Cornerstone shares soaring by 146%, they still linger 73% below their peak in April 2021.

However, the CEO’s optimism regarding the company’s trajectory suggests a promising outlook, driven by effective strategies and an expanding market presence.