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Cornerstone, a cloud-based provider of global payments and currency risk management services, today announced its financial results for the first half of 2022 (First Half Year 2022). The company’s total revenue for the reported period was 1.9m, an increase of 127% compared to the same period in 2021.
A sharp surge in direct sales played a key role in the company’s recent revenue surge. The figure rose from 231,000 in the first half of 2021 to 1.4m in the first half of 2022. Cornerstone’s gross margin also improved significantly he to 61.7%. Gross margin in the first half of 2021 was 38.1%.
In the first week of September 2022, Cornerstone has entered into an agreement to acquire Pangea FX. According to Cornerstone Chairman Gareth Edwards, the addition of Pangea FX has strengthened the business.
The first half of 2022 represents a period of significant growth, both in terms of earnings and the expansion of our business with the acquisition of Capital Currencies. It has been further strengthened since the second half with the addition of the Pangea FX team in 2020. With the appointment of new CEO James Hickman on September 12, 2022, direct sales growth has been spurred to add further revenue streams over time. We can expect to see it done, said Edwards.
In a recent press release, Edwards said it expects strong revenue growth in the second half of 2022 as well.
The strong trading momentum experienced in the first half of this year has been sustained throughout the second half, reflecting underlying growth and the first contribution from Pangea FX. We continue to have high hopes and look forward to reporting on our progress,” added Cornerstone’s chairman.
Cornerstone, a cloud-based provider of global payments and currency risk management services, today announced its financial results for the first half of 2022 (First Half Year 2022). The company’s total revenue for the reported period was 1.9m, an increase of 127% compared to the same period in 2021.
A sharp surge in direct sales played a key role in the company’s recent revenue surge. The figure rose from 231,000 in the first half of 2021 to 1.4m in the first half of 2022. Cornerstone’s gross margin also improved significantly he to 61.7%. Gross margin in the first half of 2021 was 38.1%.
In the first week of September 2022, Cornerstone has entered into an agreement to acquire Pangea FX. According to Cornerstone Chairman Gareth Edwards, the addition of Pangea FX has strengthened the business.
The first half of 2022 represents a period of significant growth, both in terms of earnings and the expansion of our business with the acquisition of Capital Currencies. It has been further strengthened since the second half with the addition of the Pangea FX team in 2020. With the appointment of new CEO James Hickman on September 12, 2022, direct sales growth has been spurred to add further revenue streams over time. We can expect to see it done, said Edwards.
In a recent press release, Edwards said it expects strong revenue growth in the second half of 2022 as well.
The strong trading momentum experienced in the first half of this year has been sustained throughout the second half, reflecting underlying growth and the first contribution from Pangea FX. We continue to have high hopes and look forward to reporting on our progress,” added Cornerstone’s chairman.
